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Wealth Bulletin - The UK’s financial regulator has hired Australian Andrew Crain to head up the team that oversees the roughly 40 largest hedge fund managers that operate in the UK. Crain, a former regulator in his home country, assumes his new job later this month.
The team he will run sits within the wholesale investment division of the Financial Services Authority, the UK’s equivalent of the US Securities and Exchange Commission.
The appointment comes as the UK regulator is stepping up efforts to discourage unsavoury behaviour, including insider trading and other market abuses by hedge funds and others.
Those efforts have included measures that are widely unpopular among fund managers, including a rapidly introduced rule requiring disclosure of short positions — or bets that a stock will fall — in certain circumstances.
New York Post - The heat is getting turned up under Alan and Philip Milton, the brother team that runs Greenwich-based Windmill Management and its embattled SageCrest hedge funds.
A lawyer for an investor in the SageCrest II hedge fund is threatening to fight the Miltons’ Chapter 11 filing for the $500 million fund - claiming the duo made the court filing last Sunday night, in part, to head off the possible appointment of a forensic accountant to probe the fund’s books.
WoodCreek Capital, was due in court Aug. 18, the day after the Miltons filed to liquidate their funds, to seek a pre-emptive lien on some of SageCrest assets and access to inspect their books.
WoodCreek had filed a $5.8 million lawsuit against the Miltons’ fund claiming the duo had reneged on a promise to honor their withdrawal from the fund.
FINalternatives- Hedge fund seeder Capital Z Asset Management has hired a Bear Stearns veteran to head up its marketing effort and support its portfolio funds.
James Marrone was named a partner and chief marketing officer at New York-based CZAM. Marrone joins after a decade at Bear Stearns Asset Management, where he led corporate institutional sales. Prior to joining BSAM, Marrone was director of marketing at Capital Management Associates.
“Jim’s appointment underscores out commitment not only to our currently sponsored hedge funds and those that we intend to sponsor, but also to our institutional investors who are interested in seeding the next wave of hedge fund managers,” Christianna Wood, CEO of CZAM, said. “Jim is a respected industry veteran with broad sales and marketing experience of alternative products.”
Times Online- They may be partly responsible for the mess the banks are in but bankers are not sticking around for the clean-up. Many top bankers have lost confidence in their institutions and are quietly heading for the exit. The smart ones, it seems, are going to hedge funds.
GLG, Europe’s largest hedge fund, recently poached Goldman Sachs partner and top trader Driss Ben-Brahim. The bank was “not amused” by Ben-Brahim’s defection, according to one source.
Karim Abdel-Motaal and Bart Turtelboom, the global co-heads of emerging markets at Morgan Stanley, were also snapped up by GLG.
Last week, Fauchier Partners, a fund of hedge funds, announced the appointment of Jamie Kermisch. Also from Morgan Stanley, he has been in investment banking for 19 years. This follows high-level recruitment by Citadel, Tudor Investment and CQS, which has already drafted in some 45 people this year.