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September 24, 2002 at 08:00 PM
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.
