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 DwightAnderson'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 incommodities, according to the presentation. The Marianasstrategy within Ospraie, run by Snellings since March 2012, had$37 million in assets as of April and rose 8.1 percent in thefirst four months of the year and 17 percent in the 10 months ittraded last year, the firm said in the presentation. Anderson's Ospraie will provide operational support andinfrastructure to the Marianas Fund, according to thepresentation. Jonathan Gasthalter, a spokesman for New York-basedOspraie, declined to comment.