OAKS, Pa. (HedgeWorld.com)–Rose Glen Capital launched the Radcliffe Fund on Oct. 1 with US$115 million in assets and is slowly winding down its original master feeder fund RGC International following the departure of two of the firm’s principals.
The Radcliffe Fund will stick to the strategy Rose Glen is known for, combining public and private convertible arbitrage with related arbitrage strategies. Fund manager and Rose Glen Founder Steve Katznelson started his own firm after leaving Susquehanna, where he built and managed that firm’s convertible arbitrage business.
Rose Glen clients have been given the option to reinvest in Radcliffe Fund, which is also a master feeder structure.
Mr. Katznelson founded Rose Glen alongside Wayne Bloch and Gary Kaminsky, who left the firm last February and have since founded their own firm, Rock Hill Investment Management.
Rose Glen has hired SEI Investments Global Fund Services Ltd. to act as administrator, accountant and shareholder servicing agent. SEI, which has a long-standing relationship with the managing members of Rose Glen, was chosen because of its experience in the types of securities Rose Glen invests in and has full-service capabilities in the United States and abroad.
SEI currently works with 200 hedge and private equity funds structured as limited partnerships and offshore companies, as individual stand-alone funds as well as funds of hedge funds, incorporated in the United States and overseas.