Melissa Ko, formerly of Bear Stearns, has formed Covepoint Capital, a new hedge fund with nearly $1 billion in assets, according to a letter the firm sent to investors, Reuters reports:

Ko ran Bear's Emerging Markets Macro Fund, which generated returns of more than 25% from 2005 to 2007 through currency, sovereign debt, equity and other investing strategies. New York-based Covepoint has assets of about $925 million, mainly from previous investors in the Bear fund.

Covepoint is the latest hedge fund to become independent from the former Bear Stearns Asset Management division, a collection of funds which held about $27 billion in assets when JPMorgan Chase & Co. bought the crippled investment bank on May 30.