September 3, 2019 / 7:59 PM / a month ago

MOVES-Hedge fund Scopia promotes Cherney to IR head after Fionda leaves

BOSTON, Sept 3 (Reuters) - Scopia Capital last week promoted Joshua Cherney to head the hedge fund’s business development and investor relations group after Quinn Fionda, who had been with the firm for nearly 11 years, left, a source familiar with the moves said on Tuesday.

Cherney has worked with the group he now heads ever since joining the hedge fund in 2016 from BlackRock, where he was a hedge fund research analyst.

Scopia, which invests roughly $2 billion, has delivered double-digit gains in its main funds this year as bets on the long and short sides have helped the firm earn money. The firm’s market neutral fund earned 15% after fees in the first eight months of 2019 while its long-short fund gained 28% and its long-only fund rose 30%.

The S&P 500 returned 18% during the same time.

Scopia, which was founded in 2001 by Matt Sirovich and Jeremy Mindich, occasionally presses company management for changes and was instrumental in laying the groundwork for last year’s board overhaul at Forest City Realty Trust. Four months later Forest City was acquired by Brookfield Asset Management. (Reporting by Svea Herbst-Bayliss; Editing by Dan Grebler)

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