The alternative investment subsidiary of asset management firm GAMCO Investors is starting a new credit hedge fund to ring in the New Year.
New York-based Gabelli & Partners told eVestment Thursday that the new offshore fund will launch January 1 with $1 million from an undisclosed non-U.S. investor. An endowment and a few individual retirement accounts will “follow shortly thereafter.”
The new fund will be managed by Wayne Plewniak, who is also the director of fixed income at the firm.
GAMCO had approximately $36.9 billion in assets under management at the end of the third quarter of 2012.