Hedge Funds

Steinhhardt starts new venture


Hedge fund pioneer Michael Steinhardt is at it again. But, this time around, the veteran hedge fund manager is playing a new game - venture capital. The New York-based manager recently bought a majority stake for $9 million in a group called Index Development Partners, an emerging operation focused on developing exchange-traded funds. And alongside, Steinhardt, who will serve as the company's chairman, is another well-established firm in hedge fund circles, Quantitative Financial Strategies. A third, minority stakeholder is the private-equity shop RRE Ventures.

Index Development Partners is expected to use the cash infusion from the Steinhardt-led investor group