Arrow Hedge Partners Inc. has launched a couple of new funds today in partnership with other firms.

Jim McGovern, managing director and CEO of Arrow, and Chris Currie, managing director of Milford Capital Management Inc., today announced the launch of the Arrow Milford Capital Fund.

The investment objective of the fund is to achieve a high level of income and potential capital gains with an attractive risk return profile and moderate volatility. It is expected that the majority of its activities will involve the purchase, sale and short sale of high yield bonds and debt obligations of primarily publicly listed U.S. and Canadian corporations. It may also purchase or sell short common shares, preferred shares, government bonds, options, futures, and other securities.

The establishment of the Arrow Milford Capital Fund also represents an exclusive retail distribution agreement between Arrow and Milford. Arrow will assist in marketing the fund to sophisticated high net worth investors and institutional investors, while Milford will advise the portfolio. “We are very pleased to further diversify our hedge fund product line by partnering with Milford Capital. They have a proven expertise and track record in managing high yield portfolios,” stated McGovern.

McGovern is also teaming up with Ascendant Capital Management Inc. to launch the Arrow Ascendant Capital Fund. The Arrow Ascendant Capital Fund is a market neutral arbitrage fund that focuses on strategies that are independent of stock market movements.

This fund also represents an exclusive distribution agreement between Arrow and Ascendant. “Arrow Hedge is dedicated to securing highly skilled hedge fund managers globally and Ascendant Capital will be a definite asset to our expanding hedge fund product line. They have demonstrated solid performance and excellent risk management techniques since the launch of their fund in October, 1999,” stated McGovern.

Sophisticated investor regulations require that minimum investment levels for the funds are $150,000 for all provinces, except Alberta where it is $97,000, and for accredited investors in British Columbia and Ontario, where it is $25,000.