Soros, Permal Vets Launch Global Macro Fund

Feb 6 2009 | 12:00am ET

Joshua Berkowitz, a former portfolio manager at Soros Fund Management, and Richard Cordsen, a former regional director for the Americas at the Permal Group, have teamed up to launch the Woodbine Capital Fund.

The New York-based global macro offering made its debut last month with $200 million and finished its first month of trading up 1.2%, according to an investor with knowledge of the firm’s maiden fund. That investor says the fund is scalable, given Berkowitz’s history of managing $1 billion plus for Soros’ global macro portfolio. Berkowitz’s resume includes stints at SAC Capital Advisors and Goldman Sachs.

The fund charges a 2% management fee and a 20% incentive fee with a $5 million minimum investment requirement.

It has quarterly liquidity with 30 days notice. 

The firm currently has five partners including Marcel Kasumovich, currently director of research and strategy and formerly of Soros and Goldman.

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