Thursday, 30 March 2017
Last updated 4 hours ago
Feb 23 2017 | 10:31pm ET
Ben Melkman’s Light Sky Macro, already thought to be seeded by Point72’s Steven Cohen earlier this year, is reportedly also counting Coatue Management founder Philippe Laffont, Moore Capital’s founder Louis Bacon and Third Point founder Dan Loeb among its early investors.
Together, the group represents some of the largest hedge funds in the industry. Coatue manages more than $10 billion, while Moore and Loeb each managed around $15 billion as of the middle of 2016.
Melkman launched New York-based Light Sky in June 2016 following a successful stint managing Brevan Howard’s $500 million Argentina fund. He went on a hiring spree late last year, bringing aboard veteran risk executive Barry Schacter, former BofA global economics head Alberto Ades, and former Realm Partners CFO Doug Spiegel, and is expected to launch by the end of the first quarter with around $400 million in AUM.
Interestingly, Melkman’s new vehicle is marketing a novel fee structure that drops as assets rise, starting at 1.5% and going to 1.25% at $1 billion in AUM and a flat 1% at $2 billion, according to a Business Insider article citing an unidentified person familiar with the matter.