Long-Only Manager Gould Founds Hedge Fund

Feb 26 2010 | 12:12pm ET

Small-cap equities specialist Robert Gould proved too aggressive for Russell Investments, so he’s decided to join an industry where that quality is often rewarded.

The Gould Investment Partners chief is closing his $110 million traditional money management firm and launching a hedge fund, Spitfire Investment Partners. The new firm’s maiden fund, Spitfire Investment Fund, offers Gould “a bigger tool box” than his long-only funds, he told Pensions & Investments.

Spitfire opened its doors in October, and Gould Investment will close its in March, despite a seven-year track record of besting its benchmark by almost 12%. But Russell dropped Gould as a subadviser beginning last summer in favor of more conservative managers. But rather than go conservative, Gould is sticking to his guns and going hedge fund.

Spitfire is a global long/short equity vehicle.

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