FrontPoint Star Eisman Launches Fund With $22.9 Million

Mar 22 2012 | 2:43am ET

FrontPoint Partners' former star trader, who managed more than $1 billion just two years ago, is starting small with his new firm.

Steven Eisman's Emrys Partners launched its maiden fund on March 1 with just $22.9 million. The money was raised from friends and family members of Eisman, Bloomberg News reports.

Emrys won't remain a cozy affair for long: The New York-based firm plans to move its fundraising focus towards the institutional investors Eisman worked for at FrontPoint, and who are presumably clamoring to hand him their money once more.

Emrys employs a long/short equity strategy; Eisman made his name at FrontPoint betting against subprime mortgages.

Eisman left FrontPoint in June as the firm collapsed in the wake of an insider-trading scandal that sent its top healthcare hedge fund manager to prison.

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