WEST PALM BEACH, FL (HEDGECO.NET) – The list of former managers leaving their existing firms to start managing their own hedge funds continues to grow each day. Andy Summers, former manager atInvesco Funds Group is going down that same path. Summers managed the US$2.5 billion health care investment management portfolio at Invesco. His new hedge fund is branded Silvergate CapitalManagement.
Summers also took with him two other research analysts from Invesco, Kevin Reeder, and Rich Carney. They were Invesco�s medical device and health care services analyst, and financial services analyst respectively. Summers said, “I didn’t like the direction the firm was headed in. The culture has changed a lot, and management made a lot of decisions I didn’t agree with.” Some other managers have also departed Invesco to begin managing their own hedge funds in the past.
He agreed however, that �Invesco was a great training ground,” for him, citing the experiences which he gained from being a part of that organization, particularly in the short selling arena. Hedge funds often use such strategy to profit from bear markets by betting on stock declines.
Investors in Silvergate Capital Management, must be qualified (3c-7) according to Mr. Summers. Minimum investment has been set at US$500,000. An interesting point, the fund will give a break to doctors and clinical researchers, according to released statement. The fee structure for the new fund was not immediately made available.
Paul Oranika
Editor-in-Chief
HedgeCo.Net
Email: [email protected]
HedgeCo.Net is a premier hedge fund database and community for qualified and accredited investors only. Membership on www.hedgeco.net is FREE and EASY. We also offer FREE LISTINGS for Hedge Funds!
Be sure to check out our sister sites. www.hedgefundlounge.com, www.hedgefundtools.com, and www.hedgefundemployment.com.
