Busara Readies Fund Of Funds To Bolster Intern Program

May 25 2011 | 11:12am ET

Busara Advisors is planning a fund that will give investors an opportunity to give back to the community, by training minorities for a future in the hedge fund industry.

New York-based Busara has teamed up with Sponsors for Educational Opportunity to create a fund of hedge funds that will invest in emerging managers that pledge to give internships to undergraduates through SEO's summer career program. The new fund, christened True Opportunity, is targeted at foundations, endowments and pension funds and is expected to debut in the summer.

Busara CEO Joseph Schlater told Pensions & Investments he hasn't lined up any investors yet, although interest in the product is high.

Busara, minority-owned itself, was launched in 2008 and builds customized portfolios of women- and minority-owned hedge funds for clients. The new fund will be even more specialized, allocating only to managers with less than $500 million in assets and a willingness to take on an intern or two.

"The focus of our program is promoting diversity within the alternative investment management industry," SEO's Julian Johnson told P&I.


In Depth

Steinbrugge: Top 10 Hedge Fund Industry Trends for 2017

Jan 3 2017 | 9:03pm ET

Each year, Agecroft Partners' Don Steinbrugge predicts the top hedge fund industry...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

DarcMatter: The Top Trends in Alternative Investments for 2017

Jan 13 2017 | 8:22pm ET

The $7 trillion alternative investments industry is poised for continued growth...

 

From the current issue of

The U.S. Commodity Futures Trading Commission (CFTC) ordered The Goldman Sachs Group Inc., and Goldman, Sachs & Co. to pay a $120 million penalty for attempted manipulation and false reporting of ISDAFIX Benchmark Rates, a global benchmark for interest rate products.