Sunday, 19 April 2015
Last updated 14 hours ago
Mar 6 2014 | 5:46am ET
New York-based Worth Venture Partners (WVP) has recently launched a multi-manager hedge fund with $60 million in assets.
According to a source close to the firm, which was founded in late 2012 by Abby Flamholz and David Wertentheil, the new multi-manager vehicle—the Emerging Manager Onshore Fund—has already invested in seven managers and has plans to make additional allocations later this year. All of the underlying managers have a track record of at least two years.
The fund is designed to give institutions and private clients access to “best of class” emerging hedge fund managers. According to the source, much of the capital now earmarked for emerging managers is going toward seed investments, meaning there are very few opportunities for investors to gain access to emerging manager talent as passive investors—which is what WVP provides.
The firm also assists with the operational challenges facing emerging managers by providing infrastructure and support, including access to a multi-prime trading platform, risk management tools, regulatory best practices and operational advice.
Prior to founding WVP, Wertentheil was head of prime services at Lazard Capital Markets and Flamholz served as head of convertibles and special situations at Stifel Nicolaus Weisel. They are joined by Andrew de Montille—previously of Rothstein Kass—who serves as partner and COO.
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…