Hedge fund managers are known to be competitive about returns, but that pales in comparison to how competitive hedge fund managers are behind the helm. Industry colleagues faced off yesterday at the Seventh Annual Hedge Fund Regatta in New York Harbor, but it wasn't one of the Master's of the Universe that took home the trophy.
Gerson Lehrman Group's boat took first place, with Lucas Capital coming in second. The Connecticut Hedge Fund Association rounded out the top three spots. The teams raced for fun, and for charity, raising money for Operation Optimist, New York City's first junior sailing program, which is organized by the New York Harbor Sailing Foundation.
"The event itself was held under nearly ideal conditions, excellent weather and more wind than expected," said Patrick Davis of Silver Leaf Partners, who raced with team Tagliaferro-LoPresti/Rosenthal Collins. "Competition was fierce yet exemplified sportsmanship. Teamwork was an absolute necessity. The winning team had to know what they were doing. There is no way to just slap a team together and expect to win this race. Our rather inexperienced crew agreed that sailing is easy but the boats can get quite complicated."
The event coincided with the start of the Dennis Conner International Yacht Club Challenge, and the legendary sailor was present at the event to award the trophies.
Marc LoPresti, a partner at law firm Tagliaferro-LoPresti, dubbed the event a "total success," adding that he wished they could do it again today. His teammate John McGowan said is was amazing to see world class sailor Conner at the event, “It was a tough event, [it was] competition at is best.”
Results of the 7th Annual Hedge Fund Regatta
1.) Gerson Lehrman Group – Mike Durran
2.) Lucas Capital
3.) Connecticut Hedge Fund Association
4.) Alternative Invesment Group – Moore Capital
5.) Tied for 4th
6.) Tagliaferro-LoPresti/Rosenthal Collins