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New Banking Sector Hedge Fund Getting in on Ground Floor - Literally & Figuratively
December 1, 2011
This trio of Wall Street veterans, who hope to raise $500 million for the New Ground Capital fund, are either crazy or 'crazy like a fox'. That's because Mendon Capital founder Anton Schutz, investment banker Mark Cohen and former People’s United Financial CEO Philip Sherringham are looking to launch a fund that's focused on banking industry M&A activity.
With the sector now trading near its 52-week lows, the founders don't anticipate needing much leverage to build up its 25-50 company portfolio. They also foresee excellent upside potential. Mark Cohen said, "This is just a wonderful ground floor opportunity to be buying right. If you buy right, you're going to have a pretty good result in the end. We feel very confident that certainly we're not going to lose money and we have an opportunity to hit lots of singles and doubles and there will be a number of home runs."
And who's to say Mr. Cohen and his partners are wrong - after all, about half of Wall Street analysts and investment gurus say banks are a "buy," while the other 50% say "sell."
CV's. The idea for the new fund began with Mr. Cohen, who has over 30 years’ experience advising banks and thrifts, most recently in his role as MD at Stifel Nicolaus & Co. He reached out to Sherringham, who was president and CEO of People’s from 2007 until 2010. They brought in Schutz, the buy-sider, who founded Mendon Capital Advisors - a long/short and event driven fund focused on the financial services sector - in 1996.
We wish them much success, although half the C-I team expects them to take a beating. That's why, for every buyer there's a seller. [FINalternatives, 11/30/11]
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