One year ago
»» Wingspan Investment Management was
raising money and hiring bodies as it approached
its March 2013 launch. The fund, founded by former Goldman
Buckley "Buck" Ratchford, drew $250 million in seed capital
from Reservoir Capital.
A calendar year-and eight months of trading-later,
the fund boasts a net return of 14.06% through the end of
October. Though it says all of its five strategies have made
money, its special situations, distressed credit, and
liquidation/legal strategies were the biggest contributors to
The firm has also raised money; Wingspan now has
$345 million under management and is open to new investments.
"Being a small, nimble player, there's a tremendous opportunity
in our space," said Brendan Driscoll, Wingspan's CFO.
Wingspan's team has nearly doubled, to 12 people.
In mid-June, the firm hired Ryan FitzSimons, formerly a vice
president on Goldman Sachs's capital introductions team, to
head business development and marketing. The firm has also
built out its back office to a team of four.
Five years ago
»» John Paulson's Paulson & Co. stole the show at the 2008 Absolute
Return awards dinner, where it won awards for the best
event-driven fund, the best distressed fund, and management
firm of the year. "Light will shine on this industry again,"
Paulson told the crowd. "There will be better times. So I
encourage everyone that may not be doing as well as they have
in the past to stay focused."
Paulson & Co.'s funds outperformed the markets
by a wide margin in 2007 and 2008; in those years its flagship
Advantage Fund was up 158.58% and 37.64%, respectively.
However, Paulson's performance has been less impressive in the
years since. The same fund lost 52.48% in 2011 and 21.42% in
2012, but is up 15.69% this year through the end of