News

Toronto-based fund-of-hedge funds Arrow Hedge Partners has launched the Arrow Elmwood Fund, a U.S. long/short equity fund.

Jim McGovern, managing director and ceo of Arrow Hedge, said the fund, which will be advised by Elmwood Capital, will invest in a diversified portfolio of U.S. small and micro capitalization equities of firms whose products and services are intellectual property driven. Elmwood uses a bottom-up, growth style investment approach.

GAM USA is reportedly planning to launch three funds-of-funds aimed at U.S. institutional investors early next year.

Joseph Geiger, managing director for the Americas at GAM, said the new funds will be similar to the firm's current offerings, the GAM Diversity Fund, the GAM Global Arbitrage Fund and the GAM Global Trading Strategy Fund.

Austin, Texas-based TGF Management, which manages $577 million in the state-run private equity fund, the Texas Growth Fund, is reportedly readying to launch the Southwest Opportunity Fund.

John Mutch, president and ceo of San Diego, Calif.-based software company DanPeregrine Systems, is reportedly preparing to launch an activist hedge fund in January. The new fund will be called MV Advisors I.

Merrill Lynch Investment Managers is launching the Merrill Lynch Commodities Income Investment Trust. The new offering will be managed by Richard Davis, a member of the firm's natural resource team. The natural resources team currently has more than $12 billion in assets under management, and focuses on the mining, gold, traditional and alternative energy sectors.

New York-based private equity firm Corsair Capital has hired Richard Thornburgh as a partner, effective in February. Thornburgh is currently executive vice chairman at Credit Suisse First Boston, and will step down from day-to-day management at Credit Suisse at the end of the year.

Naperville, Ill.-based Calamos Asset Management, which specializes in a broad range of investment vehicles, including alternatives, has hired Phipps Moriarty as senior v.p. and national sales manager. He will be responsible for managing and expanding client relationships for the firm, which provides investment advisory services through its subsidiaries to institutional and individual investors.

Evercore Partners, a New York-based investment advisory firm specializing in private equity and venture capital, has name Brian Roberts as managing director. Roberts joins the firm from Microsoft, where he served as corporate vice president.

Halcyon Asset Management has named Joseph Hill as a managing principal and director of client relations. He will oversee the client service and capital-raising activities for the firm.

Westport, Conn.-based hedge fund Pequot Capital Management has hired three former Citadel Investment Group portfolio managers to join the firm's California office.

Peter Labon, Carson Levit and Steve Pigott will serve as managing directors. The three are experiences in technology, media and telecom, growth equity long/short and event-driven areas, respectively. A spokeswoman for Pequot said "the three will work to further broaden Pequot's investment platform." According to a release, the trio is being tasked with developing a new multi-strategy offering.