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.