Hedge Funds

Halcyon launching new leveraged, concentrated vehicle


Halcyon Asset Management, which runs more than $3.5 billion, is launching a more risky, but also potentially a more rewarding version of its flagship multistrategy fund.

The Halcyon Enhanced fund is being managed by co-portfolio managers John Bader and Kevah Konner. The vehicle is expected to employ higher concentrations in stocks and more leverage than the firm's existing event-driven product, Halcyon Event-Driven Strategies Fund, which specializes in merger arbitrage, credit and special situations.

The new fund bears some resemblance to a higher risk/reward event-driven multi-strategy fund being launched by Sandell Asset Management. (See story p. 44.)

Halcyon Event-Driven Strategies has