Sunday, 24 May 2015
Last updated 1 day ago
Feb 22 2010 | 11:11am ET
Former Man Group CEO Stanley Fink is taking aim at his old firm with a new systematic hedge fund headed by one of the pioneers of the strategy.
Larry Hite—who helped begin Man’s transformation from sugar-trading firm to hedge fund when he sold half of his Mint Investment Management to Man in 1983—will manage the new ISAM Systematic fund. He’ll also join the board and become a shareholder of International Standard Asset Management, where Fink took the reins in 2008.
The new fund, set to launch in April, will be a direct competitor of Man’s flagship AHL strategy, also a systematic hedge fund. After getting its start with Mint, Man went on to acquire AHL beginning in 1989. The strategy now manages more than half of Man’s assets, topping US$20 billion.
ISAM aims to attract as much as US$6 billion for its new fund.
As part of the “strategic partnership” with Hite’s firm, Hite Capital Management, Alex Greyserman and Gilbert Lee, who work at Hite, will also join ISAM.
London-based ISAM also announced plans for a fund of hedge funds called the ISAM Fusion Fund. Fusion will invest only in managed accounts.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…