WEST PALM BEACH, FL (HEDGECO.NET) – Phoenix Partners have unveiled a new hedge fund, Phoenix Partners II LP, according to published reports; Ned Morgens and Bruce Waterfall have registered the newproduct with the Securities and Exchange Commission. Morgens and Waterfall began trading about three decades ago through their flagship hedge fund investment vehicle, the Phoenix I hedge fund.
The new fund is already being marketed to investors, according to the report; the fund will be fully dedicated to stocks, like its predecessor, Phoenix I fund. The new portfolio will be utilizing the long/short investment strategy for trading.
Phoenix I Hedge fund has been described as one of the oldest running hedge funds. Established in 1968, the fund invests mainly in stocks, by emphasizing stock selection as a suitable strategy for successful portfolio construction. The launching of the Phoenix II fund was made possible by the reduction of Capital gains tax from 20% to its current 15% level, according to Morgens and Waterfall.
Ned Morgens and Bruce Waterfall also announced they have raised about US $46 million in seed capital for the new hedge fund from a group of 13 investors. The fee structure and minimum initial investment for the new fund were not immediately made available.
Morgens Waterfall management is a New York based hedge fund management firm, overseeing approximately US $330 million in investor assets.
Paul Oranika
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HedgeCo.Net
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