The collective investment fund being offered is comprised entirely of registered hedged mutual funds, which can both long and short-sell equities to provide a buffer in down markets. The fund is available for purchase to qualified retirement plans.
The LASSO Fund, as it is called, is a bank collective trust under the trusteeship of SEI Trust Company which combines alternative investment strategies with the features of daily-valued unitized commingled funds such as mutual funds, according to the companies. The program utilizes a selected group of mutual funds that primarily invest long and short in equities or use hedging strategies.
LASSO may be purchased by participant-directed DC plans that are valued daily, as well as DB and government plans. LASSO is traded through the NSCCs Fund/SERV system, and is currently available through Schwab Trust Company.
The Newport Group ( www.newportgroup.com )is a provider of qualified and non-qualified retirement plans, while Lake Partners ( www.lakevest.com ) is an investment consulting company specializing in hedge funds.