Diamond Capital founder Richard Schimel makes a comeback with Sterling Ridge Capital Management launch

October 1st, 2013
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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.
For Detailed Investor Profiles on these Investors, click below:
Diamondback Capital Management
Point72 Asset Management (SAC Capital)
Related People: ; Douglas Haynes (President); Andrea Feinstein; Chad Loweth; Chandler Bocklage*; Larry Sapanski; Peter Nussbaum*; Rich Schimel; Sol Kumin*; Steven A. Cohen; Ted Orenstein*; Tom Conheeney*
Related Entities: Diamondback Capital; Diamondback Offshore Fund LP; SAC Capital Advisors*; Canvas Capital*; CR Intrinsic Investors*; Cubist Systematic Strategies; Diamondback Partners LP; EverPoint Asset Management; S.A.C. Global Investors; SAC Meridian; SAC MultiQuant; Sigma Capital Mgmt; Walter Capital*
Related Article Tags: Multi-Strategy, Long Short, Equity, Debt and Global Macro Hedge Fund News; Hedge Fund Jobs, Hirings and Firings; Hedge Fund Launches and Hedge Fund Closings

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