Sunday, 29 March 2015
Last updated 1 day ago
Oct 10 2013 | 8:53am ET
Like Julian Robertson and Stanley Druckenmiller before him, Jeffrey Vinik is putting some of his fortune to work seeding protégés.
Vinik has provided $20 million in financing and investment to Kopernik Global Investors, the new hedge fund founded by David Iben, the former head of Vinik Asset Management's value group. Iben joined Vinik A.M. less than a year before Vinik decided in May to close its doors.
Most of Kopernick's 28 staffers are Vinik A.M. veterans, Bloomberg News reports. Others include Paul Brodsky and Lee Quaintance, who merged their QB Asset Management into Kopernik, which is named for the famed astronomer Nicolaus Copernicus.
Vinik pledged $15 million to two Kopernik funds, money that is locked up until July 2015, and gave the firm a five-year, $5 million loan. Vinik's investment accounts for more than half of Kopernik's $29.5 million in assets; most of the rest comes from the firm's employees.
Kopernik will debut with three strategies: a global long-only value fund, and long/short equity fund and a real-asset fund.
Kopernik is based in Tampa, Fla., where Vinik moved shortly before closing his Boston-based firm to be closer to the sports teams he owns in the city.
Before joining Vinik A.M. last June, Iben worked at Nuveen Investments' Tradewinds unit.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…