J. & W. Seligman & Co. broke in a new portfolio manager on Monday with the launch of its third hedge fund, a long/short market-neutral equity portfolio.
The Spectrum Focus fund was rolled out with Sangeeth Peruri, 30, the firm's youngest managing director, at the helm. Seligman hired Peruri as a technology analyst from Morgan Stanley six years ago. Seligman seeded the fund - Peruri's first - with $3 million. It will open to outside investors in 2007.
Seligman, whose roots are in long-only portfolios, runs two other hedge funds as well. The flagship Tech Spectrum fund, managed by