Florida Firm Preps Multi-Strategy Fund Of Funds

Jun 3 2010 | 9:23am ET

Newly formed Zorica Capital is launching its maiden hedge fund offering, a multi-strategy fund of funds, in July.

The West Palm Beach, Florida-based shop was founded by the father and son team of Mathew Zummo and Mathew Zummo Sr. earlier this year.

The fund, Zorica Managed Accounts Fund, will debut in July with six underlying managers with strategies including statistical arbitrage, forex, long/short equity, and global macro. The fund—which plans to invest in 15 managers total—will look for managers with under $1 billion in assets who are still nimble enough to generate returns, according to Mathew Zummo Jr.

“We’re looking to invest in managers who are investing in liquid assets and we’re currently looking at shorter term trading strategies that are profiting from the volatility in the market,” Zummo told FINalternatives.

Zummo said the fund aims to attract investors by offering liquidity and transparency.

“I think the pitfalls with past funds of funds were the fact that they were over levered and they invested in illiquid areas," he said. "In order to combat that we’re actually looking to invest in managed accounts down the road to provide a lot more liquidity and transparency to investors.”

The Zorica Managed Accounts Fund will charge a 2% management fee and a 20% incentive fee. Its minimum investment requirement is $250,000. 

Prior to founding Zorica Capital, the father and son team managed a hedge fund shop dubbed Paradigm Financial Resources.

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