Bessemer Trust Corp., a bastion of old-school investment management, is offering hedge funds to attract new clients.The New York-based bank and LJH Global Investment LLC this week announced a joint venture that will invest in hedge fund portfolios.

Dubbed Fifth Avenue Alternative Investments, the venture will be directed by LJH managing director James R. Hedges 4th, a well-known adviser who made his mark evaluating, selecting, and monitoring fund managers for private and institutional investors.

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