Hedge Funds

Seneca man launches fixed income fund

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Umesh Patel, a former portfolio manager and partner at long-only money manager Seneca Capital, is breaking out on his own and gearing up to launch a fixed-income hedge fund this summer. The fund, dubbed USP Partners, is slated to launch mid-August. Patel is joined by Umesh Shelat, a former analyst at fixed-income hedge fund III in Florida, who most recently ran his own hedge fund that combined a fixed-income and equity strategy. Shelat has since wound down that fund and brought over some of its assets under management--mostly money from friends and family--to USP Partners. The firm, which