Integra Hedge Fund Launch

Integra Investment Management announced the launch of their new hedge fund, the Integra FX2 Master Fund L.P., with $10 million of their own money at launch, the new hedge fund opened its doors April first, 2007.

The new fund was created to compliment Integra's established flagship fund, Integra Master Fund L.P. and to fulfill investor requests for an FX only product. The new fund will trade the same methodology as the flagship fund with the exception that it will be trading the OTC FX markets only with double the exposure of the flagship fund. Views will be expressed using options while adjusting the exposure levels via trading the underlying spot markets.

With UBS as prime broker, the hedge fund has a $500K minimum investment, 2% management fee and 20% performance fee. The Integra FX2 Master Fund will target the major currency pairs already traded in the flagship fund as well as a limited number of additional currency pairs. Richard Scalone, founder of Integra will act as portfolio manager for the new hedge fund.

Prior to his tenure at Integra, Scalone was at ABN Amro Bank where he worked as a proprietary trader in futures, bonds and the forward and spot markets from 1997 to 1998. From 1988 to 1997, Scalone traded foreign exchange for Chemical Bank (now JP Morgan Chase), serving as a forward currency trader, chief dealer for the European Monetary System (“EMS”) desk and as a forward desk manager for all EMS currencies.

Integra was formed in 1999, with $645 million in assets under management, Integra manages FX hedge fund and other option based FX trading strategies with minimal exposure to US Fixed Income.

Integra's Flagship Fund, the Integra Master Fund L.P. trades approximately 85% OTC FX in the major currency pairs and approximately 15% in the fixed income markets and the S&P via the futures markets.