Friday, 25 July 2014
Last updated 1 hour ago
Nov 14 2013 | 10:41am ET
Star analyst Meredith Whitney's new hedge fund has received a vote of confidence from Michael Platt and other BlueCrest Capital Management partners.
Kenbelle Capital started trading November 1 with about $50 million from BlueCrest partners and other investors, reports Bloomberg News, citing a copy of a fund presentation.
Whitney co-founded Kenbelle with Stephen M. Schwartz, a veteran of Guggenheim Partners and SAC Capital Advisors, and has hired Mark Innaimo, formerly of Bay Crest Partners, as a senior trader.
Kenbelle's American Revival Fund targets annual returns of 12% to 17%, and will focus on U.S. equities, seeking to profit from what Whitney predicts will be a cycle of growth in “Heartland” states like Nebraska and South Dakota (a theory she explored in a book, “Fate of the States”).
Whitney, who came to fame in 2007 when she predicted trouble for Citigroup, started an advisory firm Meredith Whitney Advisory Group, in 2009. She closed the firm's brokerage unit earlier this year to focus on the Kenbelle launch.
Meredith Whitney Advisory Group has lost money every year since its debut in 2009 and had lost some prominent customers, among them Elliott Management, Paulson & Co. and Balyasny Asset Management.
Whitney told potential investors in New York this week that she'd started her own investment firm in part because she “was tired of other people profiting from her trade ideas,” said Bloomberg, citing a person who attended the event.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…