Jeremy Frommer
Encyclopedia
Jeremy Frommer, a hedge fund
manager and entrepreneur from New Jersey, has been on Wall Street
for over two decades. Over the course of his career, he has worked on both the buy-side and sell-side of the financial industry. Jeremy is currently the CEO of Hedge Fund Live, a media company that provides a daily live broadcast from inside a real multi-strategy hedge fund, financial educational materials, and market news and analysis. In addition to that position, Jeremy is involved in a number of business ventures and charitable organizations.
. He later graduated magna cum laude from the State University of New York at Albany, earning a B.A. in philosophy.
. While at Kidder, Peabody, Jeremy was taught and mentored by Scott Keller, who is the founder of dealanalytics.com.
During his time at Kidder Peabody, Jeremy worked with some influential Wall Street professionals to come from that desk, including:
In June 1993, at the age of 25, Jeremy and Scott Keller were recruited by Mark Patterson
to join the proprietary distressed debt group at BT Securities (Bankers Trust
). Mark Patterson later became Vice Chairman at Credit Suisse First Boston
. At that desk, Jeremy and Scott were responsible for managing all trading activities for the firm’s foreign and domestic distressed debt accounts. While at BT Securities, Jeremy met Dean Machado, who had joined the firm as an investment banker. Jeremy, Scott, and Dean eventually worked together when Dean moved to the buy side.
In 1995, Jeremy joined Scott Keller and Dean Machado at Guard Hill Capital, a merger arbitrage hedge fund founded by Keller. Jeremy served as a Partner and Head Trader for the group, which managed in excess of $100 million.
In 1997, Jeremy left Guard Hill Capital to join the Royal Bank of Canada
(RBC), where he was recruited by the Co-Heads of Global Equity Derivatives Mark Standish, who has since been named President and Co-CEO of RBC Capital Markets
and Loren Katzovitz. Throughout what turned out to be his first stint at RBC, Jeremy worked for Loren Katzovitz, who later became President of Guggenheim Partners
. At RBC, Jeremy was able to hone his craft beyond the management of a trading desk. As the Head of the merger arbitrage group, along with his partner, Jason Dahl, who went on to become a portfolio manager
at Arnhold and S. Bleichröeder Advisers, LLC, Jeremy led a team of eight professionals, two principals, and three traders. In a largely unprecedented move, Jeremy added computer programmers to his team, in order to research the mechanics of trading through computer code. He used his research to formulate new algorithmic trading
ideas for himself and his team.
Near the height of the dot-com market boom, in the autumn of 2000, Jeremy was lured away from RBC by Bank of America
, where he became Head of both the global equity derivatives group and the merger arbitrage proprietary trading
group. During his tenure at Bank of America, Jeremy worked directly under Van Nguyen, who later founded Laurel Ridge Asset Management, and Jonathan Sandelman, who later founded Sandelman Partners. During his tenure at both Bank of America and RBC, Mr. Frommer managed portfolios as large as $1 billion. Jeremy remained at Bank of America until shortly after 9/11, when Bank of America, along with the majority of financial firms on Wall Street, closed much of its proprietary trading department.
In the early months of 2002, Jeremy made his first foray into entrepreneurship. He started two companies simultaneously. The first, Frommer Capital, was a small hedge fund
. The second, NextGen Trading, was an electronic trading firm. NextGen grew at a quick pace, eventually causing Jeremy to completely shift his focus away from Frommer Capital, which closed shortly after. Later in 2002, NextGen became an affiliate of Carlin Financial Group (Carlin), which eventually bought NextGen in 2004. Jeremy was originally named Interim CFO at Carlin, but soon moved up the ladder and became CEO.
While at Carlin, Jeremy was responsible for more than doubling their institutional sales desk in both size and revenue. During his tenure, Carlin averaged approximately $85 million in revenue annually, and their direct market access trading system, Accell, became a fixture on trading desks at hedge funds throughout the United States. The rapid growth of Carlin caught the attention of RBC Capital Markets Corporation, which acquired Carlin on January 2, 2007 for a significant value.
During his second stint at RBC, Frommer became a Managing Director, Head of the Global Prime Services Group (GPS), and a member of the RBC Global Prime Equities Operating Committee. GPS encompassed five business divisions, as well as the Electronic Trading Development Group. Frommer oversaw in excess of 120 professionals, including a 20-person programming group, and managed the Professional Trading Division, which housed nearly 300 independent traders.
and Richie Akiva. In addition, Mr. Frommer is rumored to be an investor at his brother-in-law, celebrity chef Josh Capon
’s, Lure Fishbar in New York City’s SoHo neighborhood. A passionate supporter of the arts, Mr. Frommer is an investor in Overnight Productions, a New York
-based film and television production company founded by acclaimed film producer Rick Schwartz
, a former executive at Miramax and producer of award-winning films Gangs of New York
, The Aviator, and The Departed
. Mr. Schwartz's most recent film, Machete (film)
, directed by Robert Rodriguez
, is scheduled to be released by Twentieth Century Fox in September, 2010.
’s Dwight Morrow High School
EAGLE Academy.
, founder of the strategic communications firm Hiltzik Strategies. Mr. Hiltzik's clientele also includes other major media figures like Katie Couric
, Don Imus
, Alec Baldwin
, Annie Leibovitz
, and Glenn Beck
.
Hedge fund
A hedge fund is a private pool of capital actively managed by an investment adviser. Hedge funds are only open for investment to a limited number of accredited or qualified investors who meet criteria set by regulators. These investors can be institutions, such as pension funds, university...
manager and entrepreneur from New Jersey, has been on Wall Street
Wall Street
Wall Street refers to the financial district of New York City, named after and centered on the eight-block-long street running from Broadway to South Street on the East River in Lower Manhattan. Over time, the term has become a metonym for the financial markets of the United States as a whole, or...
for over two decades. Over the course of his career, he has worked on both the buy-side and sell-side of the financial industry. Jeremy is currently the CEO of Hedge Fund Live, a media company that provides a daily live broadcast from inside a real multi-strategy hedge fund, financial educational materials, and market news and analysis. In addition to that position, Jeremy is involved in a number of business ventures and charitable organizations.
Beginning of Wall Street career
During the summer of 1987, Jeremy Frommer worked as an intern in the equity division at Salomon BrothersSalomon Brothers
Salomon Brothers was a bulge bracket, Wall Street investment bank. Founded in 1910 by three brothers along with a clerk named Ben Levy, it remained a partnership until the early 1980s, when it was acquired by the commodity trading firm Phibro Corporation and then became Salomon Inc. Eventually...
. He later graduated magna cum laude from the State University of New York at Albany, earning a B.A. in philosophy.
Professional career
In 1990, Jeremy Frommer began his professional career as a trader on the high yield bond and distressed debt desk at Kidder, Peabody & Co. Also on the desk was Ron Goldstein, who has since become the Chief Financial Officer at Appaloosa ManagementAppaloosa Management
Appaloosa Management is an American hedge fund founded in 1993 by David Tepper and Jack Walton specializing in distressed debt. Appaloosa Management invests in public equity and fixed income markets around the world.-History:...
. While at Kidder, Peabody, Jeremy was taught and mentored by Scott Keller, who is the founder of dealanalytics.com.
During his time at Kidder Peabody, Jeremy worked with some influential Wall Street professionals to come from that desk, including:
- Tom Bernard, the famous “Human Piranha” from Michael LewisMichael Lewis (author)Michael Lewis is an American non-fiction author and financial journalist. His bestselling books include The Big Short: Inside the Doomsday Machine, Liar's Poker, The New New Thing, Moneyball: The Art of Winning an Unfair Game, The Blind Side: Evolution of a Game, Panic and Home Game: An...
’s Liar’s Poker. - Alex Kirk, former global head of high-yield and leveraged loans at Lehman BrothersLehman BrothersLehman Brothers Holdings Inc. was a global financial services firm. Before declaring bankruptcy in 2008, Lehman was the fourth largest investment bank in the USA , doing business in investment banking, equity and fixed-income sales and trading Lehman Brothers Holdings Inc. (former NYSE ticker...
. - Mike Meagher, founder of The Seaport Group.
- Lynn Tilton, CEO of Patriarch Partners, an investment firm managing $7 billion.
- Joe Amato, former head of global equity sales at Lehman Brothers.
- Ken Casey, Managing Director at Cohen & Company Securities.
In June 1993, at the age of 25, Jeremy and Scott Keller were recruited by Mark Patterson
Mark Patterson
Mark Patterson is an English former footballer who made nearly 500 appearances in the Football League playing as a midfielder for Blackburn Rovers, Preston North End, Bury, Bolton Wanderers, Sheffield United, Southend United and Blackpool...
to join the proprietary distressed debt group at BT Securities (Bankers Trust
Bankers Trust
Bankers Trust was an historic American banking organization. The bank merged with Alex. Brown & Sons before being acquired by Deutsche Bank in 1998.-History:A consortium of banks created Bankers Trust to perform trust company services for their clients....
). Mark Patterson later became Vice Chairman at Credit Suisse First Boston
Credit Suisse First Boston
Credit Suisse First Boston was the former name of the banking firm Credit Suisse.-History:In 1978, Credit Suisse and First Boston Corporation formed a London-based 50-50 investment banking joint venture called the Financière Crédit Suisse-First Boston...
. At that desk, Jeremy and Scott were responsible for managing all trading activities for the firm’s foreign and domestic distressed debt accounts. While at BT Securities, Jeremy met Dean Machado, who had joined the firm as an investment banker. Jeremy, Scott, and Dean eventually worked together when Dean moved to the buy side.
In 1995, Jeremy joined Scott Keller and Dean Machado at Guard Hill Capital, a merger arbitrage hedge fund founded by Keller. Jeremy served as a Partner and Head Trader for the group, which managed in excess of $100 million.
In 1997, Jeremy left Guard Hill Capital to join the Royal Bank of Canada
Royal Bank of Canada
The Royal Bank of Canada or RBC Financial Group is the largest financial institution in Canada, as measured by deposits, revenues, and market capitalization. The bank serves seventeen million clients and has 80,100 employees worldwide. The company corporate headquarters are located in Toronto,...
(RBC), where he was recruited by the Co-Heads of Global Equity Derivatives Mark Standish, who has since been named President and Co-CEO of RBC Capital Markets
RBC Capital Markets
RBC Capital Markets is a Canadian investment bank with assets of $711 billion. It is part of the Royal Bank of Canada and has one of the highest credit ratings in the world by Moody's and Standard & Poor's.,According to Bloomberg, RBCCM is consistently ranked among the top 20 global investment...
and Loren Katzovitz. Throughout what turned out to be his first stint at RBC, Jeremy worked for Loren Katzovitz, who later became President of Guggenheim Partners
Guggenheim Partners
Guggenheim Partners, LLC is a privately held, diversified financial services firm that engages in investment banking, capital markets services, investment management, and investment advisory. The firm is headquartered in Chicago and New York with over 1,400 professionals located in 20 cities...
. At RBC, Jeremy was able to hone his craft beyond the management of a trading desk. As the Head of the merger arbitrage group, along with his partner, Jason Dahl, who went on to become a portfolio manager
Portfolio manager
A portfolio manager is either a person who makes investment decisions using money other people have placed under his or her control or a person who manages a financial institution's asset and liability portfolios....
at Arnhold and S. Bleichröeder Advisers, LLC, Jeremy led a team of eight professionals, two principals, and three traders. In a largely unprecedented move, Jeremy added computer programmers to his team, in order to research the mechanics of trading through computer code. He used his research to formulate new algorithmic trading
Algorithmic trading
In electronic financial markets, algorithmic trading or automated trading, also known as algo trading, black-box trading or robo trading, is the use of electronic platforms for entering trading orders with an algorithm deciding on aspects of the order such as the timing, price, or quantity of the...
ideas for himself and his team.
Near the height of the dot-com market boom, in the autumn of 2000, Jeremy was lured away from RBC by Bank of America
Bank of America
Bank of America Corporation, an American multinational banking and financial services corporation, is the second largest bank holding company in the United States by assets, and the fourth largest bank in the U.S. by market capitalization. The bank is headquartered in Charlotte, North Carolina...
, where he became Head of both the global equity derivatives group and the merger arbitrage proprietary trading
Proprietary trading
Proprietary trading occurs when a firm trades stocks, bonds, currencies, commodities, their derivatives, or other financial instruments, with the firm's own money as opposed to its customers' money, so as to make a profit for itself...
group. During his tenure at Bank of America, Jeremy worked directly under Van Nguyen, who later founded Laurel Ridge Asset Management, and Jonathan Sandelman, who later founded Sandelman Partners. During his tenure at both Bank of America and RBC, Mr. Frommer managed portfolios as large as $1 billion. Jeremy remained at Bank of America until shortly after 9/11, when Bank of America, along with the majority of financial firms on Wall Street, closed much of its proprietary trading department.
In the early months of 2002, Jeremy made his first foray into entrepreneurship. He started two companies simultaneously. The first, Frommer Capital, was a small hedge fund
Hedge fund
A hedge fund is a private pool of capital actively managed by an investment adviser. Hedge funds are only open for investment to a limited number of accredited or qualified investors who meet criteria set by regulators. These investors can be institutions, such as pension funds, university...
. The second, NextGen Trading, was an electronic trading firm. NextGen grew at a quick pace, eventually causing Jeremy to completely shift his focus away from Frommer Capital, which closed shortly after. Later in 2002, NextGen became an affiliate of Carlin Financial Group (Carlin), which eventually bought NextGen in 2004. Jeremy was originally named Interim CFO at Carlin, but soon moved up the ladder and became CEO.
While at Carlin, Jeremy was responsible for more than doubling their institutional sales desk in both size and revenue. During his tenure, Carlin averaged approximately $85 million in revenue annually, and their direct market access trading system, Accell, became a fixture on trading desks at hedge funds throughout the United States. The rapid growth of Carlin caught the attention of RBC Capital Markets Corporation, which acquired Carlin on January 2, 2007 for a significant value.
During his second stint at RBC, Frommer became a Managing Director, Head of the Global Prime Services Group (GPS), and a member of the RBC Global Prime Equities Operating Committee. GPS encompassed five business divisions, as well as the Electronic Trading Development Group. Frommer oversaw in excess of 120 professionals, including a 20-person programming group, and managed the Professional Trading Division, which housed nearly 300 independent traders.
The Frommer Group
Frommer left RBC in 2009 and, once again, tried his hand at entrepreneurship. Late in 2009, Jeremy founded his second hedge fund, TFG Investments. In addition, he started a media company, Hedge Fund LIVE, which currently broadcasts all of the activity taking place at TFG Investments, making the latter what he hopes will be one of the first transparent hedge funds. Both companies are subsidiaries of The Frommer Group. Through Hedge Fund LIVE, investors and the public alike can monitor all trades and investments made by TFG Investments. In addition, TFG Investments runs a proprietary educational program through which it trains junior traders. Hedge Fund LIVE broadcasts this educational process, as well, while providing its members with the traders’ notes and assignments from their lessons.Investments
Mr. Frommer is rumored to be an investor in 1OAK, a New York City nightclub opened by Scott SartianoScott sartiano
Scott Sartiano is an American restaurateur to Italian-American and Irish/Polish-American parents. He was born in Pittsburgh, PA and raised in Columbia, SC later moving to New York City to pursue his undergraduate degree at Columbia University where he played tennis at the collegiate level.After an...
and Richie Akiva. In addition, Mr. Frommer is rumored to be an investor at his brother-in-law, celebrity chef Josh Capon
Josh Capon
-Early career:Capon attended the University of Maryland where he discovered his talent in cooking for his friends, which he funded by accepting small donations. Subsequently, this led to Capon transferring to Johnson and Wales University, the only culinary school offering a bachelor's degree at the...
’s, Lure Fishbar in New York City’s SoHo neighborhood. A passionate supporter of the arts, Mr. Frommer is an investor in Overnight Productions, a New York
New York
New York is a state in the Northeastern region of the United States. It is the nation's third most populous state. New York is bordered by New Jersey and Pennsylvania to the south, and by Connecticut, Massachusetts and Vermont to the east...
-based film and television production company founded by acclaimed film producer Rick Schwartz
Rick Schwartz
Rick Schwartz is an independent producer and financier whose credits include The Departed, Black Swan, Gangs of New York, The Aviator and The Others....
, a former executive at Miramax and producer of award-winning films Gangs of New York
Gangs of New York
Gangs of New York is a 2002 historical film set in the mid-19th century in the Five Points district of New York City. It was directed by Martin Scorsese and written by Jay Cocks, Steven Zaillian, and Kenneth Lonergan. The film was inspired by Herbert Asbury's 1928 nonfiction book, The Gangs of New...
, The Aviator, and The Departed
The Departed
The Departed is a 2006 American crime thriller film, fashioned as a remake of the 2002 Hong Kong film Infernal Affairs. The film was directed by Martin Scorsese and written by William Monahan...
. Mr. Schwartz's most recent film, Machete (film)
Machete (film)
Machete is a 2010 action film directed by Robert Rodriguez and Ethan Maniquis. The "Machete" character originates from the 2001 Spy Kids film, written and directed by Robert Rodriguez. This film is an expansion of a fake trailer that was released together with Rodriguez's and Quentin Tarantino's...
, directed by Robert Rodriguez
Robert Rodriguez
Robert Anthony Rodríguez is an American film director, screenwriter, producer, cinematographer, editor and musician. He shoots and produces many of his films in his native Texas and Mexico. He has directed such films as Desperado, From Dusk till Dawn, The Faculty, Spy Kids, Sin City, Planet...
, is scheduled to be released by Twentieth Century Fox in September, 2010.
Charity
Mr. Frommer is a philanthropist in his community. He has made donations to a host of educational programs, political campaigns, and charitable organizations. In addition, Mr. Frommer runs a community outreach program at The Frommer Group. In March 2010, he addressed a group of underprivileged students at Englewood, New JerseyEnglewood, New Jersey
Englewood is a city located in Bergen County, New Jersey. As of the 2010 United States Census, the city had a total population of 27,147.Englewood was incorporated as a city by an Act of the New Jersey Legislature on March 17, 1899, from portions of Ridgefield Township and the remaining portions of...
’s Dwight Morrow High School
Dwight Morrow High School
Dwight Morrow High School is a four-year comprehensive public high school located in Englewood, New Jersey, United States, operating as part of the Englewood Public School District. The school also serves students from Englewood Cliffs, who attend as part of a sending/receiving relationship...
EAGLE Academy.
Representation
Mr. Frommer's public relations team is led by Matthew HiltzikMatthew Hiltzik
Matthew Hiltzik is the founder of the strategic communications and consulting firm, Hiltzik Strategies, representing influential companies, organizations, and high profile individuals in media, entertainment, publishing, finance, politics and philanthropy.-Early life:Hiltzik was raised in Teaneck,...
, founder of the strategic communications firm Hiltzik Strategies. Mr. Hiltzik's clientele also includes other major media figures like Katie Couric
Katie Couric
Katherine Anne "Katie" Couric is an American journalist and author. She serves as Special Correspondent for ABC News, contributing to ABC World News, Nightline, 20/20, Good Morning America, This Week and primetime news specials...
, Don Imus
Don Imus
John Donald "Don" Imus, Jr. is an American radio host, humorist, philanthropist and writer. His nationally-syndicated talk show, Imus in the Morning, is broadcast throughout the United States by Citadel Media and relayed on television by the Fox Business Network.-Personal life:Imus was born in...
, Alec Baldwin
Alec Baldwin
Alexander Rae "Alec" Baldwin III is an American actor who has appeared on film, stage, and television.Baldwin first gained recognition through television for his work in the soap opera Knots Landing in the role of Joshua Rush. He was a cast member for two seasons before his character was killed off...
, Annie Leibovitz
Annie Leibovitz
Anna-Lou "Annie" Leibovitz is an American portrait photographer.-Early life and education:Born in Waterbury, Connecticut, Leibovitz is the third of six children. She is a third-generation American whose great-grandparents were Jewish immigrants, from Central and Eastern Europe. Her father's...
, and Glenn Beck
Glenn Beck
Glenn Edward Lee Beck is an American conservative radio host, vlogger, author, entrepreneur, political commentator and former television host. He hosts the Glenn Beck Program, a nationally syndicated talk-radio show that airs throughout the United States on Premiere Radio Networks...
.