Zimmerman downplays the challenges faced by women in a male-dominated industry: “The bonds don’t know who owns them.”
Cashed Out
Initially, Zimmerman and Sunshine partnered with Steyer’s Farallon, which bought a minority stake in the new management company they called Farallon Fixed Income Associates. They had one employee.
Steyer cashed out after the Russia episode, but Swensen stuck with Bracebridge. “We took a hard look and found no reason to modify our relationship,” said Swensen, who describes himself as a close friend of Zimmerman’s.
After cutting ties with Farallon and changing its name, Bracebridge ended 1999 with $600 million under management.
Bracebridge’s biggest turnaround came in 2009. After losing 18 percent in the global financial crisis, it posted a 35 percent gain. That surpassed the 25.8 percent return on the HFRI Relative Value index.
Zimmerman owns most of Bracebridge, according to a 2015 filing with the U.S. Securities and Exchange Commission. As for the value, the document only says she and Sunshine control 12.6 percent of the assets. Of the $10.3 billion, that’s about $1.3 billion. It’s split between her and Sunshine and their partners, Zimmerman said, declining to be more specific.
Zimmerman credited her more than 100 employees for the firm’s success. “I’m very proud of the people who come to work here,” she said. “They are focused, intellectually honest and they love to collaborate.”