Longtime asset manager Jeffrey Vinik is to re-launch his hedge-fund firm Vinik Asset Management (VAM) after six years.
The comeback will be Vinik's third return to investing client's money. He initially made a name for himself in the industry as a portfolio manager of the $14.8 billion Fidelity Magellan fund, which he managed from 1992 until 1996, according to Morningstar.com.
He then struck out to launch VAM, which he led from 1996 to 2013, when he shut the business to run the Tampa Bay Lightning hockey team and Strategic Property Partners, which aims to develop southern downtown Tampa.
‘Now that I have put in place great leadership teams at my Tampa Bay businesses and my Tampa Bay-focused policy initiatives, I have ample amounts of time to serve my clients to the best of my abilities. I can’t wait to get started,’ said Vinik.
‘After six years of running my own money, the fire in my belly still burns,’ he added.
Vinik hopes to raise $3 billion for Vinik Asset Management and plans to launch March 1, the Wall Street Journal reported.
Mark Hostetter and Gerry Coughlin are to return as co-presidents of the firm, and Coughlin’s hedge fund Oakpoint Advisors will provide infrastructure support.
Vinik will have three analysts and will be the sole investment decision maker.
In the last six years Vinik has invested his own capital, and he said the industry shift away from active management has created an opening for him to leverage his investment style.
‘Fundamental bottom-up company analysis (growth at a reasonable price) guided by a top-down blueprint of the economy and markets can achieve strong long-term returns,’ Vinik said.
A spokesman for Vinik declined to provide additional comment, and any partnerships or clients were not disclosed.