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Ex-Oppenheimer Bigs Launch EXOP Partners Hedge Fund
William Finneran, Nathan Gantcher and Norman Eig, veterans of several big-time Wall Street ventures whose paths overlapped for a time at Oppenheimer in the 1970s and early 80s, are launching a long/short hedge fund.
William Finneran, Nathan Gantcher and Norman Eig, veterans of several big-time Wall Street ventures whose paths overlapped for a time at Oppenheimer in the 1970s and early 80s, are launching a long/short hedge fund. The trio has named their firm EXOP Partners, which appropriately enough stands for 'ex-Oppenheimer.'
Finneran told AIN the fund follows an investment strategy nearly identical to the one he had managed at Oppenheimer from 1972 to 1999. It soft-launched "in the last two weeks," and is all but closed to investors, he said.
"At this juncture we aren't taking outside money," said Finneran. "We're not looking for a lot of capital." The fund could decide to accommodate a limited number of pre-subscribed outside investors, however, but does not plan to exceed the $200 million threshold. There will likely be a two to three year lockup. Other investment terms have not yet been decided.
The most recognized name is likely Gantcher's, who was until recently a director on Refco's board. He resigned along with the other directors earlier this month. The former board members are defendants in 22 lawsuits that accuse them of securities violations and breaches of fiduciary duty. Gantcher's career at Oppenheimer dates back to the late 1960s and he later held various senior executive positions, including co-ceo and chief operating officer.
Eig departed Oppenheimer in 1982 to become co-founder of Lazard Asset Management and Finneran left Oppenheimer in 1999 to join Wachovia Securities, where he set up Finneran Group, a private asset management group. His son, Thomas Finneran, will take over that business from him.
The firm's eight-person staff has set up shop at 888 Seventh Avenue, the same building that houses Soros Fund Management, among others. The prime broker is Goldman Sachs.