Friday, 21 October 2016
Last updated 13 hours ago
Jan 24 2011 | 11:48am ET
The daughter of the world's fifth-richest man has bought a sizeable stake in hedge fund Roc Capital Management.
Vanisha Mittal Bhatia and her husband, Amit Bhatia, bought between 10% and 25% of New York-based Roc, according to a Securities and Exchange Committee filing. It is unclear how much their holding company, Sunbeam U.S. Holdings, paid for the piece of the hedge fund.
Bhatia is the daughter of Lakshmi Mittal, head of Indian steelmaking giant ArcelorMittal. She serves on the company's board. Her husband is head of London-based private equity firm Swordfish Capital.
Roc was launched in 2009 and was the second-largest hedge fund launch of the year with more than $1 billion in assets. The quantitative shop hasn't exactly fulfilled the hopes of those early investors just yet, returning a meager 2.8% during the last five months of 2009 and losing 4.9% last year.
The firm, founded by former Deutsche Bank global arbitrage group chief Arvind Raghunathan and staffed by Deutsche Bank's former Equitech Group quantitative trading team also boasts a large number of staffers in India.