June 22, 2016

A statistical-arbitrage shop is launching its first broad marketing


Logica Capital recently hired Steven Greenblatt to lead the push for its market-neutral equity fund. He’s now reaching out to a range of investors, including family offices, funds of funds, foundations and advisory platforms at banks.
The vehicle, Logica Fund, launched in January 2015 and currently runs about $20 million of partner and “friends-and-family” capital. The fund gained 9% last year and is up 2.9% this year through May, broadly outpacing both the S&P 500 Index and comparable hedge funds. Hedge Fund Research’s Equity Market Neutral Index, for instance, rose 4.3% last year and is virtually flat this year, at 0.1% through May.


Logica is embarking on its marketing campaign at a time when quantitative funds are drawing increased investor interest,
as some investors are losing faith in conventional stock-pickers. A Credit Suisse investor survey in March found that market-neutral quantitative vehicles were the second-most preferred type of hedge fund, up from seventh place a year earlier.


Greenblatt, who joined Logica in April, last worked for Causeway Capital and also has held executive sales positions at FrontPoint Partners and First Quadrant.


Los Angeles-based Logica is led by chief investment officer Wayne Himelsein. He founded the firm in 2011 and spent four years developing the strategy and infrastructure before launching


Logica Fund. The vehicle uses eight separate strategies — five run internally and three, accounting for about 40% of total assets, by outside advisors. Limited partners pay a 1.5% management
fee and a 15% performance charge.


Himelsein previously was managing partner of Himelsein Mandel, where he ran HM Ruby Fund, which peaked at about $300 million. Before that, he was a managing partner at Omni Capital and a proprietary trader at Carlin Financial.


Up to now, Himelsein has largely been paying the costs of running Logica himself. Its staff of eight includes managingpartners Lionel Tapiero, who focuses on strategy research and business development, and Ivan Sekeres, who oversees operations. Also on board are portfolio manager Patrick Rentz, research head David Taylor and controller Stephen Fox.


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