Hedge Funds

Hyman Beck launches volatility arb fund

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Hyman Beck, a Florham Park, N.J., systematic trend follower with $450 million under management, has launched a relative value and volatility arbitrage fund managed by Ron DiRusso.

The new Volatility Analytics Portfolio intends to log returns in the mid-teens through a quantitatively driven strategy that makes short-term bets in over-the-counter options. The fund runs $55 million and could grow to as much as $500 million.

DiRusso joined Hyman Beck in October 2005 from Northbridge Capital Management of Edgewater, N.J. Previously, he was a managing director in Lehman Brothers' global foreign exchange options trading group and was a senior options trader