Ex-Shumway Financials Chief Moves To Expand Hedge Fund BlueMar

Apr 11 2012 | 11:54am ET

A hedge fund founded by a Shumway Capital Partners veteran is preparing to expand—with plans to add to its team while it begins to raise additional capital this month.

BlueMar Capital Management launched its maiden hedge fund in October with a team of six. Now, with six months under its belt, the firm, led by former Shumway global financials head David Rodriguez-Fraile, is set to hire a director of marketing and an additional research analyst.

The former will assist with the firm's second round of fundraising. Rodriguez-Fraile handled most of BlueMar’s initial round last year, according to a source close to the firm, electing to forego a revenue-sharing seed agreement or the sale of an equity stake in the new firm. While Shumway seeded several of his former protégé's ventures, entering revenue-sharing agreements with their new firms, others, including Tom Wilcox of Cider Mill Investments and Neil Shah of March Altus Capital Management, have opted against it.

BlueMar's investment strategy is long/short equity. The primary focus, given Rodriguez-Fraile's expertise, is global financials, with an additional focus on liquidity and risk management. BlueMar aims for superior risk-adjusted returns over time across all market environments.

Rodriguez-Fraile set up BlueMar in June after leaving Shumway early last year as that firm returned investors' money after Chris Shumway decided to step down from day-to-day management. Rodriguez-Fraile spent four years at Shumway after working in Goldman Sachs' principal investment group.

Currently, BlueMar is staffed by a team of six, including former OrbiMed Advisors CFO Eric Bittelman and head trader Rob Laferriere. Laferriere, who formerly worked at Stadia Capital Partners and SAB Capital Management, is the brother of Rodriguez-Fraile's trader at Shumway, Rick Laferriere, now head trader at MSD Capital. The firm also employs a pair of senior investment professionals, Ahmed Elcott from Samlyn Capital and Matt Ganucheau from GCM.

BlueMar's prime brokers are Morgan Stanley and Credit Suisse.

BlueMar is one of at least four hedge funds to emerge from Shumway's liquidation. In addition to Rodriguez-Fraile, Wilcox and Shah, Paul Hudson has founded Glade Brook Capital.


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