Citadel Vet Wins SkyBridge Backing

May 9 2007 | 12:48pm ET

Citadel Investment Group veteran Michael Derick’s hedge fund, Steeplechase Capital Partners, has won the backing of SkyBridge Capital, which seeds new hedge funds.

Chicago-based Steeplechase, a value-oriented long/short equity fund, launched on May 1.

“Our view that the market is generally efficient over the long-run, and frequently inefficient in the short-run, underpins our approach to investing,” Derick said. “We believe there are substantial investment opportunities for a firm like ours that adheres to a disciplined focus on cash flow analysis.”

Derick served as a senior analyst at Citadel before co-founding its primary strategy group. He has also worked at Basswood Partners in New York.

“Michael Derick has distinguished himself as a successful, value-based investor at two premier investment firms, and we are pleased to join with him in this new strategic partnership to build Steeplechase Capital for the long-term,” SkyBridge managing member Anthony Scaramucci said.

In addition to seed capital, SkyBridge will provide Steeplechase with a team of professionals to help build its business. Steeplechase is SkyBridge’s seventh portfolio firm.

The two firms were introduced through Steeplechase’s prime broker, VanthedgePoint Securities. 

“We specialize in finding talented managers early in their lifecycle, and identifying potential investor partners that not only can provide them funds to increase their assets under management, but also can supply the capital needed to build a sustainable business,” said Alexis Graham, head of capital introduction at VanthedgePoint. “We are eager to work with the Skybridge team to further build Steeplchase’s business.”


In Depth

Q&A: Schroders’ Forest Discusses Multi-Asset Investments On Eve Of U.S. Launch

Jul 17 2014 | 8:05am ET

Global investment manager Schroders has $446 billion in assets under management, $...

Lifestyle

Einhorns Busts At WSOP, Finishes In 173rd

Jul 15 2014 | 10:48am ET

Greenlight Capital founder David Einhorn’s World Series of Poker won’t end at...

Guest Contributor

Common Risk Parity Misperceptions

Jul 16 2014 | 11:02am ET

Over the past few years, risk parity has become a component of most investors’...

 

Sponsored Content

    Northern Trust Helps Hedge Funds Navigate Derivatives Regulations

    Jul 8 2014 | 10:48am ET

    The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…

Publisher's Note