Ader Merges With Cumberland To Form Activist Investment Firm

Oct 23 2013 | 11:44am ET

Jason Ader is merging his Ader Investment Management with activist investor Cumberland Associates.

Ader may be buoyed by his first attempt at activist investing, which saw him winning a seat for his firm on the board of U.S. slot-machine maker International Game Technology earlier this year.

Ader and Cumberland CEO Andrew Wallach will serve as co-CEOs of the new firm, Spring Owl Asset Management, which will pursue “activist and constructivist-based investment strategies” in an attempt to “unlock value in companies that are undervalued, poorly performing or mismanaged.”

New York-based Spring Owl will focus on the debt and equity of small and medium-capitalization issuers in the retail, real estate, TMT, gaming, lodging, financial and energy industries.   
“We’re thrilled to be merging with an established firm like Cumberland which possesses an experienced team of professionals in the value investing and constructivist investment space. The combined firm brings a tremendous level of expertise and experience to the promising area of activist/constructivist investing,” said Ader.
“Coming together with Ader Investment Management will help us take a more active approach to what we have done more quietly in the past—urging management teams to maximize shareholder value on behalf of our limited partners,” said Wallach. “We immediately expand our capabilities by bringing together two firms that have a common goal, but have historically utilized different investment methods.”

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