Former ChiltonInvestment Co. LLC managing director Joe Cornell has left the companyto open his own hedge fund, Business Insiderreported July 20.

The new company, which will be named Bluegrass Capital Partners,will use a generalist, fundamental strategy to make long and short equity bets.

Bluegrass is being supported by Chilton Investment. Morgan Stanleyand Goldman Sachs are expected to be prime brokers on the company's launch, accordingto the report.