The head of D.E. Shaw Group's portfolio acquisitions unit is leaving the hedge fund to start a firm of his own.
Daniel Posner, who ran D.E. Shaw's distressed securities group, plans to launch a distressed investment hedge fund, HFMWeek reports.
Posner has been at D.E. Shaw for almost nine years, having joined the firm from hedge fund Intermarket Corp. He formerly worked at UBS Warburg Dillon Read, in the distressed debt and special situations group.
Posner's exit comes after D.E. Shaw laid off about 10% of its staff in September following investor redemptions.