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Wednesday, August 28, 2002

Hedging Bets

by: Tony Pennino

Alternative Investment Partners (AIP) has launched a new fund, the Alpha Strategies I Fund. The fund is looking to make alternate investment strategies available to the traditional mutual fund investor.

The firm has hired four hedge fund managers to serve as sub-advisors. A portfolio research consulting firm that specializes in hedge fund-of-funds management has also been retained to assist in sub-adviser selection, portfolio allocation, ongoing portfolio analytics and sub-adviser performance monitoring. Nonetheless, the fund is not a hedge fund nor does it invest in hedge funds.

"We expect to achieve the first mover and leadership position in what is anticipated to become a rapidly growing segment of the mutual fund industry," contended Steven R. Samson, ceo and managing partner at AIP. "Our objective is to bring the talents of multiple successful hedge fund managers and their strategies to the traditional mutual fund investor, rather than continue the recent trend of hedged strategy mutual funds managed by traditionally long-only and single style mutual fund management firms."

The fund is a no-load open-end mutual fund. Its subscription period begins today. That period will extend through September 19. The next day, it will commence operations. The price during the subscription period is $10.00 per share. The minimum initial investment is $25,000.

Each of the sub-advisors will are selected for a particular investment strategy. "We feel the use of a variety of alternative investment strategies in the long/short equity and fixed income areas, each designed to be uncorrelated to each other, provides Alpha Strategies I Fund with an optimal portfolio blend, as compared to single strategy hedged equity mutual funds," added Lee W. Schultheis, chief investment officer and managing partner at AIP.

The fund is targeted at the high-net-worth and mass affluent market. 

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