CHAPEL HILL, N.C. (HedgeWorld.com)–The recently formed arbitrage shop Silverback Asset Management is planning to open its first two hedge funds to outside investors on August 1.
Silverback, which was formed earlier this year by hedge fund veteran Elliot Bossen after his departure from the Argent Financial Group at the end of the first quarter, has been trading proprietary money in its fledgling arbitrage strategy for the past two months.
The new firm is trading two funds under the same umbrella strategy–the U.S.-based Silverback Partners fund and its master feeder-linked Cayman companion called the Silverback Offshore fund.
Both of the funds are aimed at the institutional market, a target readily made apparent by the US$5 million minimum investment required of qualified investors. The fee structure for both is 1.5% and 20%.