Crossingbridge acquires Collins L/S Credit Fund
CrossingBridge Advisors, LLC ("CrossingBridge"), a wholly owned subsidiary of Cohanzick Management, LLC ("Cohanzick"), announces that it has acquired the Collins Long/Short Credit Fund (the "Fund") from Collins Capital, LLC ("Collins") in a transaction executed in January 2018. Cohanzick, founded by David Sherman, currently has approximately $2 billion in assets under management ("AUM") focused primarily on the domestic corporate credit markets.
The Fund, which has been sub-advised by Pinebank Asset Management, LP (an affiliate of Cohanzick), was launched in February 2015 and currently has in excess of $100 million in AUM. Pinebank founder and portfolio manager, Oren Cohen, will continue to manage the Fund in his capacity as an employee and portfolio manager of CrossingBridge, thereby eliminating the sub-advisory relationship and managing all investment and operational functions under one roof. An investor proxy vote will be required to approve the transaction.
"Over the past few years, we have enjoyed a successful relationship with Collins," said Oren Cohen. "With today's announcement, we are excited that the Fund will become part of the CrossingBridge fund family. This will create a much simpler structure while streamlining our investment and operational activities which we anticipate will allow for a reduction of fees for our shareholders."
"CrossingBridge has a deep and experienced team that continually strives to offer unique solutions and attractive risk-adjusted returns for their clients," said Dorothy Weaver, Chairman & CEO of Collins Capital. "Given their prior successes and deep client relationships, we are very excited about the future of the Fund under the guidance of David and Oren."
The Fund's Board of Trustees approved the transaction for CrossingBridge to become the interim advisor to the Fund effective February 1st, at which time the name of the Fund was changed to the CrossingBridge Long/Short Credit Fund.