Friday, 19 September 2014
Last updated 3 hours ago
Oct 27 2009 | 12:54pm ET
Farallon Capital Management, the huge San Francisco hedge fund, is thinking succession plans. The $18 billion firm plans to officially name co-managing partner Andrew Spokes as its second-in-command and heir apparent to founder Thomas Steyer.
Under the proposal, which must be approved by more than half of the firm’s investors by tomorrow, Farallon would be liquidated only if both men left the firm, Bloomberg News reports. Despite the succession plan, the 52-year-old Steyer has no plans to retire or otherwise leave the firm, according to Bloomberg’s sources.
If approved, the new structure will become effective on Jan. 1.
Steyer founded Farallon, now the ninth-largest hedge fund in the U.S., in 1986. Spokes joined the firm 11 years later from Goldman Sachs, first running its London affiliate before being promoted to co-managing partner two-and-a-half years ago. Farallon suffered its first-ever annual loss last year, dropping 24% and imposing redemption restrictions. But it has bounced back this year, rising 27.5% through the first half of October.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.