Richard Schimel Sees Opportunities to Make Money in Financial Stocks in 2014
A former portfolio manager at SAC Capital Advisors, co-
Although he did not identify his picks by name, Schimel wrote in a letter to clients that investment banks with little exposure to fixed income trading and restructured retail focused banks are poised to outperform their peers. A copy of the letter, dated Jan. 23, was seen by Reuters on Friday.
The outlook for more loan growth this year could help certain regional banks, the letter said.
Also the chance for more mergers and acquisitions, plus share buy backs, are making certain names in the media and telecommunications sector attractive, the letter added.
Schimel wrote that Sterling Ridge, his new firm, now has $150 million in assets, and that it returned 1.3 percent in the last two months of 2013, after officially launching in November. In the first nine months of 2013, 816 new hedge funds were launched while 608 closed down, data from Hedge Fund Research show.Source: Reuters