Hedge Funds

Amid success, Apogee hikes fees and launches new strategy


In a letter to investors last week, Neal Berger, the former Millennium Partners trader, said his Apogee Asset Management would increase its management fees to cover all expenses - including trader compensation - by eliminating its set management fee and instead charging all expenses of the $125 million Apogee Fund through to investors.

Apogee estimates that the expense charge will equal more than 3% of assets, up from the set 1% fee it charged previously. The management fee change will take place on Jan. 1. Management fees charged on assets invested with the fund prior to Jan. 1