Hedge Funds

The smart money reopens to fresh capital


While a number of funds are suffering the wrath of tempestuous markets, many that were previously closed to new investments -- including vehicles run by such pedigreed firms as Marathon Asset Management, York Capital Management, SAC Capital Advisors and Camulos Capital - have put out the welcome mat in a play to take advantage of opportunities arising from the subprime mortgage fiasco.

Marathon, the $7 billion hedge fund operation founded by Bruce Richards and Louis Hanover, recently began accepting additional capital for two of its existing funds and is also launching a new opportunistic fund.

The firm's $2.7 billion