Sal Naro, a former co-managing partner of Sailfish Capital, a $4.4bn asset management firm with approximately $2bn in hedge fund assets, is announcing the launch of Coherence Capital Partners LLC.
Naro was most recently a shareholder in and vice chairman of Jefferson National Financial Corp and chief executive officer of Jefferson National Asset Management. The creation of Coherence Capital Partners is the result of a management buyout of Jefferson National’s core insurance unit. He will now be chief executive officer of Coherence, which will be a registered investment adviser.
The management team will consist of several former Jefferson National Asset Management executives previously recruited by Naro in his role as CEO. We are told that the executive team possesses an extensive background managing assets and businesses and each has a longstanding relationship with Naro. The management team will include Vincent Mistretta, former head of portfolio management at Jefferson National Asset Management, Greg MacKay, its former chief operating officer, and Robert Del Grande, its former chief financial officer. David E. McClean, Ph.D., a regulatory compliance expert with over 25 years of experience and former chief compliance officer of Sailfish Capital, will join Coherence and oversee regulatory matters.
“Coherence will look to capitalise on inefficiencies and thematic trends in the capital markets,” said Naro. “Quality research and experience are cornerstones of our business model. Coherence Capital’s primary thesis is to invest in companies that show strong performance in their balance sheets with earnings that meet and beat expectations while taking short positions in credits that miss earnings expectations and suffer continued weakness in their primary business metrics,” he added.
Seward and Kissel LLP, the New York-based law firm, will be representing Naro and Coherence.