The healthcare sector went on a tear beginning in 2011, thanks in large part to the passage of the Affordable Care Act and its impending implementat
Thursday, 19 January 2017
Last updated 10 hours ago
Jan 4 2012 | 2:15am ET
Arrowhawk Capital Partners is closing up shop, but its commodities hedge fund will live on.
Portfolio manager Jennifer Fan has founded Arbalet Capital. The new firm will roll out its maiden hedge fund, employing the same strategy that the 28-year-old Fan has used at Arrowhawk for two years, in April with at least $500 million in initial assets, Bloomberg News reports.
That's almost as much as Arrowhawk managed before deciding to close due to fundraising difficulties.
Fan's swaps-trading strategy returned 14% last year through November. Arrowhawk's other funds were essentially flat over that period.
Like Arrowhawk, Arbalet will be based in Darien, Conn., and will feature about 10 former Arrowhawk employees. Ken Brown will serve as chief operating officer and CFO, Rich Itri as chief information and technology officer, and Per Einar Ellefsen as head of its Singapore office.
Arbalet will also continue to use Arrowhawk's prime broker and auditor, Credit Suisse and Rothstein Kass, respectively. But Arrowhawk chief investment officer Michael Litt will not be part of the new firm, which plans to hire two new employees, one of them to serve as CEO.