Hedge Funds

Ashraf Starts Empyream Fund

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A former analyst from Essex Investment Management and Summit Partners, Rauf Ashraf has struck out on his own with the launch of Ash Capital Management. The Boston-based firm was slated to begin trading the $35 million Empyream Fund on April 1. Ashraf who had previously worked at Fidelity Investments developing trading models for the giant Magellan Fund will oversee Empyream's portfolio.

The long/short portfolio will use a quantitative methodology in choosing its equity picks, drawing on a system comprised of 60 individual screens running models built and honed by Ashraf.