Mon, Apr 21, 2014
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
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   |   
Banner
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. Opalesque Exclusive: Classic Auto Funds Limited (CAF) launches several car investing funds[more]

    Bailey McCann, Opalesque New York: A new trend in alternative alternatives is emerging - car appreciation funds. Classic Auto Funds Limited (CAF) is the first to market with several funds that make super elite luxury cars into real asset investments. As a result of growing overseas demand couple

  2. Investing – Big hedge funds bought Puerto Rico's junk bonds, Fidelity explores new trading venue amid flash trade concerns, Crisis-era Greek bonds reward early buyers with big effective returns, Cargill unit discloses stake in Freddie preferred[more]

    Big hedge funds bought Puerto Rico's junk bonds From Reuters.com: Several large hedge funds doubled down on Puerto Rico in last month's giant bond sale despite the U.S. territory's financial struggles, the Wall Street Journal reported, citing confidential documents reviewed by the newspa

  3. Opalesque Exclusive: Hedge fund replicators evolve[more]

    Bailey McCann, Opalesque New York: Hedge fund replicators as a group of products tend to get a bad rap from hedge fund managers who suggest that the best a replicator can offer is dynamic beta capture. A

  4. Opalesque Exclusive: Pensions, endowments, family offices reconsider life settlement investments[more]

    Bailey McCann, Opalesque New York: Hedge funds were once the largest investors in the life settlement industry, now the industry is seeing more interest from pensions, endowments and family offices directly. Life settlements have always been considered a niche part of the investing landscape, an

  5. SEC allows investment funds to use social media[more]

    Bailey McCann, Opalesque New York: The Securities and Exchange Commission (SEC) has released new guidance letting investment funds and advisors use social media to promote client reviews. The guidance seeks to assist investment managers in developing compliance policies and procedures reasonably