Jack Schwager, author of Market Wizards and New Market Wizards, has launched a fund of hedge funds investing in some of the traders he has written about.

The launch of Market Wizards Fund of Funds was prompted by Schwager's third book, Stock Market Wizards. The fund was started with Schwager's own money, which is being invested with eight managers - several of whom were interviewed for the third book. It has raised some $5m (€5.4m). The plan is to invest in 20 to 30 funds.