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Hedge Fund Managed by Star Opens to Institutions

WSJ – A star mutual-fund manager is opening up his nascent hedge fund to institutional investors.

Bruce Berkowitz , the 55-year-old president of Fairholme Capital Management LLC, launched the fund on Jan. 1 and it has grown to $140 million, largely with money from Mr. Berkowitz and his employees. He is now seeking outside institutional investors and hopes the fund will grow to $1 billion in assets in a year.

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