Three former executives of PanAgora Asset Management of Boston have formed a new fund company, Arrowstreet Capital LP, which will open next month in Cambridge, Mass. Bruce Clark, Peter Rathjens and John Campbell, all formerly of PanAgora, will hold a majority stake in their new company.

Highcrest Partners of Los Angeles, an affiliate of Putnam, Lovell, de Guardiola & Thornton, an investment banking firm of San Francisco, is backing the new fund with several million dollars, said Jeff Lovell, head of Putnam, Lovell's private equity unit. Highcrest Partners invests in private companies.

Arrowstreet will manage money for institutional investors in global equity, global asset allocation and emerging-market stock funds, Clark said. Arrowstreet will launch its first fund, a global equity fund, in September, he said.

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