Bond firm launches fund

NAPLES — Bond management firm Wasmer, Schroeder launched a mutual fund that aims to invest in lower-rated municipal bonds with higher yields.

Wasmer Schroeder High Yield Municipal Fund (symbol: WSHYX) is an open-end fund with an initial investment minimum of $100,000 and annual net expense capped at 1%. Wasmer Schroeder Senior Vice President Jason Diefenthaler is the portfolio manager.

“This decision further highlights WSC's strategic commitment to being responsive to both our clients' objectives and market opportunities,” says Michael Schroeder, president and chief investment officer says in a statement. “The fund was developed for those clients seeking higher levels of tax-exempt income.”

Naples-based Wasmer, Schroeder manages about $4.7 billion in assets. The firm manages fixed-income investments for high-net-worth individuals and institutions.

“The fund allows us to effectively address the questions many of our clients have asked regarding the availability of our prior high yield limited partnership strategy,” says Martin Wasmer, the firm's CEO, in a statement.