Friday, 19 December 2014
Last updated 5 hours ago
Apr 3 2008 | 2:00am ET
Daniel Zwirn’s Special Opportunities Fund was brought down by an accounting scandal. But the New York hedge fund magnate might not abandon the strategy.
Zwirn, whose D.B. Zwirn & Co. is liquidating a $4 billion hedge fund, is mulling the launch a new fund with the same strategy, according to The Wall Street Journal. The new firm, tentatively dubbed ZLC Global Investments in honor of Zwirn, firm chief operating officer Lawrence Cutler and firm president David Lee, would focus on companies having trouble obtaining financing.
D.B. Zwirn announced that Special Opportunities, faced with more than $2 billion in redemption requests after the accounting scandal broke, would close earlier this year. But it may take as much as four years for the fund to unwind some of its illiquid private equity and derivatives investments.
Correction: An earlier version of this story indicated that Zwirn was preparing to launch ZLC Global Investments. No firm decision has been taken, and no offering or subscription documents, nor terms, exist for the new fund, according to a Zwirn spokesman.
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.