Friday, 26 August 2016
Last updated 10 min ago
Apr 25 2012 | 1:35pm ET
With an impressive one-year track record, GalNet Asset Management is open for (outside) business.
The Chicago-based firm, which launched its maiden hedge fund last April, has opened that fund to outside investors. GalNet Alpha Fund currently has $50 million in assets, and returned 14.46% last year. The volatility arbitrage strategy is up 8.59% this year, HFMWeek reports.
GalNet Alpha is now open to outside investors; indeed, it's the first time since co-founder Kevin Galassini set up Vintage Capital, GalNet's predecessor fund, in 2001 that he's been looking for client money. Vintage was never marketed.
Galassini, who serves as the new firm's portfolio manager, is joined at GalNet by Barry Netszky.
GalNet has a capacity of $1 billion. It charges 1.8% for management and 25% for performance, and has a $1 million minimum investment requirement with a soft one-year lockup.