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Bailey McCann, Opalesque New York for New Managers:

The founders of Diamondback Capital Management have launched a new fund - Cinctive Capital. The long/short equity multi-manager fund is starting out with over $1 billion in commitments from institutions including the Employees Retirement System of Texas and PAAMCO through their joint hedge fund seeding platform PAAMCO Launchpad.

Richard Schimel and Lawrence Sapanski are heading up the firm, overseeing 11 portfolio managers.

"Our approach represents a new, evolved version of the multi-manager platform model," Schimel said in a statement on the launch. "We think our model, which allows portfolio managers the ability to focus on their best ideas and offers incentives based on quality of returns, not the amount of capital allocated, more clearly aligns investor interests with ours."

Barry Schachter is joining as Chief Risk Officer. Schachter was a founding partner and CRO at Light Sky Macro and has done stints at Caxton Associates, SAC, Moore, Woodbine, 40 North, and Balyasny. Marc Greenberg, formerly of Point72 will head up the research team.

Other members of the team joined from Scoria Capital and Citadel's Aptigon Capital unit where they previously worked with Schimel and Sapanski.

Diamondback Capital Management shuttered in 2012, following an FBI raid and insider trading charges that were eventually vacated. Schimel......................

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