Beacon Rock Capital Partners has a new minority partner and a new name. The St. Thomas- and Miami-based hedge fund manager’s majority owner and chief investment officer, Trevor Taylor, has bought out his old partners, brought in a new head of business development and is hoping to launch his second fund by year's end.

The newly-christened Innovative Options Management—Taylor’s old partners are still using the Beacon Rock name for other ventures—came into being on Sept. 1, and remains the adviser for the former Beacon Rock Capital Fund, now the Innovative Options Fund. In addition to his new managing partner Steven Susano, the old-new firm has “hired additional people to fill the back office positions inherited from my last partners,” Taylor said.

With the changeover out of the way, Taylor is focusing attention on a short-only fund (FINalternatives, 3/31/06) that he began work on at Beacon Rock. “With the transition that just took place, we put that on the back burner a little bit,” he said. The new fund will still require a $500,000 minimum investment and charge a 2% management fee and 20% performance fee.