Argent Funds Group, the $1.6 billion hedge fund firm founded by Bruce McMahan, is offering a high-yield credit opportunities fund to outside investors and is planning to start an offshore version within the next couple of months.
The undertaking follows Argent's shuttering last year of its weak-performing Veritas High Yield Arbitrage Fund. The closure contributed to a 35% drop in the firm's overall assets in 2006 from a high of $2.4 billion. (The decline was the worst among billion-dollar players - see story, page 34.)
Running the new fund is Jim Kastberg, the same portfolio manager who ran the