Leucadia Taps Jefferies Exec. To Launch Global Macro Effort

Jan 24 2014 | 12:35pm ET

Leucadia National is launching a global macro hedge fund business, its second asset-management unit since acquiring Topwater Capital last year.

Leucadia has named David Zervos, chief market strategist and global head of fixed-income strategies at Jefferies, to lead the new effort. Zervos, who formerly worked at Brevan Howard Asset Management, where he managed a global-macro strategy, will retain his position at the bank, which is also owned by Leucadia.

The new division will begin managing institutional assets, with a minimum investment of $2 million, Hedge Fund Alert reports. Eventually, Zervos' team will manage comingled funds.

The institutional funds will charge a 2% management fee and 20% performance fee.

Zervos employs a discretionary approach to macro investing. Prior to joining Jefferies in 2010, he was a visiting adviser to the Federal Reserve Board, which he once served as a staff economist.

The global-macro effort comes less than a year after Leucadia entered the financial-services industry with its purchase of Jefferies in March. Later last year, it bought Topwater, a hedge-fund seeder. Zervos' unit will operate separately from Topwater, but will be part of Leucadia's asset-management business, led by Marc Fuller.


In Depth

U.S. Treasury Moves on Reinsurance Loophole

Apr 24 2015 | 5:11pm ET

The U.S. Treasury Department has released proposed rules aimed at limiting the ability...

Lifestyle

Puerto Rico Woos The Rich But So Far Gains Little

Apr 17 2015 | 2:45am ET

Hedge fund manager Rob Rill grins. He has just had word that U.S. financial regulators...

Guest Contributor

Opportunities Ahead: Asian Fixed Income and Currency Markets

Apr 24 2015 | 6:18am ET

For hedge funds focusing on Asia, the policy uncertainty, unclear interest rate...

 

Editor's Note