CNBC commentator Ron Insana decided two years ago to leave the not-so-lucrative reporting world and start a hedge fund. Unfortunately, the legendary spoils he hoped for when he set up his Legends Fund have not materialised, so he’s closing up shop…and taking a job with SAC Capital. Maybe he’s better at money management than one would think.
Dealbreaker: When CNBC commentator Ron Insana went into hedge fund management nearly two years ago, there was a lot of snickering that this signaled “irrational exuberance” in the market. David Weidner at Market Watch wrote that “it’s probably time for everyone else to get out.”
Insana’s fund, called the Legends Fund, was structured as a fund of funds. Its business plan was to give investors exposure to hedge funds they might otherwise be shut out of. Specifically, Insana offered investors access to SAC Capital Advisors, Renaissance Technologies Corp., Perry Corp. Third Point, Omega Advisors and Icahn Management.
But with hedge fund investment drying up, Insana’s fund seems to have run into trouble. Yesterday CNBC’s Melissa Lee reported that Insana Capital Partners, which ran Legends, was closing up shop…
But Insana hasn’t forsaken his hedge-fund career altogether, he’s just switched to a better firm:
So does the close of the Legends Fund mean that it’s time to get back into hedge funds? Not so fast. Apparently Insana has taken a job with SAC Capital.
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