Philadelphia-based Glenmede Trust, an independent wealth advisory firm, recently dipped its toes into the hedge fund space with the launch of a 130-30 strategy and a hedge fund-like mutual fund.

The 130-30 Total Market Long/Short strategy is designed to provide an amplified alpha based on long quantitative information and short quantitative calls, and is benchmarked against the Russell 3000 Index, according to CIO Gordon Fowler. “We’ve been investing this strategy for a client about a year ago and we’ve recently put it into a mutual fund format,” said Fowler. It is currently managing $115 million in client assets.

The firm has also launched an absolute return strategy, dubbed the Absolute Return Fund, which is a mutual fund with a beta closer to 0.3%. The strategy, which debuted late last year, currently has $26 million under management.

“These are our first strategies that incorporate shorting in them and clients are currently more accepting of these strategies than they were just a few years ago,” said Fowler.

Management fees for both long/short strategies are 125 basis points, with no performance fee.

Glenmede, which was founded in 1956, currently manages some $17 billion in total assets.