Friday, 31 July 2015
Last updated 13 hours ago
Sep 12 2011 | 2:30pm ET
Babson Capital Management has agreed to take a minority stake in the new hybrid hedge fund firm co-founded by the former co-manager of Goldman Sachs' former flagship hedge fund.
Babson, a subsidiary of MassMutual, bought less than 10% of SECOR Asset Management. That firm was set up last year by Ray Iwanowski, the former co-head of quantitative strategies at Goldman and co-manager of its Global Alpha fund, and Tony Kao, former chief investment officer of General Motors Asset Management.
New York- and London-based SECOR offers hedge fund, consultancy and advisory services to small- and mid-sized pension funds, the Financial Times reports. It currently serves as adviser to a $7.5 billion global pension fund manager and is building its SECOR Alpha Strategies unit, which will invest in quantitative hedge funds.
SECOR currently has 27 employees.
Iwanowski left Goldman two years ago, two years after Global Alpha, once dubbed the "Cadillac of hedge funds," lost 40% and suffered massive redemptions.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…