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Ron Insana Is Legendary No Longer

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When CNBC commentator Ron Insana went into hedge fund management nearly two years ago, there was a lot of snickering that this signaled "irrational exuberance" in the market. David Weidner at Market Watch wrote that "it's probably time for everyone else to get out."
Insana's fund, called the Legends Fund, was structured as a fund of funds. Its business plan was to give investors exposure to hedge funds they might otherwise be shut out of. Specifically, Insana offered investors access to SAC Capital Advisors, Renaissance Technologies Corp., Perry Corp. Third Point, Omega Advisors and Icahn Management.
But with hedge fund investment drying up, Insana's fund seems to have run into trouble. Yesterday CNBC's Melissa Lee reported that Insana Capital Partners, which ran legends, was closing up shop.
Over at Naked Shorts, our friend Greg Newton runs the numbers on Insana's forray into hedge fund management. At one point the Legends Fund had $116.3 million under management, and it charged a 1.5% annual fee. That means Insana Capital Partners might have taken in around $2 million during its brief stint. The fund was down 5.4% through July 31st, according to Newton. Coupled with a 2.5% "sales charge," Newtown figures Insana's investors are out roughly 10 per cent over the fund's life.
So does the close of the Legends Fund mean that it's time to get back into hedge funds? Not so fast. Apparently Insana has taken a job with SAC Capital.

Insana upgrades, from Fort Lee to Scamford
[Naked Shorts]
Insana Capital doesn't leave 'em laughing [Naked Shorts]