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Reuters – Harvard Management Co, which invests the Ivy League school’s multibillion dollar endowment, hired two investment managers away from two prominent hedge funds, the university said on Wednesday.
Emil Dabora, a senior managing director at Caxton Associates, will join as an equity portfolio manager while Michele Toscani, now at Fortress Investment Group, will join the international fixed income portfolio management team.
Bloomberg – Frederic Eechaute, a former senior analyst at DKR Oasis Management Co. LP, will start a Japan- focused equity hedge fund that trades stocks using its own analyst database.
Eechaute, who will split his time between Tokyo and Sydney, along with Stephen Good, who formerly worked in the Japanese equity sales department at Mizuho Securities Co., set up Instinct Capital in June to run the new fund that may open as early as September. The fund will employ a so-called long-short strategy, betting on rising and falling stocks, and have a maximum capacity of 30 billion yen ($319 million).
Ginga Service Sector Fund, the third-best performing Japan-focused hedge fund in 2008, held its ranking in January by investing only in the telecommunications and services companies.
The 3.4 billion yen ($36 million) fund, advised by Tokyo- based Stats Investment Management Co., returned 0.7 percent last month, extending its 13 percent advance in 2008, according to a letter to investors.
Average losses in the $1.4 trillion hedge-fund industry reached 19 percent in 2008, the worst on record, as the biggest market declines since the Great Depression slashed asset values and caused investors to withdraw their money, according to Chicago-based Hedge Fund Research Inc.
