Two top executives with Kinetics Asset Management have left the White Plains, N.Y., fund group best known for its once high-flying Internet fund. Kinetics' former chief executive officer and chief operating officer have spun off a new alternative investment advisory firm and registered the first of several novel open-end mutual funds that will employ various alternative investment strategies.

Like other hedge fund-like investments or hedge fund-of-funds that have come to market within the last couple of years, this new fund, Alpha Strategies I, is registered with the Securities and Exchange Commission. Unlike other alternative investments, however, Alpha Strategies I will integrate different strategies into one open-end mutual fund. It will also offer daily liquidity and will not reward sub-managers with double-digit performance-based incentive fees. Instead, the sub-advisors will carve up the lion's share of the fund's higher 2.25% management fee.

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