Hedge Funds

Energy firm adds offshore vehicle

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Elco Management, a New York-based energy investment specialist, is preparing to launch an offshore hedge fund in January.

The firm now runs a $40 million hedge fund strategy dubbed Elco Select Fund and hopes to attract up to $50 million for the new launch. Elco manages more than $200 million overall.

Elco Select has maintained a 22.5% average annual return since its inception five years ago. The fund was up 23.5% through September and 4.47% for the month.

Elco Select aims to reduce volatility by investing in a broad spectrum of energy holdings, ranging from companies that engage in exploration to