After he graduated from Columbia Business School last June, Adam Wyden probably had a bunch of offers to mull over from various employers. What he really wanted to do, though, was be a hedge fund manager. So he figured he'd just start his own shop, having the experience of trading stocks for his own account as Wharton undergrad (Class of '06) and a summer internship with DE Shaw under his belt. Interested in getting a piece of the action?
ADW Capital Partners, which started trading in September, currently manages around $3 million. Its offices are located in Wyden's parents' basement in Washington, DC, where Ads, whose Twitter bio says he "likes stocks" and who is similarly passionate about the Zeta Beta Tau fraternity, acts as both the big and little Kahuna (“Right now it’s just me,” Wyden, 26, told Bloomberg. “I am the CEO, I am the secretary, and I am the chief marketing officer"). For those of you thinking this sounds like a good fit, a few more details about the fund:
ADW seeks to produce high risk-adjusted returns through “conservative equity investing” in small, under-followed businesses in the U.S., Canada and Western Europe, according to an investor presentation. The fund, modeled after the philosophy and structure of Buffett Partnership Ltd., will charge the standard management fee of 2 percent a year along with 20 percent of profits, according to the presentation.
Wyden’s best personal trade last year was an investment in IDT Corp. starting in February, when the Newark, New Jersey, telecommunications company traded at an average of $4.84 a share, he said. IDT now is at $23.90.
Before anyone starts crying "little rich boy," etc, please note: Wyden's dad has not invested any money in the fund which, rather being demonstrative of a lack of confidence, suggests the elder is actually taking this business seriously and wants to see a few years of solid returns before he gets involved. (Still unclear: whether or not he's charging the boy rent.)
Senator Wyden's Son Starts A Hedge Fund After DE Shaw Internship [Bloomberg]
Adam Wyden [LinkedIN]