NEW YORK (HedgeWorld.com)–Neil Feinberg, manager of the hedge fund Nebo Investment Fund LP, is stepping down as chief investment officer of Orbitex Management Inc. in order to devote more time to the hedge fund.

Mr. Feinberg will continue at Orbitex as president and chief economist. He said that the decision was made to spend more time managing the Nebo funds, a growth area for the firm.

Assets in Orbitex’ U.S. mutual funds have fallen to about US$200 million with the decline in the markets, he said. He’ll continue to work on Orbitex planned growth in U.S. alternative management.

Performance in the Nebo fund strategies, with about US$120 million in assets, hasn’t been what was desired. In addition to Mr. Feinberg spending more time on the fund, they’ll be hiring additional portfolio managers and analysts. Orbitex overall manages about US$1 billion.