Rich Passer will begin trading at his new firm with $50 million in assets. Mecox Capital Partners Mecox Capital Partners is a new $50 million hedge fund focused on options trading. Peter Borish, a founding partner of Paul Tudor Jones' hedge fund, is a backer of the manager. The firm is run by Richard Passer, a former executive at Dan Niles' Satori Fund. Mecox Capital Partners will start trading in the new year with a small pool of capital but a big name in its investor base. The hedge fund, which will trade options and launch with $50 million in assets, counts Peter Borish as an investor, according to the firm's founder, Richard Passer. Borish was a cofounder of Tudor Investment Corp, alongside billionaire Paul Tudor Jones, as well as a founding trustee of the Robin Hood Foundation, the New York-based charity headed by Wall Street's elite that focuses on alleviating poverty in the city and hosts an annual investment and finance conference in Manhattan. "Discretionary trading is particularly challenging, but Richard has the discipline to succeed," Borish said in an email. Passer said the pair first met playing pickup basketball years ago and have remained in contact since. Mecox will begin trading on January 1 of the new year and is based in the Long Island hamlet of Bridgehampton. The strategy at Mecox, which is named after a bay in the Hamptons, will focus on short-term-duration options, Passer said, and will put on between three and five trades in a day, typically. Passer, who began his career as a trader for asset managers Endeavour Capital Advisors and Vollero Beach before shifting into investor relations and operations roles, will be the firm's chief investment officer, while Kiran Srinivas will be the chief portfolio officer, according to the new manager's website. Most recently, Passer was head of marketing and IR for Dan Niles' tech-focused Satori Fund. He has also been the COO of funds such as Mark Cohen's Stone House Partners and Yaron Naymark's 1 Main Capital. For more than two decades, Srinivas has held investment roles at some of the biggest names in the hedge fund industry, including D.E. Shaw, Millennium, and Maverick. Most recently, he served as a portfolio manager at First New York, a long-standing multistrategy investment manager. Read the original article on Business Insider