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Hedgemedia’s AltInvestment Global News Round-Up: New funds to take stakes in small hedge fund managers

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Lehman Brothers and Aladdin Capital are raising multi-billion-dollar funds to back small hedge fund managers.

Lehman Brothers and Aladdin Capital are raising multi-billion-dollar funds to back small hedge fund managers. Lehman aims to raise up to USD5bn investor capital to buy strategic stakes in a dozen or so managers, while Aladdin Capital, of Stamford, Connecticut, is separately raising USD3bn.

London-based Elgin Capital is shutting its flagship Elgin Corporate Credit Fund due to declining assets. The fund has largely returned the USD300m it had under management at the beginning of the year to investors. The firm, headed by Mike Clancy, Guillaume Bonpun and Nick Reed, still runs some USD3bn through its USD2.5bn collateralised loan obligation business as well as USD500m in managed accounts and other hedge fund products.

The UK’s Financial Services Authority wants hedge funds and other investors to disclose contracts for difference, complex derivatives often used to build anonymous stakes in companies. The move follows new disclosure rules for investors shorting companies that are undertaking rights issues, which have proved unpopular with the hedge fund industry. Under the proposed rule, CfDs will be take into account for the existing requirement that long positions of 3 per cent or more must be disclosed.

Ending a roughly month-long nationwide search, fugitive hedge fund fraudster Samuel Israel III finally surrendered to authorities in Massachusetts and US district court judge Michael Ponsor ordered him back to New York to face new charges related to his failure to show up for a 20-year prison term, which was due to begin last month.

Israel, who had been hiding in a mobile home, turned himself into police in Southwick, a small town100 miles south-west of Boston near the Connecticut border. The authorities had been questioning his mother, who convinced him to surrender. Israel was scheduled to report to federal prison on June 9 but instead staged his own suicide. He was convicted for orchestrating a more than USD400m fraud at hedge fund manager Bayou Capital.

Private equity fund of funds CDC Group has committed USD250m to three funds that focus on infrastructure and real estate in India. CDC gave IDFC India Infrastructure Fund and Actis India Real Estate Fund USD100m apiece while Kotak India Realty Fund was given USD50m.

Robert Schulman, Tremont Capital Management’s chairman, is to retire on July 7, ending his 14-year stint at the firm. Rupert Allan and Jim Mitchell will now oversee the firm’s sprawling businesses. Schulman will remain chairman emeritus until the end of this year.

BNY Mellon Wealth Management has hired Ted Berenblum as head of alternative investments. He was previously a managing director and head of ultra-high net worth investments at Citigroup’s global wealth management unit. At BNY, he reports to investment chief Leo Grohowski and will oversee the business’s push into private equity, real estate, commodities, infrastructure, currency and portable alpha strategies.

Former Bear Stearns Asset Management senior managing director Maureen Mitchell has joined Highland Capital Management. As a managing director, she will head institutional sales and report to Jack Yang, partner and head of business development.

The USD28bn South Carolina Retirement System has hired Hershel Harper, who previously worked at Evergreen Investments, Columbia Management and State Street Global Advisors, as director of alternative investments. He now oversees hedge fund investments for the pension scheme, which has been investing in alternatives since 2006.

Carlyle Group has named James Burr as a managing director in its global financial services group, run by Olivier Sarkozy and David Zwiener. Burr previously worked as a corporate treasurer at Wachovia Bank.

Matt Roux will join UBS Investment Bank’s prime brokerage operation in September, as co-head of U.S. securities lending alongside the newly-promoted Mike Kelleher. They report to Chris Hagstrom, joint global head of equity finance.

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