Guggenheim designs a new art of the deal

Guggenheim Partners, the closely held investment bank and asset manager that was founded by the family that built the museum, launched its first multistrategy hedge fund this month, The Post has learned.

The fund, Guggenheim Global Trading, dipped into a $2 billion multiyear commitment by the parent company for the first time a few weeks ago, drawing down $250 million, or one-eighth of its overall bank, sources said.

The Purchase, NY, fund, which had been readying itself for launch since at least last year, is headed by longtime partners Loren Katovitz and Patrick Hughes. They have four managers, with another on the way next week.

The partners appear to be seeking to be to build a track record that will let them raise money from outside investors come summer.