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Boston hedge fund is largest in world run by a woman
In a year when titans Bill Ackman and David Einhorn each lost more than 20 percent for their investors, David Swensen’s bet on a little-known hedge fund kept making him money.
Nancy Zimmerman’s Bracebridge Capital has gone from $5.8 billion in assets four years ago to $10.3 billion today, with a return of about 10 percent a year since its inception. That makes it the largest hedge fund in the world run by a woman. Zimmerman, who survived a 1990s scandal involving Russia, her husband, and Harvard University, is so successful at avoiding the limelight that Leda Braga’s $9.5 billion Systematica Investments Ltd. is often cited as the top woman-led firm by assets.
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Swensen, who runs Yale University’s $25.6 billion endowment, and Thomas Steyer of Farallon Capital Management originally staked Zimmerman in 1994 with about $50 million. Yale’s investment now is valued at around $1 billion, making it one of the endowment’s most profitable.
“She’s employing this leveraged strategy to exploit pricing differentials in the fixed-income world with an obsessive focus on risk,” Swensen said.
Bracebridge has had only eight losing months since 2009. The fund’s 2 percent gain last year eclipsed the industry, which was up 0.6 percent, on average, according to data compiled by Bloomberg. Hedge funds had trouble navigating unexpected market events, including a devaluation in the Chinese currency in August, a rally in European government bonds, and a steep drop in oil prices.
Ackman’s Pershing Square Holdings, the publicly traded part of his activist hedge fund, lost 20.5 percent last year, hurt in part by a drop in the shares of drug maker Valeant Pharmaceuticals International Inc. Einhorn’s Greenlight Capital suffered the second losing year in its history, with its main fund falling 20.4 percent due to wrong-way stock picks.
“There were a lot of gopher holes that you could step in,” said Gabriel Sunshine, Zimmerman’s partner at Bracebridge. “We managed to miss most of them.’’
Zimmerman, 52, has a powerful network of allies, including former New Jersey Governor Jon Corzine, who was Zimmerman’s boss at Goldman Sachs Group, where he was co-chief executive. Among her top investors is Princeton University’s endowment, run by Swensen protege Andrew Golden.
Corzine said he remembers Zimmerman as a brilliant trader who attracted the brightest of co-workers.
Bracebridge is a relative-value fixed-income fund that exploits small pricing differences in the credit market and hedges against those bets.
Zimmerman offered a typical scenario: Bracebridge buys a corporate bond it considers cheap while at the same time purchasing a credit-default swap on the bond in order to make money even if the company goes bankrupt. Leverage boosts returns.
The strategy hasn’t always come up roses. Long-Term Capital Management, a highly leveraged hedge fund run by John Meriwether, pursued a similar investment approach. In 1998, after Russia stiffed lenders including LTCM, the fund failed and was bailed out by its Wall Street competitors. The demise of LTCM hit other hedge funds, including Bracebridge, which held some of the same assets. Bracebridge lost about 26 percent, making it the worst year in its history.
A few years prior, in 1992, Zimmerman’s husband, Harvard economist Andrei Shleifer, signed on to help privatize the Russian economy under the auspices of the university and the US government. Zimmerman bought up beleaguered Russian debt, betting its value would rise, court filings show.
Complaints arose about Shleifer and his business partner allegedly using their position and influence for personal gain, according to court documents. Harvard, Shleifer, and the US Department of Justice eventually reached an agreement in which the university paid $26.5 million to settle a civil lawsuit and Shleifer paid $2 million. Zimmerman’s company paid $1.5 million to resolve civil claims that it improperly used resources and staff from the government-funded project.
Neither Zimmerman nor her husband admitted wrongdoing in connection with their Russia dealings.
Zimmerman was born and raised in Skokie, Ill., the youngest of two girls. While attending Brown University in Providence, she worked summers at O’Connor & Associates, a Chicago derivatives-trading firm. She stayed with them for three years after graduation, on the raucous floor of the Chicago Mercantile Exchange. Her first job was buying Japanese yen options, she said.
Though her roots are in the Midwest, she’s a Bostonian now, relishing Red Sox games and working behind the scenes for a number of the city’s philanthropies.
Zimmerman downplays the challenges faced by women in a male-dominated industry: “The bonds don’t know who owns them.”
Zimmerman owns most of Bracebridge, according to a 2015 filing with the Securities and Exchange Commission. As for the value, the document says only that she and Sunshine control 12.6 percent of the assets. Of the $10.3 billion, that’s about $1.3 billion. It’s split between her and Sunshine and their partners, Zimmerman said, declining to be more specific.
Zimmerman credited her more than 100 employees for the firm’s success. “I’m very proud of the people who come to work here,” she said. “They are focused, intellectually honest, and they love to collaborate.”
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Rick Zimmerman, President & CEO
Rick joined the travel industry fresh out of college where he worked as a travel agent for a small agency in Cleveland, Ohio. He left the travel industry to follow his brother into the residential construction industry where he spent the next twenty-five years. In early 2005, his passion for travel drew him back to the industry. Led by Rick’s entrepreneurial spirit and vision for success, KHM Travel Group was founded. Following Rick’s guidance, the company continues to thrive as a leader in innovation with an unwavering commitment to its Core Values.
Lisa Findura, Senior Vice President of Operations
Lisa has been instrumental in the development of KHM Travel Group as a leading host agency. Since she joined the team in 2009, she has managed a variety of teams and led the company’s strategic planning efforts, both internally and industry wide. As the Senior Vice President of Operations, Lisa is a driving force behind several of the host agency’s programs and initiatives, including building a welcoming culture for all team members, travel agents, and supplier partners. Lisa’s career in travel spans 40 years. Before her role at KHM Travel Group, she worked as a travel agent, travel and tourism instructor, flight attendant, and a Royal Caribbean International team member.
Geoff Cox, Vice President of Sales & Marketing
Geoff’s commitment to growing KHM Travel Group’s sales has helped the company soar to new heights. He has played a significant role in increasing the host agency’s production with several key Preferred Suppliers including ALG Vacations, Delta Vacations, and Carnival Cruise Line. When Geoff joined KHM Travel Group in 2011, he was no stranger to the travel industry. From 1993-2002, he worked as Business Development Manager and Key Account Manager at Royal Caribbean International. After his time with Royal Caribbean International, Geoff served as a Business Development Manager with Carnival Cruise Line for 8 years.
Karen Siburt, Vice President of Finance and Administration
Karen brings a diverse background in regulatory, corporate, and employment law to the KHM Travel Group team. She received her bachelor’s degree in paralegal studies from Myers University in Cleveland, Ohio. After receiving her degree, she spent several years building her business experience with several Northeast Ohio companies. Throughout her career, Karen has increased her knowledge in a variety of areas including corporate law, franchise work, and trademarking. Since she joined KHM Travel Group in 2010, her role has expanded to fit the growing needs of the company. She is also dedicated to ensuring that the host agency remains compliant with the dynamic travel industry and all regulatory laws.
Anita Pagliasso, Vice President of Industry Relations
Anita Pagliasso joined the KHM Travel Group team in early 2020, having previously held the position as Founder and President of Ticket To Travel. After starting her own home-based travel agency in 1992, Anita’s one-person business quickly evolved with agents looking to her for mentoring and guidance. By sharing her success tactics, Anita has become a renowned industry speaker, home-based travel agent advocate, author, and a mentor to thousands. In addition to her role as KHM Travel Group’s Vice President of Industry Relations, she is also President of the Professional Association of Travel Hosts (PATH), American Society of Travel Advisors Board Director-at-Large (ASTA), Cruise Line Industry Association STARBoard and Trade Relations Co-Chair (CLIA), and Vice President California Coalition of Travel Organizations (CCTO).
Bill Coyle, Vice President of Agent Engagement
Bill Coyle has become an essential travel industry resource with over 30 years of experience leading his own brick and mortar travel agency, serving on several agent advisory boards, and advocating for travel advisors on a national level with the American Society of Travel Advisors (ASTA). As KHM Travel Group’s first-ever Limelight Award recipient for going above and beyond, Bill oversees the Agency Program, top-producing Pinnacle & Basecamp Programs, and KHM Travel Group’s Advisory Board. He brings a spirited passion for travel in all his professional endeavors and continues to book travel for his longtime clients.
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The 70+ team members that make up KHM Travel Group’s Corporate staff come from a wide variety of backgrounds and experiences. This means that we are able to support our agents in all areas of running their businesses including education, commissions, marketing, groups, sales, technology, and compliance.
We are a growing team that loves what we do! To learn more about careers at KHM Travel Group, visit our Careers page .
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Trains Moscow to Elektrostal: Times, Prices and Tickets
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Moscow to Elektrostal by train
The journey from Moscow to Elektrostal by train is 32.44 mi and takes 2 hr 7 min. There are 71 connections per day, with the first departure at 12:15 AM and the last at 11:46 PM. It is possible to travel from Moscow to Elektrostal by train for as little as or as much as . The best price for this journey is .
Get from Moscow to Elektrostal with Virail
Virail's search tool will provide you with the options you need when you want to go from Moscow to Elektrostal. All you need to do is enter the dates of your planned journey, and let us take care of everything else. Our engine does the hard work, searching through thousands of routes offered by our trusted travel partners to show you options for traveling by train, bus, plane, or carpool. You can filter the results to suit your needs. There are a number of filtering options, including price, one-way or round trip, departure or arrival time, duration of journey, or number of connections. Soon you'll find the best choice for your journey. When you're ready, Virail will transfer you to the provider's website to complete the booking. No matter where you're going, get there with Virail.
How can I find the cheapest train tickets to get from Moscow to Elektrostal?
Prices will vary when you travel from Moscow to Elektrostal. On average, though, you'll pay about for a train ticket. You can find train tickets for prices as low as , but it may require some flexibility with your travel plans. If you're looking for a low price, you may need to prepare to spend more time in transit. You can also often find cheaper train tickets at particular times of day, or on certain days of the week. Of course, ticket prices often change during the year, too; expect to pay more in peak season. For the lowest prices, it's usually best to make your reservation in advance. Be careful, though, as many providers do not offer refunds or exchanges on their cheapest train tickets. Unfortunately, no price was found for your trip from Moscow to Elektrostal. Selecting a new departure or arrival city, without dramatically changing your itinerary could help you find price results. Prices will vary when you travel from Moscow to Elektrostal. On average, though, you'll pay about for a train ticket. If you're looking for a low price, you may need to prepare to spend more time in transit. You can also often find cheaper train tickets at particular times of day, or on certain days of the week. Of course, ticket prices often change during the year, too; expect to pay more in peak season. For the lowest prices, it's usually best to make your reservation in advance. Be careful, though, as many providers do not offer refunds or exchanges on their cheapest train tickets.
How long does it take to get from Moscow to Elektrostal by train?
The journey between Moscow and Elektrostal by train is approximately 32.44 mi. It will take you more or less 2 hr 7 min to complete this journey. This average figure does not take into account any delays that might arise on your route in exceptional circumstances. If you are planning to make a connection or operating on a tight schedule, give yourself plenty of time. The distance between Moscow and Elektrostal is around 32.44 mi. Depending on the exact route and provider you travel with, your journey time can vary. On average, this journey will take approximately 2 hr 7 min. However, the fastest routes between Moscow and Elektrostal take 1 hr 3 min. If a fast journey is a priority for you when traveling, look out for express services that may get you there faster. Some flexibility may be necessary when booking. Often, these services only leave at particular times of day - or even on certain days of the week. You may also find a faster journey by taking an indirect route and connecting in another station along the way.
How many journeys from Moscow to Elektrostal are there every day?
On average, there are 71 daily departures from Moscow to Elektrostal. However, there may be more or less on different days. Providers' timetables can change on certain days of the week or public holidays, and many also vary at particular times of year. Some providers change their schedules during the summer season, for example. At very busy times, there may be up to departures each day. The providers that travel along this route include , and each operates according to their own specific schedules. As a traveler, you may prefer a direct journey, or you may not mind making changes and connections. If you have heavy suitcases, a direct journey could be best; otherwise, you might be able to save money and enjoy more flexibility by making a change along the way. Every day, there are an average of 18 departures from Moscow which travel directly to Elektrostal. There are 53 journeys with one change or more. Unfortunately, no connection was found for your trip from Moscow to Elektrostal. Selecting a new departure or arrival city, without dramatically changing your itinerary could help you find connections.
Book in advance and save
If you're looking for the best deal for your trip from Moscow to Elektrostal, booking train tickets in advance is a great way to save money, but keep in mind that advance tickets are usually not available until 3 months before your travel date.
Stay flexible with your travel time and explore off-peak journeys
Planning your trips around off-peak travel times not only means that you'll be able to avoid the crowds, but can also end up saving you money. Being flexible with your schedule and considering alternative routes or times will significantly impact the amount of money you spend on getting from Moscow to Elektrostal.
Always check special offers
Checking on the latest deals can help save a lot of money, making it worth taking the time to browse and compare prices. So make sure you get the best deal on your ticket and take advantage of special fares for children, youth and seniors as well as discounts for groups.
Unlock the potential of slower trains or connecting trains
If you're planning a trip with some flexible time, why not opt for the scenic route? Taking slower trains or connecting trains that make more stops may save you money on your ticket – definitely worth considering if it fits in your schedule.
Best time to book cheap train tickets from Moscow to Elektrostal
The cheapest Moscow - Elektrostal train tickets can be found for as low as $35.01 if you’re lucky, or $54.00 on average. The most expensive ticket can cost as much as $77.49.
Find the best day to travel to Elektrostal by train
When travelling to Elektrostal by train, if you want to avoid crowds you can check how frequently our customers are travelling in the next 30-days using the graph below. On average, the peak hours to travel are between 6:30am and 9am in the morning, or between 4pm and 7pm in the evening. Please keep this in mind when travelling to your point of departure as you may need some extra time to arrive, particularly in big cities!
Moscow to Elektrostal CO2 Emissions by Train
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Nancy Zimmerman (born 1963/64) is an American hedge fund manager. She is the co-founder of Bracebridge Capital, a Boston-based hedge fund with over $12 billion of assets under management as of June 2019.The fund manages investments for foundations, pensions, high net worth individuals and endowments, including those of Yale University and Princeton University.
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Candy's Travel, Zimmerman, Minnesota. 409 likes · 1 was here. Travel agency able to assist with Cruises, Tours, hotels, all inclusive vacations , domestic, international travel. 25+ years experience
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Industry: Travel Arrangement and Reservation Services , Agents and Managers for Artists, Athletes, Entertainers, and Other Public Figures , Other Amusement and Recreation Industries , Travel agencies, Reservation services See All Industries, Tourist information bureau, Ticket agency, theatrical Tour and guide services See Fewer Industries
The journey from Moscow to Elektrostal by train is 32.44 mi and takes 2 hr 7 min. There are 71 connections per day, with the first departure at 12:15 AM and the last at 11:46 PM. It is possible to travel from Moscow to Elektrostal by train for as little as or as much as . The best price for this journey is . Journey Duration.
Before you hire a real estate agent in Elektrostal', Moscow Oblast, browse through our network of over 400 local real estate agents. Read through customer reviews, check out their past projects and then request a quote from the best real estate agents near you. Finding real estate agents in my area is easy on Houzz.
Elektrostal is a city in Moscow Oblast, Russia, located 58 kilometers east of Moscow. Elektrostal has about 158,000 residents. Mapcarta, the open map.