NEW YORK (HedgeWorld.com)–Orion Capital Management LLC announced the creation of a new fund of funds, which will pursue a macroeconomic investment strategy for both institutional and high-net-worth individual investors.
Orion Capital has managed the assets of the Dr. Henry Kaufman Family LLC and the Henry & Elaine Kaufman Foundation since 1997. The Kaufman Family LLC has an internal hedge fund of funds, and the Henry & Elaine Foundation mirrors its investment decisions.
Peter M. Rup will head the Orion Constellation Partners LLC. He will also remain as co-director of investments for the Kaufman family funds, which produced annualized returns during the three-year period ending Sept. 30, exceeded 12.25%, net of all fees.
“At the end of last year,” Mr. Rup said, “Henry, decided to allow me to invest money from outside the family, calling and replicating the strategies we have used for the family funds.”
Henry Kaufman was managing director of Salomon Brothers Inc. in the 1980s, and the head of that firm’s fixed-income products department. After leaving Salomon, he created Henry Kaufman & Co., which managed approximately US$1 billion in fixed-income products for Asian investors. In 1996, Mr. Kaufman retired from investment management, and in 1997 he asked Mr. Rup to work for his family office.
Mr. Rup was the principal of his own hedge fund management company from 1993 to 1997, where he developed a top-down hedge fund management style that he compares with that of Paul Tudor Jones.
Despite his role as a catalyst and, to some extent, inspiration: Mr. Kaufman has no economic interest in Orion Capital or Orion Constellation.