Saturday, 30 April 2016
Last updated 9 hours ago
Mar 3 2011 | 8:53am ET
For the resurrection of his Raptor Capital Management, former Tudor Investment Corp. star manager James Pallotta has scored a fellow sports fan to handle direct investments for the firm.
Mark Pannes will cover sports, media, entertainment, consumer goods and hospitality for the Raptor Evolution Fund, launched last year by Pallotta, Financial News reports. Evolution, which focuses on mid- and small-cap stocks, followed the failure of Pallotta's Raptor Global fund, which he launched to much fanfare (and with $800 million) in 2008. But, a year later, battered by losses, Pallotta pulled the plug.
Raptor Evolution, however, has already garnered $200 million in assets and hopes to lure back Raptor Global investors by waiving fees until the new fund has recouped its predecessor's losses.
Pannes joins Boston-based Raptor from HSBC Private Bank, where he set up and led a unit designed to serve wealthy sportsmen and women. Among Pannes' initiatives was a deal with IMG, the world's largest sports agency.
Before joining HSBC, Pannes was a managing director at French basketball team Paris Basket Racing.
Pallotta is no stranger to the world of sport, himself, owning a piece of his hometown basketball team, the Boston Celtics.