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Friday, January 9, 2015

Salient Adopts, But Still Favors Its Own PMs

Reported by Neil Anderson, Managing Editor

Salient Partners just completed its first mutual fund adoption, but expect most of the Houston-based alternatives shop's new funds going forward to still be internally developed and managed.

"We want to be very selective in the funds that we utilize subadvisors on," Jeremy Radcliffe, president of Salient, tells MFWire. "We're looking for innovative strategies to add to our platform."

So expect Salient's upcoming funds to be mostly internally managed, but acquisitions and adoptions are possible, too. Looking ahead Radcliffe points to REITs and specialized equity strategies as areas where Salient might develop new products.

"We absolutely plan to expand the platform in 2015 and beyond," Radcliffe says.

As for their latest fund, Salient adopted the Broadmark Tactical Plus Fund on December 12, transforming it into the Salient Broadmark Tactical Plus Fund. Broadmark, which used to run a version of this strategy in mutual fund form for Forward Funds, is staying on as the subadvisor to the fund.

All told, Salient now offers seven mutual funds. Radcliffe says 2014 was "a banner year" for the firm: they brought in more than $1.5 billion. 

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