Ex-Cheyne Manager Khadjenouri Founds Hedge Fund

Sep 9 2010 | 1:54am ET

A former star manager at Cheyne Capital Management and a co-founder of Centaurus Capital has founded her own hedge fund with another former Cheyne executive.

Massi Khadjenouri has teamed up with Jan Lernout to set up Kite Lake Capital Management. The new firm is readying a special situations hedge fund, Financial News reports.

Khadjenouri launched a special situations fund at Cheyne in 2003, enjoying an 18.8% annualized return through late 2007. She left Cheyne at the end of 2008.

Lernout was a partner at Cheyne’s collateralized loan obligations business before leaving the firm last May. In December, he settled a lawsuit he filed against Cheyne alleging that the hedge fund withheld his share of the group’s profits.

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