Hennessee’s hedge fund advisory business was founded in 1987 by Wall Street pioneer Elizabeth “Lee” Hennessee as a division of Shearson Lehman Brothers/American Express. The Hennessee Hedge Fund Index, also founded in 1987, was one of the first indices to track broad hedge fund performance. In 1995 Charles Gradante left his position as President and CEO of Union Chelsea National Bank to partner with Lee Hennessee, becoming President and CEO of Hennessee Group, orchestrating the sale of the Hennessee Hedge Fund Advisory business to Weiss, Peck & Greer and further institutionalizing the management and growth of the business.
Ms. Hennessee commented, “After more than twenty-five years in the hedge fund advisory business, we made the decision to entrust our client relationships with Terrapin and focus on our research and Hennessee Index products and publications.”
Mr. Gradante added that, ”It was time for Lee and me to provide our clients with new leadership in the direct-investing advisory business and for us to spend more time on our charitable foundation and philanthropic interests.”
Terrapin will maintain preferred access to the Hennessee Hedge Fund Indices, monthly hedge fund performance press releases, and the Hennessee Hedge Fund Review publication.
The transaction was initiated at the end of 2012, but was not fully consummated until mid-year 2013 as the firms provided clients with the flexibility and time necessary to transfer their accounts. Terrapin achieved 100% client retention. Terms of the deal have not been disclosed. Terrapin and Hennessee maintain independent operations and will remain unaffiliated.
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