ALLSPRING GLOBAL INVESTMENTS ANNOUNCES PLAN TO ADOPT TWO HAMILTON LANE-ADVISED LONG-SHORT EQUITY FUNDS
Allspring’s Systematic Edge Investment Team to Continue Managing These Strategies Offering Continuity to Shareholders
CHARLOTTE, N.C., Aug. 19, 2022 /PRNewswire/ — Allspring Global Investments, a leading independent asset manager with more than US$476 billion in assets under management*, today announced that the boards of trustees of the Investment Managers Series Trust (IMST) and the Allspring Funds Trust have approved the reorganizations of the 361 Global Long/Short Equity Fund and the 361 Domestic Long/Short Equity Fund, both of which are advised by Hamilton Lane Advisors, L.L.C., into newly organized series of the Allspring Funds Trust. Allspring’s Systematic Edge investment team, led by Portfolio Manager Harin de Silva, CFA, Ph.D., has managed each 361 fund since inception and will continue to manage the strategies following the proposed reorganizations. Allspring Funds Management, LLC is expected to serve as the primary investment manager to the reorganized funds.
Each proposed reorganization requires the approval of the respective 361 fund’s shareholders. If approved by fund shareholders, the 361 Global Long/Short Equity Fund would reorganize into a new fund named Allspring Global Long/Short Equity Fund, and the 361 Domestic Long/Short Equity Fund would reorganize into a new fund named Allspring U.S. Long/Short Equity Fund.
Allspring’s Systematic Edge investment team has managed the 361 funds’ strategies from inception in 2009 as Analytic Investors, LLC and currently manage $26.6 billion in AUM across all strategies as of June 30, 2022. Both strategies are managed by going long securities with attractive factor exposures and shorting high beta securities with unattractive factor exposures in their respective markets. The funds’ strategies normally maintain a consistent long/short ratio of 100% long, 30% short. The process is quantitative in nature and model driven.
It is expected that each of the newly organized Allspring Funds will have substantially similar investment objectives, investment strategies and risk profiles, offering similar share classes and fee structures as the current 361 funds.
“We are delighted to begin the journey to bring our long/short equity strategies to the Allspring Funds complex,” said Harin de Silva, Portfolio Manager for the Systematic Edge investment team. “We have sub-advised these funds since their inception and have a high level of conviction in the underlying investment thesis. 361 has been a tremendous distribution partner and now we look forward to Allspring being the long-term home for these funds.”
Josh Vail, Managing Director at Hamilton Lane, said, “Allspring’s Systematic Edge investment team has been a terrific partner and an incredible steward of capital for the shareholders of the 361 Long/Short Equity Funds. We are pleased that, pending shareholder approval, the Funds will move permanently and fully to the Allspring Funds complex, and believe strongly that this is the best outcome for shareholders.”
John Kenney, Head of Strategic Initiatives at Allspring, stated, “We are thankful to Hamilton Lane for their continued partnership, and the great care they have taken, since 2014, of the shareholders in these funds. If approved by 361 fund shareholders, we expect a seamless fund adoption process and are excited to transition these funds to Allspring and our growing client base.”
If approved by shareholders of the current 361 funds, after the reorganizations are completed the funds will be offered as part of Allspring’s growing product offerings via our industry-wide distribution platform.
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About Allspring Global Investments
Allspring Global Investments™ is an independent asset management company with more than US$476 billion in assets under management*, offices around the world and investment teams supported by 450 investment professionals. Allspring is committed to thoughtful investing, purposeful planning and inspiring a new era of investing that pursues both financial returns and positive outcomes.
*As of 30 June 2022, AUM includes US$93 billion from Galliard Capital Management, an investment advisor that is not part of the Allspring trade name/GIPS company.
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