Conn. Hedge Fund Opens To Outsiders

May 27 2011 | 1:22pm ET

After more than four years building a track record, Harbor Drive Asset Management is ready to take on outside investments.

The Stamford, Conn.-based firm has officially launched its eponymous maiden hedge fund, which has been trading since the beginning of 2007. The firm is hoping to boost its $20 million in assets under management to as much as $2 billion, aiming its fundraising efforts at U.S. family officers and small- and mid-sized institutional investors, HFMWeek reports.

Harbor Drive is also in talks with a possible strategic partner.

The event-driven hedge fund was founded by Michael Vaughn, formerly of CRT Capital Group, and Bill Ullman, founder of hedge fund Right Wall Capital. Right Wall and Harbor Drive merged when Ullman joined the firm last year.

So far, the co-portfolio managers have done very well. The fund returned 131% in 2009 and 27% last year, and it is up 5.6% this year.

Harbor Drive charges 2% for management and 20% for performance, with a $1 million minimum investment for individuals and $5 million for institutions. There is no lockup and monthly liquidity with three months' notice. Pershing Prime Services has been tapped as prime broker.


In Depth

Q&A: Fund Administration Comes To The Cloud

Jul 14 2017 | 7:23pm ET

The fund administration sector has been steadily implementing new technology, such...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Rastegar: PE Real Estate Gains Momentum as Uncertainty Rises

Jul 21 2017 | 6:04pm ET

The steady march of equity markets and fundamental shift in the direction of Fed...

 

From the current issue of