Sunday, 19 April 2015
Last updated 12 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.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…