These days, hedge funds are entering '40 Act Country by the truck load. But every once in a while you come across something much unexpected: a mutual fund manager going the other way to enter the hedge fund jungle.

Juliet Chung at The Wall Street Journal reported yesterday that star mutual-fund manager Bruce Berkowitz is opening up his relatively new hedge fund to institutional investors.

Berkowitz, the president of Fairholme Capital Management [profile], launched the hedge fund on January 1. According to Chung, it has grown to $140 million with money largely from Berkowitz himself and his employees.  

Edited by: Katie Lobosco


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