Wednesday, 20 August 2014
Last updated 2 hours ago
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.
Aug 4 2014 | 7:42am ET
By now, U.S. and international subscribers have received their home or office delivery of the special 500th issue of Futures magazine. You can too!—a very special offer follows. The issue is the largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders. Read more…
The July/August 2014 issue is our largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders.
The Alpha Pages Editor's Note