Michael Schaenen entered the investment business in 1960 in the Dallas office of Bache & Co., where he managed client accounts until 1966. He then joined Oppenheimer & Co., becoming a General Partner in 1969. In 1977, he founded Somerset Capital Management, later Schaenen, Wood and Associates, an asset management firm whose total assets under management exceeded $1.25 billion by 1993, at which point the firm was acquired by KeyCorp. In 1995, Michael founded Emanon Partners LP, the predecessor hedge fund to the current Somerset Capital Partners, LP. Michael received a BA degree in Psychology from Amherst College.