Fla. Wealth Firm Launches Long/Short Hedge Fund

Apr 16 2010 | 1:10pm ET

A former Morgan Stanley and UBS wealth manager has launched a global equity/long short hedge fund, expected to manage some $100 million by the end of the year.

OM Investment Management, a multi-strategy investment and wealth advisory shop founded three years ago by Gignesh Movalia, launched its first hedge fund on April 1. The new OM Global Investment Fund is off to a fast start, soaring 22.3% in its first two weeks, Movalia told FINalternatives.

Movalia himself manages the fund, which invests in between 40 and 45 liquid global companies, out of a universe of 1,500, using a blend of fundamental and technical analyses to pick stocks.

“Positions are entered according to price momentum, relative value and risk contribution,” he said. “Long and short candidates are chosen according to short-term thematic views towards ensuring optimal sector exposure.”

Movalia said he expects that fund to be managing $50 million by June and is targeting $100 million by the end of the year. It has a capacity of more than $200 million.

Before founding Tampa, Fla.-based OM, Movalia was an investment adviser at Morgan Stanley and UBS, advising wealthy clients.

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