Bank of America Plans Second Closed End Hedge Fund

NEW YORK (HedgeWorld.com)–Bank of America has tentatively set Feb. 3 for the launch of its BACAP Alternative Multi-Strategy Fund LLC, according to a Securities and Exchange Commission filing.

The multi-strategy fund is a closed-end hedge fund of funds in the registration process to be offered both publicly and privately to qualified investors. BACAP’s alternative investments group will be handling the new fund, which will mark the first time BACAP has managed assets in a registered hedge fund of funds format.

In October, Bank of America launched its first registered hedge fund, BACAP Opportunity Strategy LLC. BACAP hired Alkeon Capital Management to manage the long/short technology hedge fund.

The lead portfolio manager will be Jason Papastavrou, managing director of BACAP’s alternative investments group. He joined the firm in 2001 from Deutsche Asset Management, where he was a portfolio manager from 1999 to 2001, according to the filing. Mark F. Raskopf, who left Deutsche Asset Management’s absolute return strategies group earlier this year, joins Mr. Papastavrou. Mr. Raskopf is director of the alternative investment group and senior research analyst and portfolio manager.