Local investment firm launches mutual fund
Published 4:24 pm, Thursday, March 13, 2014
Westport Resources, a local investment and financial-planning firm, has launched a mutual fund and added to its staff a three-man team that specializes in creating funds.
The new mutual fund -- ALPS/Westport Resources Hedged High Income Fund -- was launched in December, the company said in a news release. The open-ended fund is designed to protect principal, while producing high income.
On Tuesday, its shares closed at $10.18, up 2.18 percent for the year to date.
Three hedge-fund managers have joined Westport Resources from Trust Advisory Partners LLC, according to the release. Named as managing directors were Paul Labossiere, who is responsible for strategic planning and relationship management; Michael Portnoy, who is responsible for the fund's creation and operation, including manager research and selection, monitoring and ongoing due diligence; and Mark Tonucci, who also is responsible for the fund's creation and operation, including manager research and selection, monitoring and ongoing due diligence.
Founded in 1986, Westport Resources manages assets for a private-client group of individuals, families, municipalities and nonprofit organizations. Its brokerage arm offers comprehensive services, the company said.