Soros Vet Launches Credit Hedge Fund

Jul 24 2008 | 7:07am ET

William Seibold, a former distressed debt portfolio manager at Soros Fund Management, has launched a new credit hedge fund with backing from Man Group’s fund of funds arm, RMF Investment Management.

Seibold, who left Soros spin-off Camulus Capital in May to found Noroton Capital Management, on July 1 launched the Noroton Event Driven Opportunity Master Fund with $50 million from RMF and another $10 million from friends and family.

The long/short, event-driven fundamental offering invests in corporate credit across the capital structure, according to Bill Price, director of marketing and investor relations. Price said Seibold currently sees more opportunities on the short side and is bearish on sectors such as auto, retail, travel and leisure.

“The market is going to have to go through a cleansing, which is going to take some time,” said Price. “You’re seeing it in the banks and their willingness to take write-offs so it’s going to take them some time to clean out their balance sheets.”

Seibold is currently in talks with institutional investors and hopes to raise between $200 million to $300 million for his offering. The fund charges a 2% management fee and a 20% incentive fee, with a $5 million minimum investment requirement.

Price also mentioned that the firm is looking to open a London office next year.


In Depth

bfinance: Fees Falling Across Asset Classes, Yet Overall Investor Costs Still Climbing

May 16 2017 | 9:53pm ET

Despite unprecedented attention on fees, new research from investment consultancy...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Risk-Based Compliance: Why Oversight Of Outsourcing Is Critical

May 10 2017 | 7:02pm ET

Compliance is notoriously one of the trickiest middle office functions for funds...

 

From the current issue of