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From Kirsten Bischoff, Opalesque New York:

New York-based Hylas Capital Management will launch its flagship fund in the second quarter of 2010, an event-driven strategy that will seek out opportunity across the capital structure investing in both equity and credit situations. Adam Scotch and August Roth, the team behind the launch, are alumni of multi-billion dollar fund firm JANA Partners. They will be joined by two other former JANA colleagues and are in the process of rounding out their initial launch team.

While hedge fund launches are picking up some speed, the asset raising environment can still be best described as brutal. BarclayHedge has reported industry-wide December outflows of $3.8bn. Asset bases for many strategies (including event driven) have increased mainly on strong performance (Credit Suisse Tremont (CST) Event Driven Index ended 2009 +20.38%). This strong performance has continued into 2010, with the CST Event Driven Index reporting early January estimates of +1.39%.

For Hylas, in pre-launch mode, the market environment may be set up pitch perfectly for wooing investors. The strong equity market performance in 2009, followed by the instability in early 2010, makes the argument for a strategy that takes advantage of opportunity sets through positions in either equity and/or credit situations a compelling one.

“One of the pillars of our organization is our cross capital structur......................

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