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West Palm Beach (HedgeCo.net) – Ali Mudeen has joined hedge fund provider ATC Group as managing director of its Cayman Islands operations.
Mudeen will oversee and build the firm’s Private Clients and Corporate Services practices in the region, as well as work closely at a group level with ATC’s hegde fund administration practice.
Mudeen brings over 20 years of international experience to ATC, having worked in the US, South America and the Caribbean in banking, legal and trust services. He joins ATC from Caledonian Global, where he was a director and shareholder and had overall responsibility for marketing and business and strategic development.
“Ali’s industry expertise and leadership make him an invaluable addition to the ATC executive team." Robert Govaerts, ATC’s chairman, said, "His broad knowledge base and commitment to client service will significantly enhance ATC’s leadership position in the industry.”
“ATC is an impressive financial services company with a clear vision for the future, having enjoyed strong growth even in these unprecedented economic conditions,” Mudeen said. “I am delighted to join a company which has such a strong focus on client services and on its people.”
Serving international business, private clients, capital markets and alternative investment funds, ATC was established in 1893. ATC employs over 350 professionals in 17 offices across Europe, the Caribbean and the Asia Pacific region.
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The Ledger – The financial crisis has ravaged many a Wall Street giant, but it has also produced a handful of winners. BlackRock, a money manager that is much admired but little known outside financial circles, is fast emerging as one of the nation’s financial powerhouses.
BlackRock, which started in a one-room office 21 years ago, now manages $1.3 trillion in assets for big private clients, including hedge funds and foreign governments.
But it is the company’s highly prized role as a government adviser and contractor that is now drawing attention.
The Ledger – Lehman Brothers, the troubled investment bank, is considering the sale of all or part of its prized money management division to private equity firms to raise billions of dollars of capital and ease the pressure caused by losses related to real estate.
The move would be the latest by a Wall Street firm forced to sell off high-end assets, following the recent sale by Merrill Lynch of its stake in Bloomberg L.P. and the sale by Citigroup last month of its large German consumer banking franchise.
Lehman sent letters last week to a number of financial companies, including private equity firms like Kohlberg, Kravis & Roberts, J. C. Flowers, the Blackstone Group, the Carlyle Group and Apollo Management, to test interest in its money management division, according to several people briefed on its contents.
The letter, a so-called memorandum of understanding, did not put a value on the division. It said that interested parties could bid for all or some of the pieces but encouraged bidders to make an offer for the whole business.
