Tuesday, 7 July 2015
Last updated 20 min ago
Jul 21 2011 | 11:59am ET
Having trouble raising money for its hedge fund, Philadelphia Investment Partners has decided to turn it into a mutual fund.
The $15 million New Generation Fund, which has a capacity of $1 billion, is now an Investment Company Act of 1940 fund. New Jersey-based Philadelphia doesn't plan to change the global all-cap long/short fund's strategy, but will now have to use an options overlay for most of its shorting.
"We realized there wasn't really a product vehicle that was feasible for the majority of our clients," Joe Duncan, a portfolio manager, told HFMWeek.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…