Tue, Feb 18, 2020
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. Other Voices: Evolution of shrinking hedge fund fees - what do investors and managers need to know?[more]

    By Don Steinbrugge, Founder and CEO, Agecroft Partners (DonSteinbrugge@agecroftpartners.com): Hedge funds fees remain under extreme pressure across the industry. This strong trend is driven by declining return expectations from investors, inc

  2. PE/VC: Venture capital for Canadian companies up 16% from last year, Venture capital helped fuel Silicon Valley. Is it also destroying it?[more]

    Venture capital for Canadian companies up 16% from last year A new study says Canadian venture capital-backed companies raised $5.4 billion over 469 deals last year, marking the third consecutive year of increased VC funding in the country. The MoneyTree Canada report from PwC Canada an

  3. Institutional Investors: UK pension giant Universities Superannuation Scheme to cut hedge funds, Texas County puts $225m in 3 alts funds, Korea's $600bn pension fund to be more active shareholder, CalPERS walking its own path on asset allocation, New York State Teachers' assigns $150m to real estate fund, LD turns to active quant for first time, launches tender worth $147m initially, Texas Teachers commits $250m to opportunistic real estate[more]

    UK pension giant Universities Superannuation Scheme to cut hedge funds The UK's largest private pension manager is slashing its investment in hedge funds, joining an exodus of investors fed up with years of mediocre returns and high fees. The Universities Superannuation Scheme plans

  4. PE/VC: No handshakes, no deals: Silicon Valley VCs hit pause on China, US private equity funds swoop on UK for cheap deals[more]

    No handshakes, no deals: Silicon Valley VCs hit pause on China From Nikkei: Venture capital companies in Silicon Valley are not taking any chances when it comes to the coronavirus outbreak. "Due to the Coronavirus, No Handshakes Please. Thank You," reads a sign on the office doors of An

  5. Global pensions loading up on alternative investments says study[more]

    Laxman Pai, Opalesque Asia: Global pension funds remain committed to increasing their exposure to private equity, real estate, and other alternatives, says a study. A new report from Willis Towers Watson's Thinking Ahead Institute revealed that the shift to alternative assets continues apace