Hedge Funds

Harbert rolls out emerging market fund

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Despite reports of the closure of its event-driven fund and an exodus of capital from its convertible-arbitrage fund, Harbert Management Corporation continues to show signs of growth as it recently rolled out a new emerging-markets fund and seeded it with $25 million.

The Birmingham, Ala.-based firm recently brought on board Peter Lannigan and Heather Leonard to run the fund, which will be headed up by Lannigan. The new fund will have a broad-based investment style, targeting opportunities in emerging markets through positions in governments and corporates in the fixed-income and equity markets.

Both Lannigan and Leonard joined from Northshore