|After a humbling 2008, Jeffrey Gendell’s Tontine Partners is in the process of launching a new total return hedge fund. According to an article from Reuters, the new fund has only raised $12.6 million in assets so far, but management is anticipating a much larger pool at launch.
Tontine made headlines in 2008 when it announced that it was shutting down its well-respected flagship hedge funds, following a year of dismal returns.
Tontine Partners is a deep value-focused hedge fund manager that was founded by managing principal Jeffrey L. Gendell in 1997. Prior to Tontine, Mr. Gendell was a general partner at Odyssey Partners. The firm is named after 17th century Italian banker Lorenzo de Tonti, who invented an annuity where several partners invest and receive annual dividends.