Richard Deitz

Last updated
Richard Andrew Deitz
Born (1965-08-12) August 12, 1965 (age 58)
Washington, D.C., US
Alma mater Yale University, 1987
Occupation Asset management
TitlePresident and Chief Investment Officer, VR Capital Group
SpouseMarina Nacheva

Richard Andrew Deitz (born August 12, 1965) is an American investment manager. He is the founder and president of London-based [1] investment firm VR Capital Group. [2] [3] [4]

Contents

Early life and education

Deitz was born in Washington, D.C. and attended public school in Montgomery County, Maryland. He studied history and economics at Yale University where he graduated magna cum laude in 1987. [2] [4]

Career

After graduating from Yale, he began his career in finance specializing in fixed income derivatives at The First Boston Corporation. Deitz remained with the firm in New York City upon its takeover by Credit Suisse, becoming managing director at Credit Suisse Financial Products in 1993. In 1994, he moved to London and then Moscow to establish the derivatives unit's presence in Eastern Europe. [4]

In 1995, Deitz left Credit Suisse together with several colleagues to co-found the investment bank, Renaissance Capital, in Moscow where he ran the firm's fixed income trading business. [3] [4] In 1998, Deitz left Renaissance Capital and founded VR Capital Group to build an asset management business focused on distressed debt investing. [3] [4] The firm launched a fund in May 1999 initially investing in distressed credits in Russia and the former Soviet Union following the 1998 Russian financial crisis and the demise of Long Term Capital Management. VR Capital has become known for investing into countries undergoing high levels of macroeconomic stress and working with sovereign and corporate debtors to restructure their balance sheets and regain access to capital markets. VR Capital invested heavily in Argentina following the sovereign default and currency devaluation in 2001, and likewise was a major investor in Greece in 2012 and Ukraine in 2014.

Its flagship fund, VR Global Partners, L.P., had assets under management of approximately US$4.4 billion at the end of 2017 [5] and was cited by Barron's in June 2016 for its performance over the past decade. [6] The fund's offshore version was named "Fund of the Year" at the HFM US Hedge Fund Performance Awards 2017 [7] and won the "Distressed" category at the EuroHedge Awards 2017. [8] The fund's offshore version also walked away as the winner of the “Credit over $500m” category at the HFM European Hedge Fund Performance Awards 2018. [9]

In May 2016, Deitz was a speaker at the 21st annual Sohn Investment Conference in New York where he articulated the firm's investment thesis on Greek government bonds and banks. [4] [10] He has also written op-ed columns on Argentine and Greek debt restructurings. [11] [12]

Personal life

Deitz lives in London and is married to Marina Nacheva. They have three children.

Deitz serves on the President's Council on International Activities and on the Jackson Institute Council at Yale University. [4] [13] Deitz's family have been sponsors of autism research at the Yale Child Study Center. [14] [15]

Deitz is a co-owner of EuroLeague Basketball team Maccabi Tel Aviv. [16]

Related Research Articles

A hedge fund is a pooled investment fund that holds liquid assets and that makes use of complex trading and risk management techniques to improve investment performance and insulate returns from market risk. Among these portfolio techniques are short selling and the use of leverage and derivative instruments. In the United States, financial regulations require that hedge funds be marketed only to institutional investors and high-net-worth individuals.

Distressed securities are securities over companies or government entities that are experiencing financial or operational distress, default, or are under bankruptcy. As far as debt securities, this is called distressed debt. Purchasing or holding such distressed-debt creates significant risk due to the possibility that bankruptcy may render such securities worthless.

<span class="mw-page-title-main">Vulture fund</span> Fund that invests in distressed assets

A vulture fund is a hedge fund, private-equity fund or distressed debt fund, that invests in debt considered to be very weak or in default, known as distressed securities. Investors in the fund profit by buying debt at a discounted price on a secondary market and then using numerous methods to subsequently sell the debt for a larger amount than the purchasing price. Debtors include companies, countries, and individuals.

Peter M. Halloran is the founder and CEO of Pharos Financial Group, an investment firm active in global markets since 1997. The firm was established with initial investment capital from Credit Suisse and Soros Fund Management. In 2014, Pharos added a Dallas-based investment arm, Titanium Exploration Partners LLC, to invest into U.S. Oil & Gas opportunities. Altogether, Halloran has brought over $10 billion to the markets in which he invests. He was awarded Hedge Fund Manager of the Year in 2010 by Hedge Fund World, and his Pharos Gas Investment Fund and Pharos Russia Fund have been both ranked among top-15 global performers by Bloomberg. He has never gated an investment, suspended an NAV or re-set a high water mark. In 2011, Halloran established the physical oil trading firm, Pharos Energy Ltd., which was then sold in 2014. In 2000, Halloran acquired a stake in Aton Capital Group and subsequently transformed it into a top emerging markets investment bank that was later sold to UniCredit Bank for $424 million.

<span class="mw-page-title-main">TPG Angelo Gordon</span> American investment management company

TPG Angelo Gordon is a global alternative investment manager founded in 1988 by John Angelo and Michael Gordon who together ran the arbitrage department of L.F. Rothschild in the 1980s. The firm focuses on four main investment disciplines: credit, real estate, private equity, and multi-strategy.

<span class="mw-page-title-main">Farallon Capital</span> American investment management firm

Farallon Capital Management, L.L.C. is an American multi-strategy hedge fund headquartered in San Francisco, California. Founded by Tom Steyer in 1986, the firm employs approximately 230 professionals in eight countries around the world.

Blackstone Credit, formerly known as GSO Capital Partners (GSO) is an American hedge fund and the credit investment arm of The Blackstone Group. Blackstone Credit is one of the largest credit-oriented alternative asset managers in the world and a major participant in the leveraged finance marketplace. The firm invests across a variety of credit oriented strategies and products including collateralized loan obligation vehicles investing in secured loans, hedge funds focused on special situations investments, mezzanine debt funds and private equity funds focused on rescue financing.

Highland Capital Management is an alternative investment management firm that manages hedge funds, structured investment vehicles and mutual funds. The firm invests in global public equities, as well as fixed income markets with a focus on leveraged loans, high yield bonds, and structured products.

MatlinPatterson is a distressed securities fund that participates in distressed and credit opportunities on a global basis. The firm was established in 2002 as a spinout from Credit Suisse First Boston. It is headquartered in New York City and has offices in London and Hong Kong. MatlinPatterson was founded by David Matlin and Mark Patterson. MatlinPatterson, through MatlinPatterson Global Advisers, manages private equity vehicles with a distressed-for-control mandate as well as an open-ended strategy seeking non-control credit investment opportunities.

Boaz Weinstein is an American hedge fund manager and founder of Saba Capital Management. He rose to prominence at Deutsche Bank in the early and mid 2000s with his credit default swap and capital structure arbitrage trading strategies. He then formed a proprietary trading group within Deutsche Bank. After leaving the bank in 2009, Weinstein started Saba Capital Management as a separate hedge fund. As of September 2022, Saba manages $4.8 billion in assets.

Marathon Asset Management,LP is an investment manager focused on opportunistic investing in credit and fixed income markets globally. Marathon manages a family of investment programs principally focused on credit strategies including hedge funds, managed accounts, single-client funds and collateralized loan, and debt obligation vehicles.

Elliott Investment Management is an American investment management firm. It is also one of the largest activist funds in the world.

<span class="mw-page-title-main">Millennium Management, LLC</span> American hedge fund

Millennium Management is an investment management firm with a multistrategy hedge fund offering. In 2023, it was one of the world's largest alternative asset management firms with over $61.1 billion assets under management as of January 2024. The firm operates in America, Europe and Asia. As of 2022, Millennium had posted the fourth highest net gains of any hedge fund since its inception in 1989.

<span class="mw-page-title-main">Asia Frontier Capital</span> Investment company created by Thomas Hugger in 2013

Asia Frontier Capital Ltd. is an investment company created by a management buyout of Leopard Capital by the former CFO and COO, Thomas Hugger, at the end of May 2013. Leopard Capital Management Ltd. was subsequently renamed Asia Frontier Capital Ltd. The group manages the AFC Asia Frontier Fund, AFC Iraq Fund, AFC Uzbekistan Fund, and AFC Vietnam Fund. All funds are open-end funds under the AFC Umbrella fund for US investors or AFC Umbrella fund (non-US) for investors outside from the US. Investors can subscribe or redeem the funds monthly at net asset value.

<span class="mw-page-title-main">Gramercy Funds Management</span> American investment manager

Gramercy Funds Management is an investment manager dedicated to emerging markets.

Jane Buchan is the Chief Executive Officer of Martlet Asset Management, LLC.

Jeffrey Marc Talpins is the founder and Chief Investment Officer of New York-based hedge fund, Element Capital Management. He is a “macro” trader who uses options to try to capture the upside of — and limit potential losses from — strategies aimed at anticipating global economic shifts.The Wall Street Journal referred to Talpins as “the hedge fund king you’ve never heard of” and “the hottest investor on Wall Street."

York Capital Management is a global institutional investment management firm with approximately $18.5 billion in assets under management as of June 2019. The firm was founded in 1991 by Jamie Dinan.

Mudrick Capital Management is an investment firm specializing in special situations and event driven investing. The firm was founded by Jason Mudrick, its current Chief Investment Officer, in 2009. The firm is located in New York City and, as of June 2022, managed approximately $3.3 billion in assets.

<span class="mw-page-title-main">Anchorage Capital Group</span> Hedge Fund based in New York

Anchorage Capital Group is an American investment management firm based in New York City. The firm is known as one of the world's most prominent vulture funds, funds that invest in distressed securities.

References

  1. ↑ "Hedge funds look for opportunities in beaten-up Argentine assets". Financial Times. October 14, 2019.
  2. 1 2 Richard Andrew Deitz. "Richard Andrew Deitz: Executive Profile & Biography - Businessweek". Bloomberg.com. Retrieved 2016-03-07.
  3. 1 2 3 "NEW RUSSIAN INVESTMENT BUSINESS FORMED BY LEADING FINANCIAL MARKETS PROFESSIONAL - February 10,1999 /PR Newswire UK/". Prnewswire.co.uk. 1999-02-10. Retrieved 2016-03-07.
  4. 1 2 3 4 5 6 7 "Sohn Investment Conference" (PDF). Sohn Conference. Retrieved 31 August 2016.
  5. ↑ "Barron's Top 100 Hedge Funds". Barron's. Retrieved 28 April 2018.
  6. ↑ Uhlfeder, Eric (June 18, 2016). "Top Hedge Funds Over The Last Decade". Barron's. Retrieved 31 August 2016.
  7. ↑ "US Hedge Fund Performance Awards 2017". HFMWeek.com. Retrieved 20 December 2017.
  8. ↑ "SR, Pharo, Kairos, Cheyne lead EuroHedge Awards 2017 Winners". hfm.global/eurohedge/. 25 January 2018. Retrieved 8 March 2018.
  9. ↑ "HFM European Hedge Fund Performance Awards". hfmeuropeanperformanceawards.awardstage.com. Retrieved 28 April 2018.
  10. ↑ Porzecanski, Katia (May 4, 2016). "VR Capital's Deitz Likes Greek Bank Stocks, Government Debt". Bloomberg. Retrieved 31 August 2016.
  11. ↑ Deitz, Richard (July 27, 2014). "A Sensible Path for Avoiding an Argentine Default". The Wall Street Journal. Retrieved 20 December 2017.
  12. ↑ Deitz, Richard (August 22, 2012). "Three steps to put Greece on the road to sustainability". ekathimerini.com. Retrieved 20 December 2017.
  13. ↑ "Yale University President's Council on International Activities". Yale University. 10 July 2015. Retrieved 11 January 2018.
  14. ↑ Hathaway, Bill (November 15, 2016). "Yale researchers find key to predicting outcomes of autism treatment". Yale University. Retrieved 11 January 2018.
  15. ↑ Rosner, Cara (November 15, 2016). "Yale Study: Monitoring Brain Activity Key To Autism Treatment, Outcomes". Hartford Courant. Retrieved 11 January 2018.
  16. ↑ "Richard Deitz and Ben Ashkenazy: New Partners Join the Maccabi Family". maccabi.co.il. Retrieved 20 December 2017.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.