Hedge Funds

Kessler pioneers new business model

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Irv Kessler has surprised investors with his latest fund venture. Instead of managing the money entirely on his own, Kessler is handing out a good portion of the assets to talented traders in a business model that seems to borrow heavily from those pioneered by Paloma and Front Point.

People who knew Kessler from his days at Deephaven Capital, which he built and sold two years ago to Knight Trading, are less surprised by the plan which they say is consistent with his search for a sustainable hedge fund business model.

Already, Provident Advisors has raised $200 million in assets