Cedarview Retools, Relaunches Marketing Effort

Oct 26 2010 | 3:21am ET

Following some not insubstantial tinkering with its strategy, Cedarview Capital Management is back in the market for new investors.

The New York-based firm has begun marketing its Cedarview Opportunities I Fund after overhauling its credit opportunities strategy. The $150 million hedge fund firm has hired Richard Jakob, formerly of NewOak Capital Asset Management, to recruit new investors, with an eye on high net-worths, family offices and small pension funds.

Cedarview—which lost 53% in 2008—hopes its new outlook, and its 95% return last year, will do the trick to attract new dollars. The firm has done away with leverage and now features a concentrated core portfolio of high-yield bonds, bank loans and distressed securities.

"Our product offers tremendous value in this yield-starved environment," founder Burton Weinstein told HFMWeek. "We have the ability to be in bank loans as well and the instruments we buy are of shorter duration."

In addition to the strategic changes, Weinstein, formerly of Aviary Capital, has bought out the stake of Capital Z Asset Management, which seeded the fund in 2004. Weinstein said the seeder's exit will allow him increased flexibility to pursue strategic transactions.

Cedarview is up 23% this year.


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