Kinetic Adds 3 To Distressed Hedge Fund Practice

Jun 28 2011 | 9:43am ET

Hedge fund service provider Kinetic Partners has made three hires for its distressed hedge fund practice.

Trenton Acuff, Michael Bryant and Jenna Gordish will join the company’s expanding insolvency practice; all three will be based in the New York office.

Acuff joins Kinetic Partners from FTI Consulting, where he advised clients on financial restructurings and forensic investigations. Bryant comes from KPMG, where he worked on the financial audit, and risk and compliance teams. Gordish joins from PricewaterhouseCoopers, where she oversaw the development and stress testing of auditing procedures in an area of significant risk for alternative investment managers.

“In the first two quarters of 2011, we’ve seen a number of investors become focused on pursuing redemptions requests that were initiated in the fall of 2008 but have yet to been fully satisfied,” said Geoff Varga, who leads Kinetic’s distressed funds practice. “At the onset of the crisis in 2008 and in an effort to facilitate the stable liquidations of portfolios, many funds implemented gates or suspended redemptions that were expected to be completed over the ensuring two to three years. That time has now come and gone and for those funds that have not met those objectives, it is unlikely that investors will be willing to give managers further time without outside assistance or a definitive plan.

“Consequently, we anticipate that there will be an increasing trend during the latter half of this year of investors looking to scale up their efforts to redeem their invested money. We are also seeing a number of managers of these illiquid funds come to the conclusion that realization efforts must be revamped, including the engagement of advisors like ourselves, to bring additional workout experience and transparency to the process.”

Kinetic Partners is a global professional services firm providing forensic, corporate recovery, risk, regulation and compliance, tax and audit and assurance services to the asset management, investment banking and broking industry.

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