|Within just 12 months after shuttering Diamondback Capital Management, Richard Schimel is back leading a new hedge fund, Sterling Ridge Capital Management, that will be launched later this year. According to Reuters, Sterling Ridge will mirror the investment model Richard Schimel used at the once highly successful Diamondback Capital Management hedge fund.|
Diamondback Capital was closed in December of 2012 after its assets fell well below $2 billion, down from its peak of $6 billion just a couple of years earlier. Following the insider trading conviction of portfolio manager Todd Newman and the firm’s close association with SAC Capital, which is also under investigation for insider trading, investors drained their accounts forcing the closing of Diamondback Capital.
Richard Schimel, who was never implicated, starts Sterling Ridge with a clean slate along with a former key staffer, Anthony Bechalany, as his head trader.
|Hedge Fund Lists|