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Laxman Pai, Opalesque Asia:

Las Vegas-based asset management and advisory firm Five Star Funds has announced the formation of the Flamingo All Weather Fund, LP, the first hedge fund of its kind to be based in the City of Las Vegas.

The area has enjoyed sustained periods of significant economic growth, transforming the city from a boom-and-bust town dependent on discretionary spending at casinos to a business-friendly metropolis fostering growth in diversifying sectors.

"The floodgates opened when the recent tax changes went through," Derek Davis, Partner at Five Star Funds, said. "Since the limiting of the SALT deduction, we've seen an unprecedented amount of wealth flee California and settle here in Las Vegas. The quality of life per dollar out here is truly unbeatable."

Despite the surge in wealth to the area, there are still relatively few options in choosing a hedge fund manager with a local presence, he added.

"We'd like to think of the Flamingo All Weather Fund as the first institutional-quality investment strategy and management team to be based in the area," Davis said.

The fund is multi-strategy and built with the "late innings" of the economic cycle in mind, targeting high, stable returns through all market gyrations, the firm said in a press note.

Artificial intelligence is combined with fundamental analysis to optimize allocations and trading strategies, while minimizing correlation to traditional market risk.

In operation, the Fund......................

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