SOURCE: Thomas J. Herzfeld Advisors, Inc.
MIAMI, FL--(Marketwire - Oct 9, 2012) - Thomas J. Herzfeld Advisors, Inc. ("Herzfeld Advisors"), an asset management firm specializing in closed-end fund investment strategies, today announced that Robert Adler, an accomplished asset management and mutual fund industry veteran, has joined the firm as Head of Distribution.
His role is to create partnerships for the firm and to assist in growing its assets under management. He will report directly to Thomas Herzfeld, President. The role is a newly created position.
Mr. Adler was instrumental in developing the Virtus Herzfeld Fund (Class A: VHFCX, Class C: VHFCX, Class I: VHFIX), an open-end mutual fund from Virtus Investment Partners that is focused on closed-end fund strategies. Herzfeld Advisors is managing the fund, which launched on Sept. 6, as subadviser to Virtus, the Hartford, Ct.-based asset management company.
"Rob's experience in the asset management business is all-encompassing," said Thomas J. Herzfeld, founder and president of Herzfeld Advisors. "He built a mutual fund company from scratch and turned around a struggling one. I've known Rob for a long time, and he is the best possible person to help us grow in a strategic way that will most benefit our clients. We are thrilled that we were able to hire someone of his caliber."
Prior to joining Herzfeld Advisors, Mr. Adler was an independent investment consultant. Before that, he served as the President of XTF Advisors, one of the first firms to specialize in research and trading of exchange-traded funds.
In addition to numerous other executive positions, he was co-founder of Northstar Investment Management Corp., growing the firm from $10 million in seed money to $6 billion in assets in six years before it was sold to ING. Mr. Adler has worked in the asset management business for over 25 years, including a long stint with Shearson Lehman.
"Herzfeld Advisors has been under the radar as an exceptional asset management firm for too long," Mr. Adler said. "This is precisely the type of opportunity I've been seeking. I'm committed to helping make their unique and profound expertise available across a variety of investment platforms and to all types of investors."
About Thomas J. Herzfeld Advisors, Inc. (www.herzfeld.com)
Thomas J. Herzfeld Advisors, Inc., formed in 1984, is a registered investment advisor based in Miami specializing in closed-end fund investment strategies for institutions and individuals. Herzfeld Advisors manages The Virtus Herzfeld Fund, an open-end mutual fund focused on closed-end fund strategies, as subadviser to Virtus Investment Partners. The firm publishes monthly research on closed-end funds and calculates the Herzfeld Closed-End Average, an index of price performance and premium/discount levels of representative domestic U.S. equity closed-end funds, published weekly in Barron's.