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Alternative Market Briefing

Remy Trafelet reopens hedge fund after 5 years

Wednesday, February 26, 2014

Bailey McCann, Opalesque New York:

If the name Remy Trafelet seems familiar, you might remember him and his fund Trafelet Capital Management, a multi-billion dollar long/short fund founded in 1999. Before that, he became one of the youngest portfolio managers in Fidelity’s history. He started managing Trafelet by the age of 25. Now, an older, more selective Trafelet is back with a slimmed down product offering and a focus on doing what he does best - pick stocks.

"I've spent the last five years simplifying the business, so I can get back to what I love doing which is focusing on stock picking. So now it's me and a handful of analysts," Trafelet says in an interview with Opalesque.

At its height, Trafelet Capital had US, European, and global focused funds, along with some ancillary services. Then 2008 hit, and much of the firms assets came directly from big bank balance sheets. Once they started unravelling, Trafelet didn't put up gates. Instead, he gave the banks the money they put in and started trimming the fat. At that time and until just this month, the fund was closed to new investors. Now, with a new senior partner in place and a clearer focus he's opening it up, but not to just anyone. "Going forward we want to be more selective with investors and make sure our interests are aligned," he says.

Unlike a number of managers faced with steep competition for asset gathering, Trafelet doesn't necessarily need to raise a lot of capital......................

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