BERWYN, Pa. — Turner Investment Partners Inc. hasn't given up on hedge funds, even though it sold its hedge fund-of-funds business to BayStar Asset Management LLC, San Francisco.
Turner Investment, Berwyn, Pa., probably best known for its growth stock prowess and sector focus, is incubating a technology hedge fund of its own. No launch date has been picked. Robert Turner, chief executive officer, chairman and chief investment officer, said within the next six to 12 months, investment teams likely will design and seed four other hedge funds focused on the consumer, cyclical, financial services and health-care sectors.
The move to offer internally managed single-manager, single-strategy hedge funds alongside long-only active U.S. growth and small-cap core and small-cap value strategies is part of a retrenchment Mr. Turner called "back to basics."