AVENTURA, Fla. (HedgeWorld.com)–Magnum Asset Management established a joint venture with Masters Research Partners LLC in order to tap into the U.S. taxable high-net-worth investor market.

Magnum now will co-manage Masters Research Partners LP, a US$20 million fund of funds based in Boca Raton, Fla. The fund, which launched in August 2000, targets U.S. high-net-worth investors as well as institutional investors.

Designed to achieve positive returns in both bull and bear markets, the fund is invested in eight funds across a variety of strategies including long/short equity, relative value, event-driven and market-neutral strategies.

This will be Magnum’s first domestic hedge fund offering, according to David Friedland, president of Magnum. Magnum, which has managed offshore funds of funds in a range of investment strategies since 1994, will provide its expertise in hedge fund selection to Masters Research. Magnum manages US$300 million in high-net-worth and institutional investor assets.

“We are delighted to have Magnum as a partner in helping identify the optimal blend of hedge fund managers and strategies that can help investors both grow their wealth and protect gains,” Gary Rubin, who co-founded Masters Research Partners with Gary Kay in February 2000, said in a statement.

SBarreto@HedgeWorld.com