Saturday, 28 November 2015
Last updated 10 hours ago
Oct 15 2007 | 12:05pm ET
A quartet of multimillionaires has teamed up to invest in a new hedge fund. But they aren’t just any multimillionaires: They’ve also teamed up on the baseball diamond.
The foursome—Jose Contreras of the Chicago White Sox, Orlando Hernandez of the New York Mets, Jorge Posada of the New York Yankees and Alfonso Soriano of the Chicago Cubs—are backing Quantum Hedge Fund Strategies, a new hedge fund launched by their financial advisers. The four ballplayers were teammates on the 2003 American League champion New York Yankees.
According to a Securities and Exchange Commission filing by managers Juan Collar and Anthony, the players are beneficial owners of the hedge fund, meaning they’ve each plunked $6 million into the venture. In an interview, Collar and Fernandez, Merrill Lynch veterans who founded Miami-based Quantum Family Office Group in 2005, said that they’re targeting other baseball players hoping to raise as much as $60 million for their fund. Quantum is unaffiliated with the George Soros-founded hedge fund group with a similar name.
Collar said the new fund, which primarily invests in fixed-income securities, will employ technical trading and invest in other funds as well.
Professional athletes, with their enormous salaries, have shown an increasing interest in investing. Last year, the SEC charged Kirk Wright, an Atlanta-based hedge fund manager who counted a number of current and former National Football League players as clients and employees, with defrauding those very same clients. The scandal led to a flurry of lawsuits filed by players against the NFL and their own union.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…