Leucadia Taps Jefferies Exec. To Launch Global Macro Effort

Jan 24 2014 | 1:35pm 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

Q&A: Rotation Capital's Rothfleisch On SPAC 2.0

Aug 11 2017 | 7:43pm ET

Corporate actions have long been a staple of event-driven investors, but activity...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Star Mountain Capital: Private Lending in the Lower Middle-Market

Aug 14 2017 | 4:45pm ET

Private credit has become one of the most popular alternative asset classes in recent...

 

From the current issue of