Wednesday, 26 October 2016
Last updated 3 hours 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.