Saturday, 18 April 2015
Last updated 20 hours ago
Jun 16 2014 | 9:49am ET
The demise earlier this year of Asian Century Quest Capital is set to spawn a new hedge fund.
Paul Saferstein, who ran ACQ’s last hedge fund until it was closed at the end of February, has founded a new firm that will launch its maiden offering in the fourth quarter, The Wall Street Journal reports. Saferidge Capital Partners will also feature ACQ founder Brian Kelly as an investor and adviser.
Saferidge will employ a concentrated long/short equity strategy, with a focus on the top 10 positions out of a total of 30 to 50. “We’ll be investing in companies managing cash flow appropriately and not being recognized by the market,” Saferstein told the Journal.
In addition to Saferstein and Kelly, Saferidge will feature several other AQR veterans in its five-strong team, including Scott Kurtis as chief operating officer.
Kelly moved to close ACQ, which once managed US$2 billion, after assets dropped below US$100 million earlier this year. Saferstein ran a relatively small fund at that firm, but managed annualized returns of about 11% since its debut in 2010.
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…