Pirate Capital Adding Analyst to Hedge Fund Operation

NORWALK, Conn. (HedgeWorld.com)–Pirate Capital LLC is preparing to hire an additional analyst to support its growing hedge fund business.

Since its launch in July 2002, the firm has been able to raise US$75 million and gave investors a return of 40% net of fees in 2003, according to Andrew Stotland, director of sales and marketing at Pirate Capital.

The firm’s hedge fund, the Jolly Roger Fund LP, invests in undervalued and distressed companies . A long/short opportunistic hedge fund, Jolly Roger has a buy-and-hold strategy based on fundamental analysis with an emphasis on hard assets in evaluating a company.