NEW YORK (HedgeWorld.com)–The third and fourth registered hedge fund offerings to be born out of the Oppenheimer acquisition of Tremont Partners Inc.* have had some minor adjustments before their Jan. 2 launch.

In Securities and Exchange Commission filings issued in mid-December, firm officials have changed the names of both funds to OFI Tremont Market Neutral Hedge Fund (previously the OFI Tremont Low Correlation Hedge Fund) and OFI Tremont Core Diversified Hedge Fund (formerly the OFI Tremont Core Strategies Fund). The original regulatory filing was on June 4.

The reasoning for the name changes remains unclear since the investment objectives of each of the funds are basically unchanged.

OFI Tremont Market Neutral Hedge Fund’s investment strategy has increased its tilt toward market neutral, stipulating that the fund will not allocate more than 20% of its net assets to managers that are not using market neutral strategies. The fund still will invest in a number of strategies including index arbitrage; interest-rate arbitrage; merger arbitrage; convertible bond and warrant hedging; statistical long/short equity strategies and pairs trading. Between 10 and 20 managers will be selected for the portfolio, according to the document.

The strategies of the OFI Tremont Core Diversified Fund will remain the same, with some tweaking. Those underlying investment programs are: long/short equity; equity hedging arbitrage; fixed-income hedging and arbitrage; currency hedging and arbitrage; index arbitrage; interest-rate arbitrage; merger arbitrage; convertible bond and warrant hedging; statistical long/short equity strategy; pairs trading; event driven; and distressed issuer investing.

Like market neutral fund, the core diversified fund will not be allowed to invest more than 25% of their assets in investment programs focused on investing in a single industry. Both funds have similar limitations. No more than 10% of funds’ assets will be allowed in any single underlying hedge fund, while the funds cannot total more than 5% of any single underlying investment portfolio’s assets. Finally, the funds may not invest 25% or more of its total assets in market neutral strategies.

OFI and Tremont plan to raise significant assets in each fund. Both funds are closed-end funds that were registered as a Massachusetts business trust last May. Oppenheimer and Tremont already have two other registered hedge funds of funds that were opened to investors last January. Oppenheimer Acquisition Corp. acquired Tremont last year.

*Tremont Partners is owned by Tremont Advisers Inc., Rye, N.Y., which is a minority investor in and strategic partner with HedgeWorld.

SBarreto@HedgeWorld.com