Ascentia Seeks To Build Up Alternative Mutual Fund Of Funds’ Roster

May 25 2010 | 10:00am ET

Ascentia Capital Partners has tapped hedge fund Armored Wolf as the fifth subadviser to its mutual fund of hedge funds, and is now looking for two more.

The hedge fund and mutual fund firm picked California-based Armored Wolf to handle the global macro portfolio for its $35 million Alternative Strategies Mutual Fund. Now, the firm is looking to hand out mandates for merger arbitrage and long/short, Mutual Fund Wire reports.

Stephen McCarty, chief compliance officer at Ascentia, said the firm’s search for the merger arb. manager was “pretty far along”  while the search for a long/short manager was “in the third or fourth inning.” But he did say that the firm was still accepting candidates for both mandates.

There is one big catch: Ascentia won’t hire a manager that charges performance fees.

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