American Chronicle – An investment professional from Greenwich with more than 20 years of experience is going out on his own by starting a Stamford-based advisory firm for small- to medium-size companies from here to

Texas.

Peter Schweinfurth, a former senior executive at Avenue Capital, a hedge fund based in New York City and London, recently launched Gulf + Eastern to offer restructuring, turnaround and mergers-and-acquisitions advice for small but growing family-owned firms focused on consumer products and the service sector.

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Tags: advisory firm, american chronicle, avenue-capital, greenwich, growing family, london, medium size companies, mergers and acquisitions, new-york-city, restructuring, service sector, turnaround

Ginga Service Sector Fund, the third-best performing Japan-focused hedge fund in 2008, held its ranking in January by investing only in the telecommunications and services companies.

The 3.4 billion yen ($36 million) fund, advised by Tokyo- based Stats Investment Management Co., returned 0.7 percent last month, extending its 13 percent advance in 2008, according to a letter to investors.

Average losses in the $1.4 trillion hedge-fund industry reached 19 percent in 2008, the worst on record, as the biggest market declines since the Great Depression slashed asset values and caused investors to withdraw their money, according to Chicago-based Hedge Fund Research Inc.

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Tags: asset values, great depression, hedge-fund-research, investment-management, investors, japan, losses, management co, market-declines, money, sector fund, service sector, telecommunications, tokyo, trillion, yen