San Francisco Firm Unveils 130/30 Fund of Funds

June 20, 2007 ( - San Francisco-based Progress Investment Management Company plans to launch an Emerging Manager Fund of Funds tied to the 130/30 strategy market.

According to a Progress news release, its offering will employ a range of emerging investment management firms.   The announcement said that Progress defines emerging managers as independently-owned, registered investment advisers with up to $2 billion in assets under management.

Progress is finishing due diligence on emerging management firms who may participate in the new product and plans to begin offering it to institutional investors later in the year.

“This is a new, alternative long-only strategy designed to offer plan sponsors the potential to enhance the returns that can be realized from the traditional long-only allocations the strategy seeks to supplement,” said Alex Hsiao, Chief Investment Officer, in the press release. “There is definitely a need for such a strategy, as plan sponsors seek alternative ways to generate excess alpha, particularly in an environment where alternative investments, such as hedge funds, begin to converge.”

More information on the company is here .