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
