PHILADELPHIA (HedgeWorld.com)–Ashbridge Investment Management LLC launched its first hedge fund, a multi-manager fund called the Broad Street Hedge Fund Equity Trust.

The Broad Street trust has six managers, each targeting a different investment segment, said Charles B. Grace III, director for Ashbridge. Originally formed to manage Grace family money, Ashbridge now assists other family offices with their investment management for a consulting fee, Mr. Grace said.

The Broad Street trust will be offered to existing clients at the firm’s regular consulting rate–about 50 basis points–and will be offered to others at a 1% of assets under management with no performance fee, he said. The Grace family seeded a substantial portion the US$15 million fund with its own money. “We try to align our interests with those of the investors,” Mr. Grace said.

The trust will be managed by Ashbridge, which began operations with six underlying managers, each tackling a different long/short equity strategy. Thirty percent of the portfolio is with a U.S. long/short growth equity manager, 25% with a value style manager, 20% with a European manager, 10% with a Japanese manager, 7.5% with a US technology manager, and 7.5% with a global health care manager.

Ashbridge is taking a low-key approach to selling the fund, and has not hired a third party marketer or tried to line up distributors for the fund. The firm supervises on the management of more than US$200 million in hedge funds.