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3 Big Names Heading For Their Own Funds
The weekend brought reports of three top names in financial services with plans, rumored or otherwise, to start hedge funds.
The weekend brought reports of three top names in financial services with plans, rumored or otherwise, to start hedge funds. From London, Philippe Jabre, the embattled hedge fund manager at GLG Partners – he recently took a leave to defend himself against regulatory charges in the U.K. and may not return to his firm – may start his own hedge fund, depending on the outcome, according to The Independent., citing bankers. Some observers say it is unlikely he would receive a lifetime ban from the industry on inside-trading charges, and that given his high profile, "he won't be short of investors; people will be keen to invest with him."
Meanwhile, a co-founder of Apollo Management reportedly is ready for a new mission. Michael Gross may be launching a firm of his own that will use a variety of strategies, including private equity and distressed debt. "With all the activity out there in the alternative assets space and the convergence of private equity and hedge funds," Gross told the New York Post, "it's a perfect time to go off and look for something to do on my own."
Finally, a big cheese at Credit Suisse is leaving the bank to start a hedge fund. Charles Kirwan-Taylor, who chairs U.K. corporate broking, is the last managing director from Barclays de Zoete Wedd to leave Credit Suisse, which acquired Barclays de Zoete in 1997.