Reuters – As comebacks go, it’s one of the more ambitious.
Fred Eckert – the hedge fund manager who lost $250 million of his own money, saw his firm go bankrupt in the credit crisis, went through a divorce and spent two months in a coma – is back with the launch of his new firm.
The 65-year-old former Goldman Sachs (GS.N) executive, who once lived in one of the most expensive houses in New Jersey, has launched a new firm called Phoenix Star Capital.
Eckert believes he has spotted an opportunity in complex debt securities, based on loans which banks are having to sell to boost their capital positions under the Basel III regulations.
He has already an initial $100 million from investors to pursue the strategy.
