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FrontPoint Adds Ivory Capital Team

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GREENWICH, Conn. (–FrontPoint Partners LLC announced that it was partnering with Ivory Capital Group LLC, a U.S. long/short equity manager based in Santa Monica, Calif.

Focused on fundamental value investing, the Ivory Capital team totals 14 professionals, including eight analysts who take a private equity approach to building public equity portfolios. Curtis Macnguyen, a former partner of Siegler, Coller & Co., founded the firm in 1988. In a statement, he said he believed the integration with FrontPoint would enable Ivory to focus on its core portfolio analysis, while FrontPoint handles the infrastructure and risk management of the firm.

The talks began with Ivory last fall, and FrontPoint officials will gain seven different office locations in eight different time zones with the acquisition. FrontPoint’s focus is to offer a diverse group of alternative investment strategies off a central platform. The firm integrates and supports investment teams through a central infrastructure managed by a team that provides trading, risk management, operation support, client management and portfolio consulting. FrontPoint manages a total of US$1.5 billion in assets.

Phil Duff, chief executive officer at FrontPoint, said in a statement, “Ivory has long been focused on fundamental value investing and its rigorous, bottom-up research-intensive approach to assessing companies in the public markets makes Ivory an important addition to our team of managers.”

FrontPoint was founded in late 2000 by Mr. Duff and Gil Caffray, both former Tiger Management executives and Paul Ghaffari, who was a portfolio manager with Soros Fund Management. Earlier this year, FrontPoint added a health care investment management unit hiring a team that included medical doctors Previous HedgeWorld Story.

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