New York-based Water Island Capital on March 15 is reopening its $2.95 billion Arbitrage Fund, which has been closed to new investors since July 19, 2010, according to a Securities & Exchange Commission filing.

Founder John Orrico and portfolio managers Todd Munn and Roger Foltynowicz manage the fund, which sports a 153 basis point expense ratio. Jonathan Schonberg, director of sales and marketing at Water Island, was not immediately available to comment on the fund reopening to new investors.

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