Wednesday, 30 July 2014
Last updated 38 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.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…