Proprietary-trading shop First New York is taking another stab at launching a hedge fund.The firm, whose 125 internal and external portfolio managers run a little more than $3 billion of gross assets, envisions a multi-strategy vehicle that largely would mirror its prop-trading portfolio. Since the 1980s, First New York has earned mostly double-digit returns, with low net exposure and little volatility.The New York firm plans to begin trading the...