N.J.-based Stone Toro Launches Event-Driven Hedge Fund

Feb 9 2011 | 7:44am ET

Princeton, N.J.-based alternative asset manager Stone Toro Asset Management is launching an event-driven arbitrage hedge fund, the ST Alpha Event Fund.

Stone Toro co-founder Jeffrey Russo will serve as portfolio manager of the new fund. Initial investment capital comes from management and “other private sources of wealth.”

Russo has over 20 years of asset management experience with Bankers Trust, Merrill Lynch Investment Managers and, most recently, BlackRock.

The ST Alpha Event Fund follows an absolute return strategy and seeks to have a low correlation to the equity markets. The fund utilizes a global, multi-strategy approach to event-driven arbitrage and seeks to create alpha by identifying persistent arbitrage opportunities caused by market structural imperfections and investor behavior.

The fund focuses on short-term, high-information events with defined catalysts. Strategies include index changes, structural changes, merger arbitrage and relative-value pairs.

Stone Toro began operations in early 2010 and is led by Russo and his former Merrill Lynch colleagues Michael Jarzyna and Richard Jenkins.

The ST Alpha Event Fund is the first of two funds slated to launch in 2011. Stone Toro’s second offering will be a small/mid-cap long/short tech fund with Michael Jarzyna as the portfolio manager.

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