NEW YORK (HedgeWorld.com)–Banc of America Capital Management launched BACAP Opportunity Strategy LLC, the firm’s first registered hedge fund.
Although originally slated for a July 1 launch, the long/short technology closed-end hedge fund commenced operations on Oct. 1.
The fund’s investment manager is BACAP Advisory Partners LLC, but it will actually be sub-advised by Alkeon Capital Management LLC. Alkeon founder Takis Sparaggis is the portfolio manager and he also handles the assets of the CIBC World Markets’ Advantage Advisers Multi-Sector Fund I, another registered hedge fund launched earlier this year. (Previous HedgeWorld Story) Before forming the firm, Mr. Sparaggis managed portfolios of US$600 million in a trading strategy similar to that of BACAP Opportunity at CIBC.