Friday, 22 May 2015
Last updated 16 min ago
Feb 9 2012 | 4:01am ET
Stone Milliner Asset Management debuted last month with more than US$1 billion in initial assets—most of which belong to another hedge fund.
Moore Capital Management seeded the new firm, founded by Moore vets Jens-Peter Stein and Kornelius Klobucar, with a whopping US$800 million, Bloomberg News reports. New York-based Moore's money is held in a managed account by Stone Milliner.
While Moore has made a practice of seeding hedge funds launched by former traders, the seed funding provided to Stone Milliner is thought to be exceptionally high. The investment in the Zug, Switzerland- and London-based firm accounts for about 5% of Moore's US$15 billion in assets, meaning that Stein and Klobucar are effectively continuing to manage money for Moore.
Despite the generous seed from Moore, Stone Milliner, a macro specialist, continues to raise money. The fund has a $1 million minimum investment requirement and charges 2% for management and 20% for performance.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…