Kessler taps the stars with virtual team

Thu Jul 1, 2004

Deephaven founder reinvents the model at his new multi-strategy group

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 Provident.

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...

ISSN: 2151-1845 / CDC10004H

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