Hedge fund manager getting noticed in Colorado
AVON, Colorado – Adam Savin still lives on Eastern Time, but he’s finding new opportunities in the high country.
After a 20-year career working on Wall Street, Savin last year moved his family to Vail and, along with partner Rick Geisman, founded Booth Creek Capital Management. Savin went out on his own after the financial industry meltdown of 2008, after being Merrill Lynch’s head of proprietary equity trading.
The thought of going back to work for an investment bank would wake Savin in the night, so he eventually decided to start his own business. He partnered with Geisman – who still lives in Southern California – and, since his in-laws have long lived in Vail, moved his family to the valley last year.
And, while managers of $35 million hedge funds don’t get much attention in New York, Wall Street veterans with new companies in Colorado do get noticed.
Savin recently spoke at a financial seminar in Denver sponsored by Opalesque, a financial reporting service with 600,000 subscribers.
And he’s been able to meet with other industry managers in Vail.
“You’re able to spend time with them in a more casual atmosphere,” Savin said. That’s the kind of access he couldn’t get in New York.
And, while some of his existing clients wonder why he would move from the center of the financial universe to the hinterlands of Vail, Savin’s move to the high country seems like something people would like to emulate.
When he placed an ad in a professional journal for an analyst, he received more than 500 replies. When he e-mailed all the candidates that the job would involve relocation to Colorado, more than 300 people said they’d jump at the chance.
But, while Savin and his family are settling in in Vail – and receiving a warm welcome, he said – the financial world still operates on New York time. That means Savin hits his office in Avon before 5 a.m. local time, the better to keep up with overnight and breaking developments.
After just a few months, the formula seems to be working. The company’s earnings are up this year over last, and Savin said things are moving toward his ultimate goal.
“I don’t want to be the next $10 billion fund,” he said. “I’d like to be about a $500 milllion fund with nice jobs for six or seven people.”