FRM Capital Advisors, a division of Financial Risk Management (FRM), is making a $60 millon investment into WestSpring Advisors's first fund as part of a strategic relationship between the two companies.

Following the signing of the deal WestSpring is expected to launch its first fund in September 2009.

WestSpring, formed in May 2009 by Ralph Nacey and Eric Phillipps, is a New York-based credit-focused asset manager that aims to exploit market inefficiencies through a combined fundamental and quantitative approach to credit analysis.

"When planning the launch of our business it was important for us to partner with the right team and institution. As part of the FRM Group, FCA provides the ideal combination of institutional depth and infrastructure along with a talented investment team that understands and supports our investment approach," commented Nacey.

WestSpring is FCA's second strategic investment within a month. In July it revealed a strategic investment in JD Capital's volatility trading strategy.

FRM is a global fund of hedge funds group managing approximately $9 billion worldwide for institutional and other investors. FCA makes strategic investments in emerging alternative investment managers.