New Jersey-based Philadelphia Investment Partners
has is making the leap into the mutual fund space by turning its global all-cap long/short hedge fund into a mutual fund, HFMWeek reports
The New Generation Fund
adopts an options overlay that will help it bypass some of the shorting restrictions built into the 1940 Act, according to the pub.
Turning the fund into a '40 Act vehicle opens the product up to a wider audience of investors. "We realised there wasn’t really a product vehicle that was feasible for the majority of our clients," Joe Duncan
, one of the fund's PMs, told the pub.
serves as the head PM of the fund, which charges a management fee of 149 basis points.
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