Tuesday, 21 October 2014
Last updated 4 min ago
Mar 2 2011 | 9:20am ET
A former Duquesne Capital Management emerging-markets portfolio manager is set to launch a hedge fund of his own, with more than $100 million from the Blackstone Group.
Michael Pearl is poised to begin trading in the new fund in May, MarketWatch reports, backed by a $125 million seed investment from Blackstone's new seeding fund. Pearl's firm, tentatively called Harbor Bridge, is the third to win the support of the Blackstone fund.
But unlike other funds born of Duquesne founder Stanley Druckenmiller's decision to shutter his firm last year, Pearl won't be getting any money from his old boss. It is unclear why Druckenmiller, who has pledged to seed the new firms founded by his protégés, is passing on Harbor Bridge.
Blackstone has accepted a three-year lock-up of its investment in the new firm.
Pearl's planned fund launch follows the debut earlier this year of what amounts to the successor to Duquesne, Point State Capital. That new firm launched with some $5 billion, all of it from Druckenmiller and former Duquesne investors, and never opened for other outside investment.
Backing Pearl is also not the first time Blackstone has sought to profit from Duquesne's demise: The firm last year hired another ex-Duquesne portfolio manager, Greg Geiling, for its fund of hedge funds unit, Blackstone Alternative Asset Management.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...