Easterly Asset Management Expands Tax-Efficient Solutions with Acquisition of Former Invesco and OppenheimerFunds Rochester Municipal Bond Team

Easterly Asset Management (“Easterly”), a multi-affiliate asset manager of high-performing boutique investment teams, today announced an agreement to acquire the Municipal Bond team, formerly of Invesco and OppenheimerFunds Rochester, from Principal Street Partners. The acquisition will expand Easterly’s tax-aware fixed income solutions and expertise by adding the PSP High Income Municipal Bond Mutual Fund and PSP Short Term Municipal Fund to its lineup as Easterly RocMuni.

As part of the acquisition, Troy Willis, JD, CFA, Chief Investment Officer of Municipal Bond Strategies and former co-head of the OppenheimerFunds Rochester Municipal Bond Team, and Charlie Pulire, CFA, Senior Portfolio Manager of Municipal Bond Strategies, will join Easterly to manage accounts for institutional and private wealth investors seeking tax-free income and yield-driven total returns.

“Troy Willis and Charlie Pulire have a solid track record of strong investment performance that will expand Easterly's active fixed income solutions, offering more optionality to our investors,” said Darrell Crate, Founder and Managing Principal of Easterly. “This team’s ability to achieve consistent performance and generate alpha over full market cycles is impressive, and we are excited to leverage their expertise.”

The High-Income Municipal Fund applies a value-based security selection to construct a diversified, higher-yielding portfolio that seeks to achieve strong long-term total returns. The Short-Term Municipal Fund is a short-duration, high-grade, actively managed portfolio focused on under-valued and overlooked areas in the municipal bond market. The two strategies work to diversify a fixed-income portfolio across credits, geographies, and the municipal bond market.¹

“Easterly provides deep access to a broader set of institutional and private wealth investors allowing us to be laser-focused on what we do best: client-centric, results-driven investing. I’m thrilled to join forces to help propel the future of our Municipal Bond Strategies as Easterly RocMuni,” added Troy Willis, JD, CFA.

As of today, Easterly’s distribution team will begin selling the Principal Street Partners funds managed by Pulire and Willis, and the funds are expected to be integrated onto Easterly’s platform as of June 2024.

About Easterly Asset Management

Easterly is a multi-affiliate asset manager providing high performing boutique investment teams with the tools and resources they need to operate at scale in an increasingly consolidated market. Easterly supports its affiliates and partners by delivering best-in-class solutions in marketing, technology, operations, compliance, human resources, finance, and distribution channels, enabling boutique managers to focus on doing what they do best: investing. This model empowers investment teams to preserve their autonomy, attract new institutional and private wealth clients, and focus on delivering investment returns — all while utilizing Easterly’s scalable platform to alleviate their challenges. Easterly offers a diversified suite of active equity, active fixed income, and niche alternative solutions, all of which are managed by high quality portfolio managers with proven track records. Strategies are offered through separately managed accounts, ‘40 Act Funds, CITs, and private placements. As of December 31, 2023, Easterly has nearly $3 billion in assets under management. For more information, visit easterlyam.com.

Securities offered through Easterly Securities LLC, member FINRA/SIPC.

Mutual Fund investing involves risk. Principal loss is possible. Variable and floating rate securities provide for a periodic adjustment in the interest rate paid on the obligations. Fixed-income securities are or may be subject to interest rate, credit, liquidity, prepayment and extension risks. Interest rates may go up resulting in a decrease in the value of the fixed-income securities held by the Fund. High-yield fixed income securities or “junk bonds” are fixed-income securities held by the Fund that are rated below investment grade are subject to additional risk factors such as increased possibility of default, illiquidity of the security, and changes in value based on public perception of the issuer. The municipal market is volatile and can be significantly affected by adverse tax, legislative or political changes and the financial condition of the issuers of municipal securities. The Fund has limited operating history and there can be no assurance that the Fund will grow to or maintain an economically viable size.

Past performance does not guarantee future results.

The Principal Street funds are distributed by Quasar Distributors, LLC.

The Funds' investment objectives, risks, charges, and expenses must be considered carefully before investing. The prospectus contains this and other important information about the investment company. Please read it carefully before investing. A hard copy of the prospectus can be requested by calling 1.877.914.7343.

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¹ Diversification does not guarantee a profit nor protect against loss in any market.

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