Paul Stephens, the co-founder of investment banking firm Robertson Stephens and of money manager RS Investments, is joining his two sons at their hedge fund firm, Stephens Investment Management. The firm, which was launched by Bart and Brad Stephens in 2002, runs a sub-microcap long/short equity fund.
As part of his move, Stephens will be bringing over a long/short hedge fund that he has been running for 15 years. The Orphan Fund focuses on neglected and under-followed small-cap stocks. While Stephens will retain his status as lead portfolio manager for the fund, under its new umbrella, Orphan Fund