Lyrical Asset Management, a fundamental value investing specialist based in New York, has filed with the SEC to set-up a long/short version of its original high-flying value equity fund. That fund was launched in Feb., 2013, and has returned 35 percent for the one year ending May 6, according to Morningstar.

The firm was launched by Andrew Wellington and Jeffrey Keswin in 2008. Wellington previously held senior investment posts at Neuberger Berman and Pzena Investment Management, while Keswin was one of the original founders of Lyrical Partners, a private investment firm that handles private equity, real estate, traditional equity and hedge funds. They are both co-founders and managing partners at Lyrical AM, with Wellington carrying the additional title of CIO. He is managing both funds. Wellington and Keswin declined to comment for this story, as the fund is in the process of being registered with the SEC.

Lyrical now has $292 million under management in the Lyrical US Value Equity Investor (LYRBX) fund. The firm manages $1.92 billion across institutional and retail strategies.

The new and upcoming fund are both distributed by Ultimus. The new fund will be a part of the Ultimus Managers Trust Fund, which includes funds managed by several other newcomers to the liquid alternatives space, among them are Apex Capital Management, Cincinnati Asset Management, Barrow Street Capital and Wavelength Capital Management. 

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