Monday, 22 September 2014
Last updated 1 hour ago
Nov 30 2010 | 12:48pm ET
A new hedge fund founded by a trio of top Deutsche Bank traders has raised $375 million for its maiden offering.
Libre Max Capital launched its first hedge fund last month as one of the largest new hedge funds of the year, HFMWeek reports. The new fund, Libre Max Partners, and an offshore version invest primarily in securitized credit products.
The New York-based firm boasts Deutsche Bank's former head of global markets, Fred Brettschneider, and former head of asset-backed securities trading, Greg Lippman, at the helm. The fund also features a smattering of other Deutsche Bank veterans, including Eugene Xu, Lippman's quantitative specialist who earned a cameo in author Michael Lewis's book, The Big Short, deal-structuring specialist Brian Haklisch and asset-backed securities trader Jordan Milman.
Libre Max charges 2% for management and 20% for performance. There is a $5 million minimum investment requirement with a one-year soft lockup—early redeemers will pay a 5% fee. After the lockup, the funds offer quarterly liquidity with 90 days' notice.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.