Alpha Investment Management, the US fund of hedge fund provider, has launched a global relative value fund which is focusing on market neutral strategies.

The fund will invest approximately 60:40 in long/short and Alpha is currently researching managers to back it. The firm is constantly on the lookout for relatively small hedge fund managers to add to its fund-of-funds products as it believes small firms are in a better position to attract real talent and add value, says Nathan Gantcher, chief executive.