Coherence Capital Partners has been formed from a spinout of the asset management unit of insurer Jefferson National Financial, Will Thompson, a Coherence Capital spokesman, confirmed in an interview.
The management buyout of the unit, Jefferson National Asset Management, closed on Dec. 30.
Coherence Capital manages a broad spectrum of fixed-income assets, including active and passive long-only strategies, hedge funds and alternative credit investments such as bank loans and structured products.
Jefferson National Financial is “in the process of transitioning to outsourced management of its general account,” Deborah Newman, a spokeswoman for the insurer, wrote in an e-mail.
In an interview, Ms. Newman said management of $100 million of assets from the insurer's general account and $200 million of assets from reinsurance contracts has been outsourced to Coherence Capital.
Salvatore Naro, who was chairman of Jefferson National Asset Management, led the management buyout and is CEO and managing member of Coherence Capital. Also joining Coherence from JNAM are Vincent Mistretta, president; Greg MacKay, chief risk officer and COO; and Robert Del Grande, CFO. David E. McClean joined Coherence as chief compliance officer; he remains principal of David E. McClean & Associates, a regulatory compliance consultant.
At JNAM, Mr. Mistretta was head of portfolio management; Mr. MacKay was COO; and Mr. Del Grande was CFO.
Mr. Naro was not available for an interview.