Friday, 3 July 2015
Last updated 16 hours 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.
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…