Hedge Funds

Fidelity spin-out launches its first unaffiliated fund


Fidelity spin-out Geode Capital Management recently carved a second strategy into its hedge fund platform. The Boston-based firm, which was spun off in 2003, only opened to outside investors for the first time last summer. Now the firm, led by chief investment officer Jacques Perold, has rolled out its first fund that is unaffiliated with Fidelity.

The new market-neutral fund was started with approximately $38 million in assets. It employs a quantitative approach, investing in global stocks. The portfolio is highly diversified, typically holding as many as 500 long and short positions. David Brahm is the portfolio manager