Wednesday, 25 November 2015
Last updated 1 hour 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.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…