Stone Toro Event-Driven Fund Hits $150M

Jun 11 2012 | 9:23am ET

Talk about a growth spurt: Stone Toro Asset Management’s event-driven fund went from $8 million in assets under management in April to $150 million in June, thanks to two significant allocations.

Michael Baum, spokesman for the Princeton, New Jersey-based firm, said the allocations were from a European pension and the fund’s original seeder, described in a statement as “an institutional European investor.”

The fund in question, the ST Alpha Event Fund, is a multi-strategy event-driven arbitrage vehicle focused on “short-term, high-information events with defined catalysts” and employing four primary strategies: index changes, structural changes, merger arbitrage and relative value pairs.

It’s managed by Jeffrey Russo, who helped found Stone Toro in January 2011 with his former Merrill Lynch colleagues Michael Jarzyna and Richard Jenkins. Russo specializes in event-driven strategies and quantitative portfolio management and has managed these strategies with over $14 billion in AUM at Blackrock, Merrill Lynch and Bankers Trust.

ST Alpha Event returned 2.30% year to date through April 2012. For the prior 12-month period, the fund returned 4.17% while the average event-driven fund, according to the HFR Event Driven Index, lost 2.8%.

 


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