Craig Ellis, manager of the $325 million Orbitex Info-Tech & Communications Fund and a $100 million offshore version of the same mutual fund, will start his own hedge fund in the same sector. Mr. Ellis is setting up his own company, which has yet to be named but will be based in New York, he said. Konrad Krill, an Orbitex manager who left in December, will be joining Mr. Ellis as his partner in the new firm.
John Davidson, chief investment officer of the Orbitex Fund Group, said Mr. Ellis company will be hired as a subadviser to the two funds when he leaves Orbitex.
When youre a relatively small company, like we are, you can be flexible and creative about how you keep managers. This arrangement will allow Craig to build a business and wont result in any interruption in the management of the fund. We wanted to do whats best for shareholders, Mr. Davidson said.