Former SAC Portfolio Manager Returns To Mothership

Dec 7 2007 | 10:20am ET

Rhombus Capital, the $200 million New York-based media- and telecom-focused hedge fund shop, is shutting its doors on Jan. 1, rolling its assets into SAC Capital. Rhombus is said to be folding because of difficulties in attracting and retaining investors.

Rhombus founder David Fiszel left the Greenwich, Conn.-based hedge fund giant almost four years ago to set up his own shop, and has decided to return to the firm, where he was a top portfolio manager.

“We’re rolling up into SAC and taking our LPs and some of our employees with us,” said Fiszel. “It’s a really great outcome for investors because they get to participate in our performance going forward, and we’ll get a much larger pool of capital, which is always fun.”

Fiszel rejoins SAC a portfolio manager on its $5 billion Multi-Strategy Fund.

The firm launched its flagship Rhombus Capital Overseas Fund in mid-2004 with more than $250 million, and is up 15.3% year-to-date through October, but the firm now manages about $200 million. The firm also reopened its Dark Horse fund to new investors in August.

Rhombus’ demise was first reported in Hedge Fund Alert.

Prior to joining SAC, Fiszel served as a partner at Leon Cooperman’s Omega Advisors.


In Depth

Q&A: Brevan Howard’s Charlotte Valeur Talks Strategy

Sep 18 2014 | 11:18am ET

Charlotte Valeur chairs the board of Brevan Howard Credit Catalysts, an LSE listed...

Lifestyle

Hedgies Rock Out For Children's Charity

Sep 15 2014 | 8:40am ET

It's that time of year again—when hedgies trade in their spreadsheets for guitars...

Guest Contributor

Volkered: How Financial Sector Reforms are Creating Opportunities for Hedge Funds

Sep 16 2014 | 11:28am ET

New regulations have dramatically curtailed proprietary trading activity in investment...

 

Editor's Note

    Get A Sneak Peak Of The Alpha Pages

    Aug 25 2014 | 11:21am ET

    As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…

 

Futures Magazine

September 2014 Cover

The London Whale: Rogue risk management

Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.