Tuesday, 2 September 2014
Last updated 24 min ago
Sep 17 2013 | 2:09pm ET
Richard Schimel, the co-founder of Diamondback Capital Management and SAC Capital Management chief Steven Cohen's brother-in-law, is returning to the hedge fund industry later this year.
Schimel's New York-based Sterling Ridge Capital Management will beat Diamondback co-founder Lawrence Sapanski back to market with the fourth-quarter debut; Sapanski's Scoria Capital Partners is set to debut in the first quarter of next year. The two men shuttered Diamondback in December, more than two years after it was raided by the Federal Bureau of Investigation as part of an insider-trading probe.
Neither Sapanski nor Schimel was ever accused of wrongdoing, although former Diamondback portfolio manager Todd Newman was convicted of fraud. Diamondback was the last of the four hedge funds raided in 2010 to survive, although redemptions had cut the fund's assets to $520 million from $5.8 billion.
Schimel, in a letter to potential investors today obtained by Reuters, said he was excited to return to money-management.
"The investment model at Sterling Ridge will focus on a single integrated portfolio that I will manage, similar to what I did in the main portfolio at Diamondback," Schimel wrote.
Prior to founding Diamondback in 2005, Schimel and Sapanski worked at SAC.
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…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...