Deephaven founder reinvents the model at his new
Having built and sold one multi-strategy group,
Irv Kessler is now reinventing the model with his new firm
Provident Advisors, adding a radical new twist. Instead of
trying to bring the best brains in the arbitrage business into
his multi-strategy fund, he is constructing a business that
relies upon a loose federation of star traders, who may already
be running their own fund and certainly aren't employed by
A number of traders do work for Provident, but the unique
feature of the new $250 million Provident Premier Fund is that
the business model doesn't depend on attracting and holding
onto the best talent, which many groups find so challenging.
Rather, Provident simply wants to tap into the best ideas of a
team of talented traders. "The managers don't necessarily need
to come from top shops or even a hedge fund...