Thu, Sep 29, 2016
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

Former multi-billion dollar hedge fund manager Sal Naro to launch Coherence Capital Partners LLC

Monday, February 06, 2012

Boris Krupa
Industry Update - Sal Naro, former co-managing partner of Sailfish Capital, a $4.4 billion asset management firm with approximately $2 billion in hedge fund assets, is announcing the launch of Coherence Capital Partners LLC (Coherence Capital). Mr. Naro was most recently a shareholder in and Vice Chairman of Jefferson National Financial Corp. and Chief Executive Officer of Jefferson National Asset Management. The creation of Coherence Capital Partners LLC is the result of a management buyout of Jefferson National’s core insurance unit. He will now be Chief Executive Officer of Coherence Capital Partners LLC, which will be a registered investment adviser.

Coherence Capital will manage traditional and non-traditional fixed income assets for a broad audience of investors. In addition, Coherence, as a third party advisor, will continue to conservatively manage, using the insurance company’s investment guidelines, a portion of Jefferson National’s general account portfolio of $100 million in value, as well as provide risk monitoring and advisory services for a portion of their reinsurance contracts. Coherence Capital’s headquarters will be located in the West Village of Manhattan, at 435 Hudson Street.

The management team at Coherence Capital will consist of several former Jefferson National Asset Management executives previously recruited by Mr. Naro in his role as CEO. The executive team possesses an extensive background managing assets and businesses and each has a longstanding relationship with Mr. Naro. The management team will include Vincent Mistretta, former Head of Portfolio Management at Jefferson National Asset Management, Greg MacKay, its former Chief Operating Officer, and Robert Del Grande, its former Chief Financial Officer. David E. McClean, Ph.D., a regulatory compliance expert with over 25 years of experience and former Chief Compliance Officer of Sailfish Capital, will join Coherence and oversee regulatory matters.

“Coherence will look to capitalize on inefficiencies and thematic trends in the capital markets,” said Mr. Naro. “Quality research and experience are cornerstones of our business model. Coherence Capital’s primary thesis is to invest in companies that show strong performance in their balance sheets with earnings that meet and beat expectations while taking short positions in credits that miss earnings expectations and suffer continued weakness in their primary business metrics,” he added.

Mr. Naro brings a wealth of experience to his new venture. Prior to his tenure at Jefferson National, Mr. Naro was an Executive Vice President at Markit, a leading, global financial information services company. At Markit, Mr. Naro was instrumental at setting and implementing strategic initiatives under CEO Lance Uggla. Additionally, prior to Sailfish Capital, from 1999 to 2005, he was a Managing Director at UBS where he served as Co-Head of Global Fixed Income as well as a member of UBS’s Investment Bank Board of Directors. Previous to UBS, Mr. Naro was a Senior Managing Director at Bear Stearns where he was Global Head of Credit Trading. Mr. Naro also currently serves as member of the Board of Trustees at Long Island University.

Seward and Kissel LLP, the New York-based law firm, will be representing Mr. Naro and Coherence Capital.

(press release)

About Coherence Capital Partners LLC
Coherence Capital Partners is an asset manager seeking to exploit opportunities in bonds, loans, CDS, index and structured products across the fixed income markets. Coherence Capital expects to generate returns utilizing capital structure arbitrage, event driven and relative value investments as well as theme-based momentum trading. Coherence Capital Partners is composed of market professionals with deep backgrounds in investment management who aim to deliver consistent, superior risk-adjusted returns based on a unique investment platform and extensive knowledge and experience in the fixed income markets. Corporate website:Source

km

What do you think?

   Use "anonymous" as my name    |   Alert me via email on new comments   |   
Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing

 



  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Nobel Sustainability Trust, Prince Albert II of Monaco help launch major new initiative to drive sustainable technologies[more]

    Matthias Knab, Opalesque: The Nobel Sustainability® Trust ("NST") is leading a major new initiative to finance, incubate and accelerate the development of clean technologies. The initiative will start with the formation of the Nobel Sustainability Fund® ("NSF"). NSF will drive faster access t

  2. Studies - Hedge funds’ study reveals vast disparity in types of investors securing side letter arrangements, Cambridge: Look to private investments for best access to LatAm growth[more]

    Hedge funds’ study reveals vast disparity in types of investors securing side letter arrangements A new study of the hedge fund space by industry law firm Seward & Kissel LLP reveals a wealth of information regarding established hedge fund managers’ use of side letters—special agreements

  3. Activist News - Caesars 'optimistic' on deal with hedge fund creditors[more]

    From Reuters.com: Caesars Entertainment Corp said on Monday it remains "optimistic" of reaching a $5 billion deal with the bulk of its creditors to push its main operating unit out of bankruptcy, but one hedge fund bondholder said it will pursue litigation. Caesars offered a sweetened $5 billion set

  4. Hedge funds recover from losses as central banks give markets a respite[more]

    Komfie Manalo, Opalesque Asia: The Lyxor Hedge Fund index was up 0.4% from the week ending September 20 (-2.4% YTD), supported by the willingness of central banks to remain accommodative, Lyxor Asset Management said in its weekly briefing. It ad

  5. Perry Capital closing flagship fund after almost three decades[more]

    From Blooomberg.com: Richard Perry, one of the biggest names in hedge funds, is calling it quits after 28 years. Perry, 61, is winding down his New York-based flagship fund as the industry confronts one of the most tumultuous periods in its history. In a letter to investors Monday, he said his style