D.E. Shaw, Soros Vets Found Distressed, Event-Driven Hedge Fund

Mar 8 2010 | 1:17pm ET

Gabriel Nechamkin’s hedge fund went under in 2008. Now, he’s getting a second chance, with the help of a D.E. Shaw Group veteran.

Nechamkin and Scott Henkin have founded Ellis Lake Capital. The New York-based fund will focus on distressed assets and event-driven strategies when it opens in April, HedgeFund.net reports. The firm is expected to launch its first hedge fund with $100 million.

Before his Satellite Asset Management went under, Nechamkin worked at Soros Fund Management. He founded Satellite in 1998 with two other Soros veterans, and the firm eventually grew to $8 billion. Henkin, a distressed specialist, worked as a portfolio manager at D.E. Shaw until January.

Ellis Lake will employ Deutsche Bank and JPMorgan Chase as prime brokers.

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