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Arbs' vibes hit New York

Hedge fund managers are tuning their guitars in anticipation of this year's Rocktoberfest. The annual event is a chance for hedge fund managers to swap their chinos for Spandex and perform to raise money for charity.

Mead Welles, founder of hedge fund Octagon Asset Management, set up Rocktoberfest last year with Chris Heasman, director at Lazard Asset Management.

Welles had recently co-founded Altso – a charity aimed at helping children with limb disabilities in developing countries. A gig performed last spring by Welles and Heasman's band "The Subscribers" to raise money for Altso inspired the two to establish Rocktoberfest.

The inaugural Rockotberfest was held at New York's Planet Hollywood last year where more than 45 hedge fund and related industry musicians performed six hours of classic rock 'n' roll.

This year's Rocktoberfest is expected to be bigger still. "The Subscribers" will be playing alongside five other industry bands at BB King Blues Club in Times Square, New York, on October 21. The venue is expected to be full to its 800-person capacity.

European hedge fund managers eager to rock out should take note that a London Rocktoberfest is being pencilled in for Spring 2006.

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