Jim Hillary's LS Independence Capital Asset Partners will serve as the sub-adviser to Long Short Advisors LLC's LS Opportunity Fund. Morningstar analyst Ryan Leggio picked up on this development in his Fund Times column last week.

Hillary departed Marsico Capital Management in 2004 to put up his own investment management firm. Hillary ran Marisco Focus and Marsico Growth alongside Tom Marsico. Earlier, Hillary managed Marsico 21st Century.

The LS Opportunity Fund will have an expense ratio of 250 basis points, according to an SEC filing. It will invest in both long and short positions within a portfolio consisting of primarily publicly-traded common stock.  

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