Philadelphia Investment Partners has turned its global all-cap long/ short hedge fund into a mutual fund, HFMWeek reports. The portfolio, called the New Generation Fund, will continue to implement the same strategy by using options that will help it bypass shorting restrictions. Peter Zeuli is the lead portfolio manager of the fund. The New Generation portfolio, which was launched in January 2007, has $15 million in assets under management and a capacity of $1 billion.

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