Hedge Funds

Cornerstone taps fixed-income pro for new fund

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New York-based Cornerstone Capital Management has joined forces with William Cunningham and inked a deal for a new fixed-income fund that Cunningham will subadvise. The new strategy, Cornerstone Absolute Return Fund, will invest in asset-backed securities that focus on a specific population or geographic area and that meet the strategy's financial and socially responsible parameters.

Cunningham is the founder of Creative Investment Research, a Minneapolis, Minn.-based fixed-income firm that advises on approximately $42 million in assets, and he will remain the firm's chief investment officer. Prior to CIR, Cunningham was an investment manager for the Board of Pensions of