Drake ties up with Taiwan fund of funds

Drake Asset Management, a $3 billion hedge fund in the United States and one of the largest players in the alternative fixed-income space, has tied up with Taipei-based fund-of-hedge-funds manager Prudence Advisory to access Taiwanese investors. Drake was founded in 2001 by Anthony Faillace and Steven Luttrell, veterans of bond giants Pimco and Blackrock. The firm specializes in multi-sector fixed income investing and its absolute-return fund returned 12.2% for investors in 2004.