Hedge Funds

Former Merrill manager starts equity funds


Steve Silverman, a former portfolio manager at Merrill Lynch Investment Managers (MLIM), has started his own firm, Ironbound Capital Management, and is getting ready to roll out his first pair of funds. The funds, Ironbound Partners and Ironbound Partners Overseas, will employ a global long/short equity strategy. Silverman will begin trading on July 1.

Ironbound Capital will apply a research-driven, bottom-up stock selection process to invest in a concentrated portfolio of undervalued stocks and to selectively short stocks to reduce risk or boost returns. It will employ moderate leverage with between 120% and 160% gross exposure. The funds will