Former Sailfish Partner Naro Launches New Firm

Feb 6 2012 | 9:01am ET

Sal Naro, former co-managing partner Sailfish Capital, is launching a new asset management firm, Coherence Capital Partners.

The launch follows a management buyout of the core insurance business at Jefferson National Financial Corp., where Naro was a shareholder and vice chairman as well as being CEO of Jefferson National Asset Management.

Coherence Capital, according to a press release, is “an asset manager seeking to exploit opportunities in bonds, loans, CDS, index and structured products across the fixed income markets” as well as generating returns using “capital structure arbitrage, event driven and relative value investments as well as theme-based momentum trading.”

The new firm will manage traditional and non-traditional fixed income assets and, as a third- party advisor, will continue to manage a portion of Jefferson National’s $100 million general account portfolio, as well as providing risk monitoring and advisory services for a portion of their reinsurance contracts.

Naro has recruited several former Jefferson National Asset Management executives to join him in the new venture, including Vincent Mistretta, former head of portfolio management at Jefferson National Asset Management; Greg MacKay, its former COO; and Robert Del Grande, its former CFO. Also on board will be regulatory compliance expert and former Sailfish chief compliance officer David E. McClean.

“Coherence will look to capitalize on inefficiencies and thematic trends in the capital markets,” said Naro in a statement. “Quality research and experience are cornerstones of our business model. Coherence Capital’s primary thesis is to invest in companies that show strong performance in their balance sheets with earnings that meet and beat expectations while taking short positions in credits that miss earnings expectations and suffer continued weakness in their primary business metrics.”

Prior to Jefferson National, Naro was an executive vice president at Markit, a leading, global financial information services company. In addition, before joining Sailfish Capital, Naro served as a managing director and co-head of global fixed income at UBS from 1999 to 2005 and prior to that as a senior managing director at Bear Stearns, where he was global head of credit trading.

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