Seeking Alpha – Continuing our series of hedge fund profiles and biographies, we turn our attention now to Lee Ainslie of Maverick Capital. We thought this transition was appropriate given how we just yesterday initiated our profile series with coverage of hedge fund legend Julian Robertson of Tiger Management. (We also covered Robertson’s big inflation bet as well). We turn to Lee Ainslie of Maverick Capital now because Ainslie formerly worked under Julian at Tiger. As such, he is a ‘Tiger Cub’ and employs much of the investment methodologies he learned while at Tiger as their technology analyst.

Ainslie graduated from the University of Virginia and then received his MBA from the University of North Carolina. He founded Maverick Capital at age 29 in 1993 with $38 million in seed capital from Texas entrepreneur Sam Wyly. Maverick has offices both in Dallas and New York and now managers well over $5 billion. They are a long/short equity hedge fund in the ‘old school’ sense of the word.

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Tags: bet, equity hedge, fund profiles, hedge fund, inflation, julian robertson, lee ainslie, long short equity, maverick capital, methodologies, old school, profile series, sam wyly, seed capital, seeking alpha, technology analyst, tiger management, tiger-cub, university of north carolina, university of virginia

International Herald Tribune – It used to be that if you wanted a job done properly, you did it yourself. That no longer holds for the administration of hedge funds.

The practice of doing middle- and back-office administrative work in-house, especially prevalent in long-established U.S. funds, was already on the wane.

But Bernard Madoff’s alleged fraud, abetted by his self-contained operation, has accelerated the march toward outsourcing.

Exhibit A this week is Millennium Management, the old-school hedge fund firm run by Izzy Englander. All its funds are now going to be administered by GlobeOp Financial Services. That means that tasks like reconciling cash positions and trades, some pricing and asset value calculations, sending clients statements and so on will now be handled outside the firm.

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Tags: administrative work, asset-value, bernard madoff, fraud, globeop financial services, international-herald-tribune, izzy englander, job, millennium management, old school, trades, value calculations