Ex-FrontPoint manager Steve Eisman, one of the men known for betting against subprime mortgages, announced plans to start his own hedge fun in January reports the SF Gate. The fund will be called Emry Partners and will be a long-short fund focused on “investing in stocks and bonds across industries.”
Emry Partners Founding Members
Steve Eisman returned 81% on his Financial Horizons Fund. The stellar return was due primarily to Eisman’s subprime bets and some of the bets he made against for-profit schools. In June, when Eisman left FrontPoint, it was rumored that he would be starting his own hedge fund with some people from FrontPoint. The SF Gate reports that Eisman is founding Emry Partners as part of a prominent team. He co-founders include Jon Kalikow of Rocwood Capital Management, Ed Cabral of Goldman Sachs Group Inc. and Mark Weiner of JAT Capital Management LP.
Other Plans for FrontPoint Crew
Several members of FrontPoint did leave to start their own fund. According to the SF Gate, “Eisman’s ex-trader Danny Moses, and former analysts Porter Collins and Vincent Daniel are planning to raise $150 million to $200 million for Seawolf Capital, according to a person familiar with the firm, who asked not to be identified because the information is private. The long-short hedge fund, which will be based in New York, will invest $30 million in partner capital and is targeting as much as $500 million, with a focus on global financials, the person said. Seawolf, which has a team of six, also hired Edward Fasano, another former FrontPoint executive, as its operating chief, according to the person.