Monday, 1 September 2014
Last updated 3 days ago
Mar 7 2013 | 12:26am ET
Fundraising difficulties have taken a bite out of one prominent new hedge fund's ambitions.
Portman Square Capital Management, founded by former Citigroup proprietary trading chief Sutesh Sharma, has parted ways with its CEO and a portfolio manager, reducing its scale to fit its reduced size. Andrew Mack, a former colleague of Sharma's at Morgan Stanley, left his post as CEO and chief risk officer this week, Reuters reports, after just five months on the job. Sharma determined he could not afford to keep Mack given Portman Square's smaller size.
In addition, portfolio manager Paul Godfrey left the London-based hedge fund last month, after Portman Square decided to narrow its trading strategy.
Sharma will now serve as Portman Square's CEO and Sylvain Imbert chief risk officer. Mack will remain an adviser to the firm.
Sharma set up Portman Square in 2011 and expected to raise US$500 million for the staff- and infrastructure-heavy firm. But the hedge fund has only raised US$200 million, and is now preparing to launch with the smaller amount.
Portman Square was to have launched its maiden fund in November. It is now unclear when the fund will debut.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...