From WSJ:CNBC commentator and investment manager Ron Insana has lined up a list of at least 13 top managers who will be part of his new hedge-fund offering, according to fund documents reviewed by The Wall Street Journal.
Insana Capital Partners Legends Fund is structured as a fund of funds, meaning that Insana’s job is to collect investors’ money and then seed that money into still other funds, extracting a fee along the way. It is unclear just how large the fund will be. Insana and fellow executive John S. Roglierli are soliciting initial investments of at least $500,000 each.
The 16-year CNBC veteran raised some media eyebrows when it was revealed last fall that he was launching the fund. One Dow Jones columnist said the move signaled that “it’s probably time for everyone else to get out” of the hedge-fund business.
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