Friday, 28 August 2015
Last updated 10 hours ago
Dec 2 2010 | 1:32pm ET
Troubled hedge fund RAB Capital hopes to turn its fortunes around by swallowing a smaller London hedge fund.
RAB has hired the five employees of long/short equity boutique Park Place Capital. The new team will continue to manage their Polaris Fund at RAB, while Park Place's other hedge fund, a European long/short equity vehicle, will be liquidated.
The Park Placers, headed by fund managers Jean-Marc Fraysse and Peter Schell, will also take over RAB's Europe Fund. Current Europe Fund manager Julian Barrell will leave the firm.
In addition to Fraysse and Schell, New York-based president Steve Solmonson, an analyst and an administrative assistant have joined RAB.
"The Park Place team is a very experienced one with an enviable long-term track record: Their fundamental approach matches what we do elsewhere very closely and will fit well beside our two other European credit and event-driven funds," CEO Charles Kirwan-Taylor said. "We're very pleased that they've chosen to join RAB."
Park Place's assets under management have fallen from about US$500 million two years ago to about US$30 million today, as the business and fundraising environment gets tougher and tougher for smaller hedge funds.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…