Alumni of 3 Big-Name Firms Team Up
Three former staffers of different multi-billion-dollar fund-management firms are starting a hedge fund that would invest in stocks and bonds, having lined up more than $100 million of backing from at least two unidentified investors.
The founders of New York startup Alti Capital are Rishi Bajaj, formerly of Silver Point Capital; Toby Symonds, who worked at SAC Capital; and Steve Tesoriere of Anchorage Capital.
By yearend, they plan to start trading through a long/short fund that would invest in the equities and fixed-income securities of 20 or fewer companies at a time. Bajaj and Tesoriere will serve as portfolio managers for the firm, while Symonds will handle the business side of Alti, including marketing duties.
Bajaj was a senior analyst focused on debt and equity investments in technology, media and telecommunications companies at Silver Point, a $6.5 billion debt-focused firm in Greenwich, Conn. He left Silver Point in May.
Tesoriere was a senior analyst at Anchorage, a $7 billion New York firm that invests in distressed debt and other credit products, since the firm's inception in 2003. Prior to that, he did a stint at Goldman Sachs.
Symonds worked nine years at Morgan Stanley, the last two in its prime-brokerage unit. In 2002, he left Morgan Stanley and joined SAC to recruit portfolio managers for the Stamford, Conn., firm and its subsidiaries. He left the $14 billion SAC in 2008.