Wednesday, 3 June 2015
Last updated 15 hours ago
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.
May 27 2015 | 2:15pm ET
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