Wednesday, 1 October 2014
Last updated 50 min 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.
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...