An Ohio shop is about to shut down a year-old mutual fund.

Richard J. Buoncore MAI Capital Management Managing Partner

MAI Capital Management filed with the SEC to liquidate the $5.3-million MAI Energy Infrastructure & MLP Fund. The fund closed to new investments on November 23 and is slated to liquidate on December 23.

Rick Buoncore, managing partner of MAI, confirms that his shop took over as advisor to the fund last quarter. Vertical Capital previously had been the fund's advisor and handled distribution, while MAI had subadvised.

"We were subadvisor to a fund that the advisor had to resign from ... We were left with some tough decisions to make," Buoncore tells MFWire. "To protect their clients, we maintained the fund for a period of time. We decided to shut it down."

"We're not built for third-party distribution yet. We needed a partner for that," Buoncore adds. "Hopefully sometime we'll come back to the market with our own MLP fund."

MAI's Jerry Gray (chief investment officer), Jason Putman, Mike Wagner, and John Zaller PM the fund, which first launched on December 16, 2014.

MAI is an independent, Cleveland-based RIA with more than $3.7 billion in client assets (as of September 30) and more than 80 employees. Per the firm's most recent form ADV, up to 25 percent of its AUM is in investment companies (i.e. mutual funds) it manages, and Dakota helps out with distribution for MAI's funds. It also offers a host of tax, financial advisory, and financial planning services. 

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