Saturday, 27 December 2014
Last updated 3 days ago
Jan 28 2014 | 1:10am ET
The co-founder of Diamondback Capital Management is bullish on banks at his new hedge fund.
Richard Schimel, who is also SAC Capital Advisors founder Steven Cohen's brother-in-law, told clients of his newly-launched Sterling Ridge Capital Management that certain banks—specifically those doing little fixed-income trading and restructured retail-focused entities—should do well this year, Reuters reports. Schimel did not identify any of his positions by name.
Sterling Ridge debuted in November, less than a year after Schimel and Lawrence Sapanski shuttered Diamondback. Theirs was the last of the four hedge funds raided by the Federal Bureau of Investigation in 2010 as part of an insider-trading investigation to survive.
Neither man was ever accused of wrongdoing, although former Diamondback portfolio manager Todd Newman was later convicted of fraud.
Schimel, whose new firm manages $150 million, is also expecting increased mergers and acquisitions and share buyback activity—and thinks that media and telecommunications stocks are attractive for that play.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.