What do you do if you're a portfolio manager who's left his company? Why, start your own fund company of course. Eric F. Scharpf and Matthew H. Taylor, formerly of Chartwell Investment Partners and Miller Anderson & Sherrerd, started Cheswold Lane Asset Management L.L.C., the Philadelphia Inquirer reported Monday. Their first fund, the International High Dividend Fund, begins trading Wednesday.

The fund already has $17 million in assets, with an expense ratio capped at 115 basis points. According to Scharpf, Cheswold Lane will subsidize the fund until it reaches a profitable size. Investment targets for the fund include futures contracts, foreign currencies and foreign stocks with high dividend payouts.  

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