Hedge Fundie Naro Launches Coherence Capital
Sal Naro, the former co-managing partner of Sailfish Capital, a $4.4 billion asset management firm with approximately $2 billion in hedge fund assets, is launching Coherence Capital Partners LLC.
Before this, Naro was a shareholder in and vice chairman of Jefferson National Financial Corp. and CEO of Jefferson National Asset Management.
The creation of Coherence Capital Came about due to a management buyout of Jefferson National's core insurance unit. Naro will be CEO of Coherence Capital, which will be a registered investment adviser.
According to a press statement, Coherence Capital will manage traditional and non-traditional fixed income assets for a broad audience of investors. As a third-party advisor, Coherence 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."
The management team at Coherence Capital will consist of several former Jefferson National Asset Management executives. They include:
- Vincent Mistretta, former Head of Portfolio Management at Jefferson National Asset Management
- Greg MacKay, its former Chief Operating Officer
- 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," says 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."
Coherence Capital will be based in the West Village of Manhattan, at 435 Hudson Street.
Phil Albinus is the former editor-in-chief of Advanced Trading. He has nearly two decades of journalism experience and has been covering financial technology and regulation for nine years. Before joining Advanced Trading, he served as editor of Waters, a monthly trade journal ... View Full Bio
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