Sailfish founder Sal Naro confirms launch of new credit manager

Former Sailfish Capital founder Sal Naro has announced, as first revealed in Creditflux on Monday, the launch of his new firm, Coherence Capital. The company is being formed through a management buy-out of the business he previously headed, for Jefferson National Finance. The new firm will manage a $100 million portion of Jefferson National’s general account portfolio.

Former colleagues Vincent Mistretta, who was the chief portfolio manager at Jefferson National Asset Management, chief operating officer Greg MacKay, and chief financial officer Robert Del Grande are moving to the start-up. Naro has also hired former Sailfish regulatory specialist David McClean.

According to the announcement, Coherence Capital will pursue a long-short credit strategy, trading bonds, loans, credit default swaps, indices and structured products.