Friday, 24 March 2017
Last updated 8 min ago
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.