(Bloomberg) -- A grandson of the late billionaire Larry Tisch is starting his own hedge fund after spending more than a decade at family friend Izzy Englander’s Millennium Management.
Samuel Tisch, 38, registered Twin Dovs Capital Management as an exempt adviser last month after leaving his job as a stock-picking portfolio manager at Millennium, which manages $60.6 billion of assets.
The new firm manages about $80 million in internal capital through Twin Dovs Partners, a relative value equity fund. Other Millennium veterans have followed similar paths, including Michael Englander, Izzy’s son, who set up Greenland Capital Management in 2021 after leaving his father’s multistrategy hedge fund.
“I had been at Millennium for a very long time,” Tisch said in a telephone interview. “I was looking to start something of my own.”
Izzy Englander isn’t providing capital to Twin Dovs, according to a person familiar with the matter. Tisch declined to comment on whether his internal capital includes money from family members. His father, James Tisch, is chief executive officer of Loews Corp., a publicly traded conglomerate whose businesses have included insurance, natural gas, cigarette manufacturing, movie theaters and hotels.
James Tisch for more than two decades was the primary trustee for trusts that Izzy Englander set up to hold ownership stakes in Millennium, according to regulatory filings. When Larry died, the Englander family placed a paid obituary in the New York Times stating “as close friends, we feel your loss and mourn with you.”
A Millennium spokesman declined to comment.
After graduating from Brown University in 2007, Sam Tisch worked as an investment banking analyst in Citigroup Inc.’s North American utilities and power group, according to his LinkedIn profile, and then moved to Millennium as an equity analyst in 2009.
In 2016, Tisch attended an internal Millennium training program called Phenom. Emerging portfolio managers in the program were typically given roughly $25 million to $50 million to invest, primarily in equities, according to a person familiar with the effort.
His new firm, Twin Dovs, began trading on July 1. It’s named in part after Tisch’s eldest son, whose middle name is Dov, and his younger twins. Tisch also said that doves are associated with optimism, which can be loosely translated into bullishness, while the name “Dov” in Hebrew means “bear.”
Twin Dovs will allocate about 80% of its capital to long and short positions in industrial and materials stocks, while the other 20% will be devoted to long-only stakes. The firm expects to take in outside capital in addition to the insider money it already holds.
The Tisch fortune dates back to the 1940s, when Larry and his brother Bob began buying hotels and later the Loews movie theater chain, merging the businesses into a holding company they used to buy undervalued firms. Larry, who died in 2003 at 80, also made big contrarian bets on the stock market and acquired a stake in CBS during the 1980s, later becoming the network’s CEO.
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