Ospraie's Snellings to Spin Out Long-Short Equity Fund Marianas

Will Snellings, portfolio manager and partner at Ospraie Management LLC, is spinning out of Dwight Anderson's firm to start a global long-short equity hedge fund, according to a presentation provided to Bloomberg News. The Marianas Fund will trade opportunistically in commodities, according to the presentation. The Marianas strategy within Ospraie, run by Snellings since March 2012, had $37 million in assets as of April and rose 8.1 percent in the first four months of the year and 17 percent in the 10 months it traded last year, the firm said in the presentation. Anderson's Ospraie will provide operational support and infrastructure to the Marianas Fund, according to the presentation. Jonathan Gasthalter, a spokesman for New York-based Ospraie, declined to comment.