Wednesday, 26 October 2016
Last updated 16 hours ago
Sep 18 2009 | 12:24pm ET
You may not be able to trust your hedge fund manager anymore. But you can certainly trust former New York City Mayor Rudolph Giuliani.
At least, he and his new partners at Nine Thirty Capital certainly hope you trust “America’s Mayor.” While New York Republican circles (yes, they exist) breathlessly await word of whether Giuliani will run for governor of the Empire State next year, the former mayor and failed Republican presidential hopeful is keeping busy, joining forces with Nine Thirty Capital to offer investors his former-prosecutorial eye on their hedge fund investments.
Giuliani, who has been involved in a series of highly-lucrative business ventures since leaving the mayor’s office in 2002, and Nine Thirty will vet hedge fund managers for their clients, all for a modest fee of 1.5% off the top and 10% of any profits. Those fees are charged on top of the fees already collected by the hedge fund manager.
Given news of a new Ponzi scheme seemingly everyday, “It’s no wonder that investors are extremely wary about where they should trust their money and are asking, ‘Who can we trust?’” Giuliani told Forbes. “More than ever before, investors need to be sure that the people and funds they entrust with their assets aren’t just saying all the right things, but are actually doing what has been promised.”
Giuliani’s partners in the venture, Nine Thirty, have been in the hedge fund vetting business for several years. The group was formerly part of Jacobson Family Investment office, but was spun off last year.
Nine Thirty’s existing clients are to be offered the Giuliani touch, which includes personal background checks of the managers, an operational review and ongoing monitoring.