After less than a year of striking out on its own, Pyxis Capital is right back to where it started.
The Dallas-based alternative mutual fund shop last week filed to change its name to Highland Capital Management Fund Advisors and all of its funds will bear the Highland moniker going forward.
Shannon Wherry, a spokesperson for the firm said the name change will be rolled out over the next several weeks. “In making this decision, the firm listened to clients who said that the Highland brand has an outstanding reputation as a leader and pioneer in offering great investing solutions for clients--particularly in the development of alternative income sources,” said Wherry.
“The fund company is proud of Highland’s 20-year history and excited to come back under the Highland Capital corporate banner.”
Excited? Or forced to? In an interview with Money Management Executive last March, former president Joe Dougherty said Pyxis decided to break out from Highlands’ shadows and adopt a new name because a lot of investors associated Highland Capital with fixed-income funds because of its history of betting on high-yield bonds and investment-grade bonds.
However, Pyxis' mutual fund business manages a lot of equity funds and outside managers because of its manager-of managers structure. "So we were starting to look so much differently than our parent that we started looking at a name change. As we went from four funds to 20 funds, we had to take that next step and push the business into its own brand so it was the right time to do it," he said.
Dougherty left the firm last June to “spend more time with his family” and was replaced by Bradley Ross, a former sales executive at Ivy Funds.