Midanek/Pak changes strategy, moniker

Midanek/Pak Advisors is changing its investment strategy to long/short fixed-income management from long-only and will launch a long/short fixed-income hedge fund in May. The company is also changing its name to Black Pearl Asset Management, said Jim Midanek, CIO. The firm has closed its Ultra Short Duration mutual fund and returned most of the $100 million it managed to investors. An absolute-return investment strategy is more aligned with the investment experience he and CEO John Pak used while managing about $1 billion at Turner Investment Partners, prior to starting their own firm, Mr. Midanek said.