Sunday, 19 April 2015
Last updated 19 hours ago
Mar 20 2014 | 1:03pm ET
Dominique Strauss-Kahn, the disgraced former International Monetary Fund chief, is moving from policymaking into money management, with plans for a US$2 billion global macro hedge fund.
Strauss-Kahn set up LSK & Partners in Luxembourg with banker Thierry Lucas last year. The firm’s DSK Global Investment Fund will avoid leverage and complex derivatives, LSK Chief Operating Officer Mohamed Zeidan told The New York Times. The fund will instead rely on “the expertise we have in following economic movements, and translate that into profitable trades.”
Strauss-Kahn’s ability to find such trades “should speak for themselves,” Zeidan added. Strauss-Kahn is currently in China, meeting with potential investors, he said.
In addition to Strauss-Kahn, Lucas and Zeidan, the fund will feature Strauss-Kahn’s daughter, Vanessa, as head of research. Like her father, Vanessa Strauss-Kahn has a Ph.D. in economics.
The fund is awaiting regulatory approval.
Strauss-Kahn, widely seen as a favorite in the 2012 French presidential elections, resigned from the IMF in 2011, after his arrest for allegedly sexually assaulting a maid in a New York hotel room. Those charges were dropped after police determined that his accuser had lied, but Strauss-Kahn has since been accused of other instances of rape and attempted rape, and was formally charged with “aggravated pimping” in France last year.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…