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He joins former Greenlight partner Andrew Rechtschaffen, who founded the firm last year.
| Gary Claar (left) and Andrew Rechtschaffen, Arex Capital |
Two hedge fund managers with ties to two high-profile activist firms are joining up.
Gary Claar, a founding partner of JANA Partners along with Barry Rosenstein, has joined Arex Capital as a senior partner. For the past five years, Claar has managed Claar Advisors, his family office, and has been teaching a value investing class at the NYU Stern School of Business.
Arex was founded in 2017 by Andrew Rechtschaffen, whom Institutional Investor named a Hedge Fund Rising Star last year. Rechtschaffen had joined David Einhorn's Greenlight Capital in 2002 when the firm managed just $800 million. He became partner in 2005.
That same year he left to join Ken Griffin's Citadel before leaving in 2008 in the middle of the financial crisis to launch his own hedge fund, Obrem Capital Management. But the fund suffered losses from the outset and in...