Lightning Owner Plans To Relaunch Hedge-Fund Firm In Tampa
Lightning Owner JEFF VINIK is "planning to relaunch his hedge-fund firm" Vinik Asset Management out of Tampa in what would "mark his third return to investing clients’ money," according to Chung & Levy of the WALL STREET JOURNAL. Vinik said that he "plans to run the firm for the next five to 10 years." A source said that Vinik hopes to raise $3B for the firm and "plans to launch March 1." Vinik: "I miss the markets, I miss picking stocks, I miss competing. I’ve been doing it with my family money for the last five years, but it’s not the same as being in the big leagues and competing on an institutional basis." Vinik since '13 has been "investing his own money" while being "focused on the Lightning, among other projects." He "sold his minority stake" in the Red Sox last year (WSJ.com, 1/10). In Tampa, Richard Danielson notes Vinik will be the fund's "sole investment decision-maker, with the support of three analysts to start." Vinik also will "bring back his fund's former leadership team." Infrastructure support will come from Vinik Asset Management co-President GERRY COUGHLIN's "institutional hedge fund services business, Oakpoint Advisors" (TAMPA BAY TIMES, 1/10). Vinik said, “I've only known one way of investing for 35, 40 years, and that is good old-fashioned stock picking” ("Squawk Box," CNBC, 1/10).