Highland Hands Healthcare Mutual Fund To Hedge Fund Cummings Bay

May 14 2010 | 1:11am ET

Hedge fund Highland Capital Management has hired Cummings Bay Capital Management to run its healthcare mutual fund.

The Highland Healthcare Fund has been renamed the Highland Long/Short Healthcare Fund to reflect its changed strategy under new manager Michael Gregory. Gregory is the founder of Cummings Bay, a long/short healthcare hedge fund shop, and he previously worked at Sands Point Partners and Iroquois Capital.

“This healthcare reform legislation is the largest structural change to healthcare in America since Medicare and Medicaid in 1965,” Gregory said. “The implementation of this reform creates a new investment cycle in which investors can take advantage of low valuations coupled with improving business clarity in the healthcare sector. In addition to the new opportunities created by reform implementation, certain healthcare companies will face significant challenges and reimbursement headwinds, thus making a long/short strategy particularly relevant to this sector at this time.”

“In addition to Michael's experience and prowess in healthcare investing, we believe he has demonstrated a strong history of performance and risk management in applying a long/short investing strategy to this sector,” Joe Dougherty, Highland’s head of retail products, said. “Michael's long/short strategy is well-suited to the unprecedented opportunities and significant uncertainties in healthcare today and Highland is extremely excited to be offering investors the only long/short healthcare mutual fund available.”

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