Friday, 25 July 2014
Last updated 19 hours ago
Apr 20 2010 | 11:30am ET
In a major hiring coup, GLG Partners will add the heads of London-based hedge fund Tisbury Capital Management to head its event-driven strategy.
Tisbury founder Gerard Griffin and partner Gerald Lucaussy will join GLG in the next few weeks, along with one other Tisbury employee, GLG said. They will take the helm of the event-driven team from Kaveh Sheibani and Julian Harvey Wood, the founders of Pendragon Capital, who joined GLG last year.
Sheibani and Harvey Wood are leaving London-based GLG for personal reasons.
Griffin is in the midst of unwinding Tisbury, although the now-US$80 million fund will be transferred to GLG and renamed the GLG Tisbury Event Driven Fund. Griffin expects to return the remaining assets—about half of which belong to him and Lucaussy—within the next two months.
Tisbury once managed US$2.75 billion, but was badly burned by the financial crisis in 2008, losing 30% that year. Investors then headed for the exit and Tisbury imposed redemption restrictions. But despite recouping his losses in 2009 with a 65% return, investors were wary of reupping with Tisbury, which launched a new fund in November. Griffin had hoped to raise US$750 million for that vehicle.
“Tisbury has an enviable seven-year track record in event-driven investment strategies,” GLG CEO Emmanuel Roman said. “Gerard and Gerald’s experience and professionalism will ensure GLG is well-placed to capture the exceptional returns and opportunity for growth in this area.”
Roman reached out to Griffin after Harvey Wood said he planned to leave about a month ago, according to The Wall Street Journal. Roman and Griffin have known each other since the former was at Goldman Sachs and the latter at Citadel Investment Group.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…