FISCO Funds Management and OP 8 Analytics, two US financial services firms, have joined up to launch a new investment management company.

The new firm, CARF Management, will serve as investment advisor to the Rock River IV Fund, an actively managed alternative mutual fund set for launch in the fourth quarter.

Kevin Ellis, a principal of FISCO, will serve as CARF’s chief operating officer while Tim Price, chief investment officer of OP 8, will assume the same role at CARF.

The fund is for sophisticated investors and will invest some of its assets in derivatives, including those with a leverage component. It is non-diversified.