Sunday, 29 March 2015
Last updated 1 day ago
Jul 21 2006 | 5:45pm ET
Robert Merton, the founder of infamous Long Term Capital Management, the hedge fund that roiled financial markets in 1998 when it collapsed, is preparing to launch an emerging markets hedge fund in September.
The Victoria Fund will be managed by Jose Lois Daza, the former head of emerging markets strategy at Deutsche Bank. The minimum investment in the new fund is $5 million, and the management fee is 2%. The fund will invest in sovereign and corporate bonds and foreign exchange, among other things.
The Nobel-prize winning Merton, who founded boutique investment Integrated Finance in 2003, revealed his latest endeavor to reporters at a recent hedge fund conference in Cannes.
According to The Times, Merton isn't haunted by past LTCM demons. He told the paper, "(Collapse) is not unique to hedge funds. It's inevitable when you have a system with a low point of entry. People will make mistakes."
In addition to Merton, the founders of Integrated Finance include Roberto Mendoza and Peter Hancock, the former vice-chairman and former chief financial officer, respectively, of JPMorgan. Backers of the boutique include French bank BNP Paribas and Bermuda insurer ACE.
The investment committee overseeing the new fund includes Hancock, Gene Shanks and Thomas Graham. Shanks was formerly a president of Bankers Trust Company and Graham led hedge fund¬-linked structured products at CDC IXIS Capital Markets.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
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…