Formula Growth Said To Launch New U.S. Equity Hedge Fund

Jun 8 2017 | 12:02am ET

Alternative investment manager Formula Growth is prepping a new hedge fund that will focus on small and medium-sized U.S. stocks.

The new fund will be domiciled in the Cayman Islands, according to a Bloomberg article, and will aim to mirror the company’s C$300 million Alpha Fund. Alpha is a market-neutral strategy that has gained 3% so far this year and returned 8.4% in 2016. 

The new fund is expected to launch next month and has already raised C$50 million from an institutional investor, Bloomberg said.

Founded in 1960 and headquartered in Montreal, Formula Growth manages C$1.2 billion across a family of hedge funds for mostly Canadian high net worth individuals, family offices and institutional investors. The company has doubled AUM under management over the last three years. 

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