Lake Partners and Newport Group announced Wednesday that they had started a collective investment fund comprising registered hedged mutual funds.

The fund is to be made available to qualified retirement plans. It will be the first defined contribution fund made up entirely of hedge funds. The Lasso Fund is under the trusteeship of SEI Trust Co., which combines alternative investment strategies with the features of daily-valued unitized commingled funds such as mutual funds.

Units in the Lasso Fund may be bought by participant-directed defined contribution plans that are valued daily, and defined benefit pension plans and governmental plans may incorporate the fund in their portfolios. It is being sold through Schwab Trust Co. and is to become available through other trading platforms this year.

Newport is an Orlando-based provider of nonqualified, executive deferred-compensation plans and qualified 401(k) retirement plans. Lake Partners is a Greenwich, Conn., investment advisory firm that specializes in hedge funds.

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