One year ago
James "Jos" Shaver neared the launch of Electron Capital
Management after leaving SAC Capital Advisors in the
Electron began trading its utility and
infrastructure-focused long/short strategy this March, right on
schedule. It is up 2.41% from March through the end of July,
according to an investor communication. The fund managed $90
million as of midyear, according to the
Absolute Return midyear new funds survey. Discounted fees
of 1%/10% (from 1.5%/20%) are available until the firm reaches
$100 million in commitments, a person familiar with its
Shaver's partners include former SAC colleagues Neil Choi,
Peter Suozzo and Ran Zhaou, a pitchbook shows. Former Kingbrook
Partners chief financial officer Aaron Keller is CFO and former
Platinum Partners director of marketing and business
development Greg Zaffiro is managing director in charge of
marketing and investor relations.
Zaffiro declined to comment on behalf of the firm.
New hedge funds I
Absent mega launches, new funds fall short in first
>> Matt Grossman, a former
Institutional Investor Hedge Fund Rising Star,
liquidated his firm, Plural Investments, at end of its
initial four-year lockup period. "Both business and personal
reasons have influenced my decision," Grossman wrote to
investors at the time (
full story here).
Grossman now runs ALG Investment Management, a family office
in Greenwich, Conn that invests in real estate and private
equity, he confirmed.
Other former members of the Plural team have scattered among
the hedge fund industry. Chief trading officer
Brandon Levin landed at JANA Partners in a similar role;
marketing director Amy Zipper ended at
Jason Karp's Tourbillon Capital Partners;
analyst Cara Maxworthy landed at Balyasny Asset Management;
and analyst Ewing Lloyd will work for former Pennant Capital
Matt Hagerty's upcoming launch.
Alson-spinout Estekene liquidates
Five years ago
>> Dan Loeb's
Third Point told investors that the SEC was investigating
its communications with portfolio managers at other hedge
funds. At the time, Loeb argued that the conversations helped
Third Point refine its investment and trading ideas.
Two years later, the SEC dropped the investigation and
issued a closing letter stating that no further action would be
Loeb wrote to investors. "We remain registered with the
SEC, and believe that the exacting standards of compliance to
which we adhere are consistent with industry best practices,"
Now managing $13.3 billion overall firm wide, Third Point's
flagship event driven fund is up 15.9% through the end of July,
compared with an 8.09% gain for the
Absolute Return Event Driven Index.
George Clooney attacks Dan Loeb I
Kempner, Loeb get down with Billy Joel I
Dan Loeb cancels pension confab appearance amid potential