Brownstone Asset Management, a new high-yield and distressed arm of Brownstone Investment Group, is up and running and looking to put money to work, said Doug Lowey, president in New York. Lowey declined to quantify how much the fund manages or specific credits it will look to participate in.
Oren Cohen, partner at Trilogy Capital, joined this summer as partner in the new fund with Lowey. Cohen had previously been an Institutional Investor-ranked researcher in broadcasting and cable, first at Bear Stearns and then at Merrill Lynch, which he left for Trilogy two years ago (BW, 6/16/2002). Lowey added Cohen's broadcasting and cable background is "one of the many tools in our chest," but the fund will not be specifically focusing on the sector.
Lowey explained the fund will take long and short positions and is looking to make investments in names where there is a near-term catalyst for significant price movement. Brownstone's prime broker is Goldman Sachs.