Thursday, 25 December 2014
Last updated 1 day ago
Feb 6 2008 | 1:00am ET
A former high-ranking Merrill Lynch executive’s long-awaited hedge fund is set to begin trading in April with as much as $1 billion.
Diamond Lake Investment Group, founded by Dow Kim, who served as co-head of global markets and investment banking until May, has been making a good impression at investor meetings, Reuters reports.
The New York-based firm had initially expected to raise between $1.5 billion and $3 billion for the fund. When Kim—a lieutenant to former Merrill CEO Stanley O’Neal—left Merrill, the Wall Street giant indicated it would be a big investor in the new fund. But the two sides failed to come to terms, and Kim has recently downgraded expectations to between $650 million and $1 billion.
Diamond Lake has hired 14 professionals to manage various strategies for its fund. Ziff Brothers Investments veteran Warren Silver will run its equity long/short strategy. The firm has also lured Syed Adlan, formerly of Tribeca Global Management, Namuk Cho, formerly of UBS’ equity derivatives desk, and Michael Pasternack, co-founder of credit hedge fund shop Pinewood Capital.
The firm also plans to open a Singapore office prior to the fund’s launch, according to Reuters.
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…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.