Set course for Wasmer Reef

Martin Wasmer is well known in money management circles, but now his name will be associated with great fishing and scuba diving, too.

The CEO of Wasmer, Schroeder & Co. was the first to contribute $100,000 to the artificial reef project off the coast of Naples. Now, Wasmer Reef will be reported on all future nautical charts in perpetuity, 10 miles west of Gordon Pass and 12 miles from Marco Pass.

Wasmer, Schroeder & Co. in Naples manages $4.9 billion in assets, specializing in fixed income for high-net-worth individuals, wealth-management groups and institutions. The firm is particularly well regarded for its skilled investment in municipal bonds, consistently ranking above its peers in this category.

The artificial-reef program is the largest in the western hemisphere. Using $1.3 million from the BP oil spill, a loosely knit group of Collier County volunteers called the Economic Recovery Task Force launched an ambitious plan to deliver tons of concrete beams, pipes and other construction debris on six reef areas each containing six football-field-sized locations. It started building the reef this month and organizers expect marine life to proliferate where there was only sandy bottom before in 30 to 60 feet of depth, generating business for the tourism industry.

Now that Wasmer has named one reef area, there are five $100,000 reefs left. The group is accepting the money through the Collier County Community Foundation so that the donations can be tax deductible. Organizers hope to eventually raise another $1.7 million in total from private sources to complete the $3 million project.