As initial anxiety over Donald Trump’s victory gave way to market euphoria in the days following the election, there was a casualty. Gold prices.
Tuesday, 24 January 2017
Last updated 12 hours ago
Feb 2 2010 | 9:44am ET
Sarah Bernett is new to the hedge fund industry, but the young lawyer is taking a page from one of the most outspoken of industry veterans.
Bernett, a litigator with seven years experience, last year founded a hedge fund advisory, Bernett Capital Management. On Jan. 1, she founded a hedge fund of her own, catering to low- and middle-income individuals with an “unprecedented minimum investment of $1,000.” But—taking a page from Bulldog Investors founder Phil Goldstein’s playbook—she’s not saying anything more “due to outdated securities laws predicated on the false theory that non-wealthy investors are too stupid to comprehend financial information and act in their best interests.”
According to a filing with the Securities and Exchange Commission, the Bernett Diversified Global Fund has raised $30,050 from four non-accredited investors. Bernett aims to attract $500,000 for the fund, which is registered at Bernett’s apartment on Manhattan’s Upper East Side. The fund's prime broker is listed as online brokerage TD Ameritrade.
The global macro fund charges 2% for management. The SEC filing does not disclose a performance fee.
Bernett Capital also offers investment management and marketing services to hedge funds launching with less than $5 million. Before launching the hedge fund firm, Bernett—who, according to her LinkedIn profile continues to work for “various law firms”—worked at law firm Morelli Ratner and as an appellate court attorney for the New York State Unified Court System.