Last year: not so good for Jeff Gendell, who shuttered his firm's flagship funds (Tontine Capital Partners and Tontine Partners) after losing 76.8 percent and 67 percent, respectively, through October and September. This year? Coming up roses, my friends (though we don't have recent numbers for Tontine Financial Partners and Tontine-25, yet, and that statement could be way off base).
The Greenwich, Conn.-based firm has raised $11 million for its new Tontine Total Return Fund, as well as $1.6 million for an offshore version of the new vehicle, according to a Securities and Exchange Commission filing. Gendell launched the fund in February, three months after telling investors he would shutter the firm's flagship hedge funds. The new fund does not use leverage.
Earlier: Tontine's Very Special Offer
Tontine Raises $12 Million For New Fund [FINalternatives]
Update:
Posted by guest , May 29, 2009 1:03PM
Is there a decimal misplaced? Is that supposed to be $120 million?
Posted by guest , May 29, 2009 1:05PM
@1- nope. insane.
Posted by guest , May 29, 2009 1:09PM
I'm surprised he raised ANY money, but hey - $12 mil, at 1% = $120,000, I am sure that supports his Greenwich lifestyle and private schools.
Posted by guest , May 29, 2009 1:10PM
@2 - yes insane - after being down 93%, its insane you'd raise any $...
Posted by guest , May 29, 2009 1:11PM
@3- he's gonna have to downgrade, methinks.
Posted by guest , May 29, 2009 1:12PM
@4- well yes, but I more so meant it's insanely sad. Goes from managing 11 bn to this?
Posted by guest , May 29, 2009 1:13PM
Are they still across from the Greenwich train station?
Posted by guest , May 29, 2009 1:21PM
Rumor Mill
UBS is looking to sell it private client div in the US to RBC.
Bess have you heard anything?
Posted by Anal_yst , May 29, 2009 1:29PM
how the hell do you raise a dime after last year's performance, fo serious?
Posted by guest , May 29, 2009 1:30PM
Raising $12 million = putting $12 million of your own money into the fund.
Posted by guest , May 29, 2009 1:33PM
@4 - cry me a river... what's changed over there? Decision making? Firm structure? Ego???? NOT...
Posted by guest , May 29, 2009 1:34PM
8 Would be a good fit plus they have the capital. RBC already has a fairly well respected priv client business - Dain Raucher. This would get them into the bigger leagues.
Posted by NAS Keflavik boi , May 29, 2009 1:36PM
any douchebag that uses the name "tontine" as an investment vehicle name DESERVES to get his miniscule nutsack hammered
Posted by guest , May 29, 2009 1:37PM
Raising $12MM is the new "killing it"
Posted by guest , May 29, 2009 1:55PM
@8/12 let's see what our friends over on the registeredrep forums have to say about this...
Posted by guest , May 29, 2009 1:57PM
Let it go, Jeff, for God's sake. Let it go.
Posted by guest , May 29, 2009 2:23PM
what were his peak assets?
Posted by guest , May 29, 2009 2:25PM
@17- 11 billion
Posted by guest , May 29, 2009 2:26PM
how much of that is his? 99%?
Posted by guest , May 29, 2009 3:02PM
@13, actually, as long as you're the LP that survives the inevitable tontine killfest, it works out pretty well.