Thursday, 2 October 2014
Last updated 17 hours ago
Nov 2 2010 | 10:53am ET
Hedge fund manager-cum-hedge fund platform DragonBack Capital is well on its way to launching its new business as a service provider. The Hong Kong-based firm has been in talks with more than 30 managers and hopes to have as many as five on board within six to nine months.
DragonBack shuttered its two hedge funds in August and let go its investment team. The firm now aims to offer support services, including accounting, risk management and marketing, to both start-up hedge funds and existing firms aiming to increase or rebuild their asset base.
"The idea is that we make all the bad go away for hedge fund managers so they can just focus on their investment decisions," chief operating officer Philip Tye told Bloomberg News. To do that, DragonBack has retained 10 staffers, including its head of operations, controller, information technology chief and investment services representatives.
"Independent risk control is key to what investors want," Tye said.
In exchange, hedge funds joining the platform will pay as much as 50% of their management fees and 25% of their performance fees to DragonBack.
DragonBack pulled the plug on its own hedge funds this summer after being hit by a wave a redemptions. The firm, which once managed US$600 million, had just US$45 million by the end of April.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
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