LoCorr Funds is to acquire Steben & Company, an alternative asset manager that specialises in multi-manager alternative investment products.
LoCorr has also made a number of additions to its distribution team.
Steben & Company, headquartered in Gaithersburg, Maryland, is an alternative investment manager that launched its business in 1989. The company specialises in multi-manager products including fund of hedge funds and managed futures strategies. Steben’s investment philosophy is defined by high conviction, actively managed exposures with a focus on more liquid, lower beta strategies.
“This is a very exciting time for our business,” ssaysaid Kevin Kinzie, Chief Executive Officer of LoCorr Funds. “The acquisition of Steben & Company was a natural fit and will increase our ability to offer a growing suite of solutions to our partners, with the ultimate goal of diversifying portfolios.”
“After a long and rewarding career in alternative investments, it’s time for me to retire and to move on to other interests in my life,” says Ken Steben, Chief Executive Officer of Steben & Company. “We are very pleased to have Steben & Company acquired by LoCorr. We not only share the same philosophy as LoCorr, but we are very impressed with LoCorr’s experience and expertise for over 15 years on low-correlating strategies and believe they are well-positioned for continued success in this increasingly dynamic environment.”
Along with the acquisition of Steben & Company, LoCorr Funds has significantly expanded its distribution team. Over the last nine months, the firm has added four Regional Vice Presidents in Texas, Florida, and the MidAtlantic regions, and hired several new internal wholesalers to its sales desk.
