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.


In Depth

Q&A: Brevan Howard’s Charlotte Valeur Talks Strategy

Sep 18 2014 | 11:18am ET

Charlotte Valeur chairs the board of Brevan Howard Credit Catalysts, an LSE listed...

Lifestyle

Hedgies Rock Out For Children's Charity

Sep 15 2014 | 8:40am ET

It's that time of year again—when hedgies trade in their spreadsheets for guitars...

Guest Contributor

Volkered: How Financial Sector Reforms are Creating Opportunities for Hedge Funds

Sep 16 2014 | 11:28am ET

New regulations have dramatically curtailed proprietary trading activity in investment...

 

Editor's Note

    Get A Sneak Peak Of The Alpha Pages

    Aug 25 2014 | 11:21am ET

    As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…

 

Futures Magazine

September 2014 Cover

The London Whale: Rogue risk management

Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.