May 05, 2005
New Hedge Fund Emerging This Summer
The newly minted partnership of Chapel Hill investment advisor, Morgan Creek Capital Management, and New York hedge fund entrepreneur, Julian H. Robertson, are set to launch a series of new investment funds this summer. Their idea is to develop different investment pools that would put the clients' money in specialized hedge funds, thus reducing the investment risk. The joint venture which has been named, Tiger Select Fund Management, will offer the wealthier investor top-level investment managers. The first fund will be started in July with the financial aid of the Robertson Foundation. Robertson will also be a minority owner in Morgan Creek, but will not be managing any of the funds. According to Newsobserver.com:
"We wanted to do something really unique," said Morgan Creek principal Mark W. Yusko, former chief investment officer for the University of North Carolina at Chapel Hill. He was one of the first university endowment managers to put money in hedge funds.Read more: Hedge fund pools to start in summer
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