Monday, 22 December 2014
Last updated 8 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.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
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