Minn. I-Bank Enters Hedge Fund Industry

Nov 12 2010 | 2:18am ET

Minneapolis investment bank Dougherty & Co. has launched its first hedge fund.

The Dougherty Absolute Equity Fund debuted on Sept. 1. The fund focuses on small-cap companies and features a deep-value bias, the firm said.

"The massive consolidation within equity research and the growth in exchange-traded funds have created a large void in the area of traditional fundamental stock picking," portfolio manager Bob Schnell said.  "Dougherty & Co., through its existing research and investment operations, provides an ideal platform for a fundamental-based hedge fund investment strategy."

Schnell formerly worked at Telluride Asset Management and Deephaven Capital Management, where he also managed small-cap value hedge fund strategies.

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