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

Part II: Roubini Talks Risk, Recovery And The Threat Of A Triple Dip Recession

Oct 21 2014 | 12:41pm ET

In the second half of our interview with Nouriel Roubini, FINalternatives editor...

Lifestyle

Balyasny Pays Over $6M For Lakefront House

Oct 22 2014 | 10:29am ET

A venture headed by hedge fund manager Dmitry Balyasny just paid $6.2 million for...

Guest Contributor

Hedge Funds Weather A Data Management Perfect Storm

Oct 22 2014 | 12:28pm ET

From a regulatory standpoint, nearly every development since the crisis has placed...

 

Videos

Editor's Note

    Guidelines for Guest Articles

    Oct 22 2014 | 9:46am ET

    We are always looking for guest articles from hedge fund managers and buy-side firms.

    If you are interested in submitting a contributed piece for possible publication on FINalternatives, please take a look at the specs. Read more…

 

Futures Magazine

October 2014 Cover

Deeply flawed risk benchmark

Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...

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.