Hedge Funds

Harmony from Symphony


San Francisco-based Symphony Asset Management, the $3 billion group bought by Nuveen in 2001, is raising capital for a market-neutral version of its Melody fund, which was launched in December last year with $23 million.

The latest fund, to be called Harmony, will invest in senior bank notes and will be a market neutral version of Melody, which will retain its long bias. Harmony will be a diversified portfolio of corporate debt that is not sector-specific. Like the Melody Fund, it will short bank debt, primarily synthetically, which is another form of total return swap that can be delivered