Hedge Funds

Ellington to open emerging markets fund

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Michael Vranos's Ellington Management Group is planning to offer its high-flying emerging markets strategy to outside investors.

Ellington Emerging Markets Fund netted 14.99% in 2006, on top of a 19.12% gain in 2005 and an 11.24% gain in 2004.

The fund currently has other Ellington funds, including Ellington Overseas Partners, as its only investors.

The firm is opening the fund because the emerging markets investment group "has expanded its expertise to include a much wider range of strategies and securities," according to a recent letter to investors.

This wider range of strategies, the firm says, has given the portfolio