A new hedge fund has recently been formed called NewMarket Capital Partners, Reuters reports. However, what makes this fund unique is that it will be run by three women in a largely male-dominated industry.
Patricia Young, Diana Wagner and Mindy Posoff will manage approximately $170 million for wealthy clients and institutional investors and run the fund as a hedge fund-of-funds. The women originally met 20 years ago as they began their respective careers in the finance industry. The trio has also set their sights on attracting institutional investors to their fund.
Since 1999, Young managed money for CMS Cos. and has delivered annualized returns of 13% according to investors quoted in the Reuters report. These results came at a time when most mutual funds were suffering losses.