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Reuters – A portfolio run by Man Group, the world’s biggest listed hedge fund firm, has invested $50 million (30 million pounds) in a new start-up fund run by three former Brevan Howard traders.
Man’s RMF Global Emerging Managers strategy has put money with 5:15 Capital Management, a Greenwich, Connecticut-based fixed income arbitrage firm set up this month and named after a song from The Who’s 1973 album Quadrophenia.
Man will take a share of revenue from the firm, whose founders also worked together at Greenwich Capital Markets.
Bloomberg – Three traders from Brevan Howard Asset Management LLP and RBS Greenwich Capital Markets started a government-bond hedge fund named for one of their favorite songs by the Who.
5:15 Capital Management LLC, named for the track “5:15” on the British rockers’ 1973 album “Quadrophenia,” will begin trading today with about $60 million, according to Morris Sachs, one of the founders, who said the fund will grow to $100 million. Joining him at the Greenwich, Connecticut-based fund are E.G. Fisher, 40, and Rob Wahl, 42.
“We’re all Who fans and love that tune,” Sachs, the fund’s chief risk officer, said in a telephone interview. “What are we going to do, try to find another name for the Greek god of money?”
Stamford Advocate – The owner of the office building at 600 Steamboat Road in Greenwich said he was eager to start recouping his company’s $200 million investment in the waterfront structure with high-paying tenants.
His sole tenant, RBS Greenwich Capital Markets, is scheduled to leave for a new $500 million complex in Stamford this summer, said George Constantin, principal, president and chief executive officer of Heritage Realty Services of New York City.
Heritage bought the three-story, 200,000-square-foot building on 4.2 acres last year from General Reinsurance Corp. of Stamford, its former occupant.
