Monday, 24 April 2017
Last updated 13 min ago
Feb 4 2011 | 2:14am ET
Three of the four founders of Symphony Asset Management have teamed up again to launch another hedge fund firm.
Resultant Capital Management has been formed by several former employees of Symphony, which manages $9 billion, in San Francisco, HFMWeek reports. The new firm plans to launch its maiden hedge fund this month.
The founders include Symphony founders Praveen Gottipalli, Michael Henman and Jeff Skelton. Other Symphony vets on the new firm's team include lead portfolio manager David Wang. Michele McGovern serves as chief operating officer.
Resultant's Hedge Equity Fund will debut with $20 million in partner capital. The U.S. long/short equity fund will have between 20 and 40 positions across market sectors and market capitalizations.
The new fund will charge 1.5% for management and 20% for performance with a $500,000 minimum investment requirement. There is no lockup. Resultant boasts two big-name prime brokers in Goldman Sachs and Morgan Stanley.