Wednesday, 24 August 2016
Last updated 1 hour ago
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.