Hedge Funds

Gabelli launches fund for Catholic investors

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Rye, N.Y.-based Gabelli Asset Management has launched a "socially responsible" hedge fund that will cater to the demands of Catholic institutions seeking a hedge fund that does not invest in companies involved in abortion, contraception, stem cells, pornography or the defense sector.

The new fund, which will employ long/short value-and-merger-arbitrage strategies, is the fourth fund to be launched on its socially responsive investing platform, which the firm has operated since 1987.

The firm manages about $700 million in separate accounts on the platform and caters to investors with a variety of social concerns, including environmental issues, labor issues and