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Technology > Investment Platforms > Turnkey Asset Management

BluMont Shuffles Strategic Partners Hedge Fund

By Staff Writer

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TORONTO (HedgeWorld.com)–Officials for the BluMont Strategic Partners Hedge Fund added two hedge fund managers to the fund’s multi-manager portfolio, eliminated one and reduced the allocation to another.

Frank Mersch of Front Street Capital, Toronto, and Veronika Hirsch, chief investment officer for the fund manager, BluMont Capital Corp., were each assigned 12% of the fund, according to a statement from the company.

Terminated from the C$135 million (US$103 million) fund was Gabelli Asset Management, Rye, New York “We were quite pleased with the job Gabelli did,” said Toreigh N. Stuart, president and chief executive of BluMont Capital Inc., manager of the fund. But the fund was running into a conflict with international investment provisions that allow the fund to be sold in Canada’s version of the IRA, called an RSP, he said. “We’re trying to take more of a Canadian angle,” Mr. Stuart said.

Gabelli officials couldn’t be reached for comment.

Another manager, Hillsdale Investment Management Inc., Toronto, had its allocation reduced to 20% from 31%, in a diversification move, Mr. Stuart said.

There are no current plans to reduce the allocation to Sprott Asset Management Inc., Toronto, which holds steady at 33%, he said. Also unchanged are allocations of 12% to SciVest Capital Management Inc. and 11% to J.C. Clark Ltd., all of Toronto.

The Strategic Partners fund was launched early last year under the iPerform name with a lineup that also included Global Asset Management, which was terminated from the fund late last year over performance issues Previous HedgeWorld Story. The iPerform name was dropped in favor of BluMont in January about the time that BluMont hired Paul Perrow as its president. Mr. Perrow resigned from the company last month.

BluMont, a hedge fund manager 46% owned by Integrated Asset Management Corp., Toronto, manages about C$380 million. BluMont is in the midst of offering its third structured hedge fund in a joint venture with Man Investments,* BluMont Man Multi-Strategy Notes, which was launched earlier this month .

*Man Investments is a minority investor in HedgeWorld.

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