Fund launches & closures Hedge Funds

Former Fir Tree director preps multistrategy fund

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David Salanic will launch Tortus Capital Management in the fall.

Former Fir Tree Partners director David Salanic is preparing to launch Tortus Capital Management in New York.

Tortus is expected to begin operations this fall. The firm will invest globally in equities, credit and special situations. Salanic will be the only portfolio manager and is in the process of building a team.

Salanic was a director at multistrategy value investor Fir Tree Partners from 2007 until this month, where he led some of the firm’s credit and equity investments. Fir Tree managed approximately $7 billion as of July 1. The firm declined to comment.

Before Fir Tree, Salanic obtained