Trinium Closes One Hedge Fund, Preps Another

Nov 16 2007 | 11:04am ET

When one door closes, another opens, or so goes the cliché. New York-based Trinium Capital Management, a long/short equity shop founded last July, is trying to prove the old saw, closing its Trinium Fund because of the departure of partner Chris Harvey. In its place, the firm is readying a more fundamental long/short offering for a January launch, securing a commitment from a “substantial” seed investor to the tune of more than $15 million, according to sources with knowledge of the situation. 

Sources said Harvey, Trinium’s former chief strategist and risk officer, left the firm on Oct. 31 for State Street Bank, resulting in the decision to shutter his hedge fund, which managed under $10 million at the time of closing. “Trinium had no performance issues, it did well,” a source close to the firm said..

The new fund will invest in the same core position as its predecessor offering but in a purely fundamental fashion. “In the past, there was a quantitative overlay to Trinium’s fundamental strategy but this will be purely fundamental,” sources said. The firm, which is also changing its name, is also planning to hire an analyst for the new offering.

CEO Mike Benevento, who previously ran the media and telecom portfolio in a core group of funds at Art Sandberg’s Pequot Capital, set up Trinium in early 2006.


In Depth

An Interview With Harvest Volatility Management's Rick Selvala

Mar 23 2017 | 5:39pm ET

Several years of extremely low interest rates have pushed some investors into equities...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

SEI: Private Debt Coming Into Its Own

Mar 8 2017 | 9:24pm ET

The explosive growth of private debt over the past few years has caused the lines...

 

From the current issue of