Alternative Investment News

N.Y. firm debuts fund of funds with a twist. (Manager News).(Himelsein Mandel Fund Management)(Brief Article)

New York-based Himelsein Mandel Fund Management has launched its first fund of funds that will employ higher than normal manager turnover. The firm debuted HM Onyx, a fund of funds that invests in multi-arbitrage managers, on Jan. 1, said Wayne Himelsein, managing partner and portfolio manager. The allocations to the underlying managers are based on volatility rather than diversification factors, he said.

The fund of funds moves in and out of single-manager arbitrage hedge funds based on their volatility and market conditions. "No one fund can do well all the time because they all have some sensitivities," Himelsein explained. He added that HM Onyx looks to invest in approximately 15 managers at any given time. …

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