Reuters – Hedge fund manager Jeffrey Gendell is mounting a comeback after a turbulent 2008.

Gendell’s Tontine Associates LLC, disclosed plans in a Securities and Exchange Commission filing to raise funds for a new total return hedge fund. So far, $12.6 million has been raised for on-shore and offshore versions of the fund, but that is only a fraction of the amount Tontine expects to gather, people familiar with the firm’s plans said on Monday.

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Bloomberg - Myojo Asset Management Japan Co., whose assets shrank 86 percent in 2008, plans a new fund focused on global technology stocks as the firm rebuilds after the hedge fund industry’s worst year on record.

Noriya Nishi, a former technology analyst at Credit Suisse Group AG in Tokyo, will run the Myojo Super Cycle Fund, set to start on March 1. Nishi, 44, said in an interview yesterday he’ll use a long-short strategy, betting on rising and falling stock prices of firms including NEC Corp. and Intel Corp.

Myojo joins U.S. funds including Prentice Capital Management LP and Tontine Associates LLC in seeking to raise money after the $1.5 trillion hedge-fund industry contracted about 20 percent in 2008. It will start with “several hundreds of millions of yen,” including Nishi’s own money, and invest in 55 Japanese technology-related stocks and 25 companies abroad.

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Tags: asset-management, bloomberg, credit suisse group, credit-suisse, global-technology, group-ag, intel corp, japan co, japanese technology, myojo, nec corp, nishi, prentice capital management, prentice capital management lp, stock prices, technology analyst, technology stocks, tontine associates llc, trillion