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Liberty Street Advisors launches MLP mutual fund sub-advised by Center Coast Capital Advisors


Liberty Street Advisors, an SEC-registered investment advisor, has launched the Center Coast MLP Focus Fund, an open-end mutual fund which will invest in midstream energy infrastructure master limited partnerships (MLPs).

The fund’s sub-advisor is Center Coast Capital Advisors, a Houston-based investment advisor, whose founder and CEO, Dan Tutcher, is widely recognised as an extremely knowledgeable and experienced executive in the MLP sector.

Investing successfully in midstream MLPs requires considerable insight, analysis, and experience, yet the business model is quite simple to understand. Midstream MLPs generally build, own, and operate the physical assets that support U.S. energy infrastructure, such as pipelines and storage facilities. They act very much like "toll collectors," generating revenue via the transportation, processing, and storage of natural resources.

MLPs, represented by the Wells Fargo Securities MLP Index, have provided one of the best risk adjusted rate of returns of any asset class over the past decade as of December 31, 2010 as compared to such Indices as the S&P 500, MSCI EAFE, FTSE NAREIT, and Barclays Capital US Corp High Yield Total Return.

"The Center Coast MLP Focus Fund was created in direct response to market turmoil and the high degree of uncertainty over the past several years," says Timothy Reick, CEO of Liberty Street Advisors. "Our goal was to create an investment vehicle that would capitalise on an asset class that has historically provided investors with stable and attractive, tax advantaged income, provided the potential for capital appreciation, and had a strong history of growing distributions faster than inflation. Equally as important, the investment vehicle had to be one that the everyday investor could easily understand. The Center Coast MLP Focus Fund ticks every one of those levers."

Tutcher founded Center Coast Capital in 2007, and has more than three decades of experience owning, managing, and acquiring MLPs. Prior to forming Center Coast, Tutcher was President of Enbridge Energy Company Inc, and President and Director of Enbridge Energy Partners, LP, one of the 10 largest MLPs in terms of market capitalisation. Prior to his time at Enbridge, Tutcher founded and was CEO of MidCoast Energy Resources, Inc., which he merged into Enbridge in 2001 (a USD900 million transaction).

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