Relativity Media is spinning-off its film financing fund to New York-based hedge fund firm Elliot Management, Hedge Fund Net reports. Elliot, in return will handle financing responsibilities and increase investment in Relativity to boost the firm’s move into production and distribution.

The U.S. production company partnered with Universal Pictures to set up the fund. As per the deal, Relativity will continue to be a production partner with Universal and Ryan Kavanaugh will stay as executive producer. The newly created Elliott Media Investments will manage the fund, called Beverly 2, adds Business Journal.

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