Hedge Fund Goes Mutual In Search Of Clients

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.

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