New Firm Offers No-Performance-Fee, Separately-Managed Hedge Fund

``A pair of European banking veterans is taking a page from the mutual fund industry for their new hedge fund. CedarBridge Capital will eschew performance fees and offer clients daily liquidity. The new firm also aims to take advantage of another client-friendly innovation, structuring third-party investments as separately-managed accounts, with assets held by custodians in the names of clients.''