Deephaven Vet Unveils $700M Hedge Fund

Oct 1 2007 | 12:59pm ET

Deephaven Capital Management veteran Matthew Halbower has launched his Pentwater Capital Management with $700 million in assets, nine months after leaving Deephaven.

Halbower, who ran Minnetonka, Minn.-based Deephaven’s event-driven and distressed-asset strategies until December, opened Pentwater today. The fund will focus on Halbower's speciality, event-driven, as well as merger arbitrage.  

Reuters reports that Pentwater expects to more than double its assets to $1.5 billion by the end of the year. Such prime brokering heavy-hitters as Citigroup, Goldman Sachs and UBS are to service the Chicago-based fund.

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