Saturday, 20 September 2014
Last updated 1 day ago
Jan 16 2013 | 2:10pm ET
A top SAC Capital Advisors portfolio manager is launching his own hedge fund, again.
Charles Simonian, who founded and ran his own firm before joining SAC in 2008, has established Trove Capital Management in New York, Bloomberg News reports. The new firm will launch its maiden fund in March or April, focusing on large-cap companies in the business services, consumer, industrial, media and telecommunications sectors.
Simonian left SAC in September. He worked at the firm's Sigma Capital unit, covering the same industries that will be traded by Trove, and last January was added to SAC founder Steven Cohen's own team, the Cohen Account, to oversee industrials.
Another former SAC portfolio manager, Josh Fischer, will serve as Trove's director of research. The new firm also has a CFO and may hire an analyst or two.
Simonian, who left SAC prior to the arrest of former portfolio manager Mathew Martoma that sent the firm into turmoil, managed his own firm, Exton Capital Management, from 2005 to 2007. He formerly worked at Gracie Capital and Atticus Capital.
Trove has a capacity of at least $1 billion and will impose a one-year soft lockup. Goldman Sachs and JPMorgan Chase will serve as prime brokers.
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…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.