Hedge Funds

Kessler taps the stars with virtual team


Deephaven founder reinvents the model at his new multi-strategy group

Having built and sold one multi-strategy group, Irv Kessler is now reinventing the model with his new firm Provident Advisors, adding a radical new twist. Instead of trying to bring the best brains in the arbitrage business into his multi-strategy fund, he is constructing a business that relies upon a loose federation of star traders, who may already be running their own fund and certainly aren't employed by Provident.

A number of traders do work for Provident, but the unique feature of the new $250 million