AbCap Gets New CEO, Wins Argo Spin-Off OK

Jun 16 2008 | 2:33pm ET

Troubled hedge fund shop Absolute Capital Management has named a new CEO as its investors approved the spin-off of its Argo Capital Management emerging markets debt unit, which it acquired in January 2007.

Glenn Kennedy, who joined AbCap in 2006 as general counsel, will take the reins from Jonathan Treacher. Kennedy is the firm’s third CEO in less than a year.

Treacher took over as CEO in August, after Sean Ewing resigned just before the abrupt resignation of the firm’s founder, and a slew of damaging revelations, rocked AbCap.

The firm’s shares plummeted and investors raced for the doors after co-founder Florian Homm, who had invested much of the firm’s assets in illiquid pink sheets, resigned in September. AbCap blocked redemptions and pushed through a fund reorganization to keep itself afloat, and bid farewell to the managers of its German fund.

Treacher said the mess was so great, he has only taken eight days off—including weekends and holidays—since he took over the firm.

“People recognize we have a future,” Treacher told Financial News. “We have been hammered, we are battered and bruised, but we have survived the storm.”

The firm also said that its shareholders had given the go-ahead to the Argo spin-off, which it hopes will allow that firm to escape the taint of the AbCap name. AbCap said it expects to distribute Argo shares to its stockholders by the end of the month.


In Depth

Q&A: Pantheon’s McCrary Says Private Equity Market ‘Robust’

Dec 17 2014 | 8:32am ET

Dennis McCrary is a partner at Pantheon, a private equity firm with $32.2 billion...

Lifestyle

Cohen Donates $1.5M To GOP Governors Association

Dec 10 2014 | 7:13am ET

The Republican Governors Association raised close to $25 million from October 1...

Guest Contributor

Q&A With Daniel Gallancy: Institutional Interest In Bitcoin Is Growing Steadily

Dec 12 2014 | 7:54am ET

Daniel Gallancy is founder and CEO of SolidX, a provider of total return swaps for...

 

Sponsored Content

Editor's Note

    Guidelines for Guest Articles

    Oct 22 2014 | 9:46am ET

    We are always looking for guest articles from hedge fund managers and buy-side firms.

    If you are interested in submitting a contributed piece for possible publication on FINalternatives, please take a look at the specs. Read more…

 

Futures Magazine

December 2014 Cover

Futures 2014 person of the year

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.

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.