Tuesday, 21 October 2014
Last updated 2 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.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
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