Thursday, 2 October 2014
Last updated 13 hours 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.
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…
High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...