The Merlyn Advisors fund will bet on so-called special situations, such as spinoffs and mergers, in Europe.
Word of the move comes after the fund dropped 3.3 percent in January.
Bill Gross, head of the Janus Henderson Global Unconstrained Bond Fund, announced his retirement from Janus on Monday.
Market turbulence has helped several old macro hands profit after posting losses or sub-par gains.
The selloff underscores the perils that funds face when they pile into the same stocks.
Hedge funds using computer-driven models to follow big market trends have been whiplashed.
Political risk is acting as a headwind in the mergers and acquisitions market.
A growing number of hedge fund managers see darker days ahead, and they're placing bets.
The billionaire hedge fund manager thinks the continent's economic engine is poised to slow down.
Booming equity markets lifted average gains to a four-year high.
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