New York-based equity research firm WIDAT Group is launching a hedge fund on Jan. 1 that will invest in the publicly traded securities of wireless companies. Chris Mantle, founder of WIDAT, will manage the fund, which has a target of $10 million and a minimum investment of $250,000. The lockup will most likely be one or two years.
Mantle told FINalternatives that the new fund is a natural extension of WIDAT, which was founded in July of 2003 to focus exclusively on researching wireless data trends, including next generation technologies such as 3G and WiMAX. Mantle, who has 17 years of experience working on Wall Street in the wireless communications sector, founded the firm after seeing a convergence between wireless technologies. "We felt that a consumer would be able to access the internet from anywhere in the globe," he said.
Prior to founding the WIDAT Group, Mantle worked for investment bank Friedman Billings, and before that he spent six years with Gabelli and Company.