RAB Adds Park Place Team To European Lineup

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.


In Depth

Q&A: Omni Macro Fund Bullish On India, Watching China

Mar 4 2015 | 3:35pm ET

Omni Macro Fund was formed in 2007 by Stephen Rosen, previously a prop trader at...

Lifestyle

Hedge Fund Manager Out as Minnesota Wild Minority Owner

Feb 25 2015 | 2:45pm ET

New York hedge fund manager Philip Falcone is no longer a minority owner of the...

Guest Contributor

Managing Diversification And Drawdowns In The “New Normal”

Mar 5 2015 | 2:42pm ET

In 2008-2009 diversification alone failed to provide adequate risk management for...

 

Editor's Note