A pair of Wall Street veterans is teaming up to create a new hedge fund firm.
Reuters reported that Ader Investment Management’s Jason Ader and Cumberland Associates’ Andrew Wallach have combined their two funds to create New York-based activist firm Owl Spring Asset Management.
The article said that Owl Spring is expected to begin operations with approximately $225 million in capital, including about $30 million from Ader and Wallach. Ader and Wallach will both be co-CEOs of Owl Spring.
Established in 1970, Cumberland specializes in activist investing. Founded in 2003, Ader Investment was seeking out activist managers as part of a hedge fund seeding business he launched in 2012, and discovered Cumberland.