Zwirn Eyes Return To 'Arena'

Mar 1 2013 | 11:38am ET

Former hedge fund manager Daniel Zwirn is exploring a return to the financial industry.

The D.B. Zwirn & Co. founder, whose hedge fund closed in 2008 following an accounting scandal, has hired two people as he seeks to build a new lending and investment firm, the New York Post reports. Zwirn has been meeting with potential business partners since around Labor Day and plans are in the "very early stages," although the venture already has a name: Arena, in honor of a 1910 Theodore Roosevelt speech in Paris.

Ultimately, however, Zwirn hopes to build a firm along the lines of Cerberus Capital Management or Fortress Investment Group. The latter bought D.B. Zwirn's assets.

To get there, he's hired Marcel Herbst, formerly of fund of hedge funds Harcourt Investment Consulting, and former D.B. Zwirn chief operating and compliance officer Lawrence Cutler.

According to the Post, Zwirn, who was cleared of any wrongdoing in the accounting matter in 2011, feels "compelled" to return to the game due to his love of deal-making and investing. He has been managing his own fortune at his family office, Zwirn Family Interests, since shuttering his hedge fund.


In Depth

Debunking Conventional Investment Wisdom

Feb 8 2017 | 3:22pm ET

Due diligence in the hedge fund world has long involved some combination of the...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

The Future of Private Equity: New Opportunities, New Challenges

Feb 3 2017 | 6:41pm ET

The private equity industry’s astonishing rebound since the financial crisis has...

 

From the current issue of