New York (HedgeCo.Net) – In an ironic turning of the tables, divorce lawyer Raoul Felder has lost $200,000 at the hands of a hedge fund, or so he says.
According to the New York Times, the “Duke of Divorce,” is accusing AllianceBernstein of placing his money into a risky hedge fund in order to collect higher fees and commissions for the firm.
According to Felder, he had given the investment firm simple instructions as to what to do with his $750,000. Instead, the firm placed the money into the riskier fund out of sheer “greed and self-interest.”
“It’s like the owner of a restaurant who tells his waiters to push the chopped liver,” Felder said.
The New York City-based AllianceBernstein manages over $590 billion of capital and is a subsidiary of French insurance company AXA.
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