LRG Capital Group, an investment, banking and advisory company, has entered into a strategic partnership with investment advisor Admiral Capital Management to create the LRG Capital/Admiral Flagship Fund, an opportunistic, convertible-centric, multi-strategy hedge fund.
The fund will be managed by William Ellsworth, the CEO/CIO of Admiral Capital in a parallel fashion to the Admiral Flagship Master Fund launched on January 5, 2007 with $110 million in assets under management.
The LRG Capital/Admiral Flagship Fund uses fundamentally based and tactically driven volatility, credit, hedged directional and relative value sub-strategies employed through convertible securities as well as other securities in the capital structure and related derivative instruments.
The actively managed strategy differentiates the LRG Capital/Admiral Flagship Fund from an indexed traditional convertible arbitrage approach. To create alpha, the team opportunistically overweights, underweights or eliminates certain sub-strategies, market sectors and securities.
Mr Ellsworth’s vast experience includes 12 years as head of convertible trading at several major global investment banks including Smith Barney, CIBC, Wachovia Securities and Morgan Stanley.
Lawrence Goldfarb, CEO of LRG Capital Group, said: Our partnership with Admiral Capital allows us to add a convertible-centric hedge fund to our LRG Capital Funds platform.