This content is from: Portfolio

The Morning Brief: Lansdowne Names New CEO; Lehman Clients Are Redeemed

Alex Snow has been named the new chief executive officer of the London-based hedge fund firm Lansdowne Partners, replacing co-founder Paul Ruddock, who is retiring. Sir Paul founded Lansdowne 15 years ago with Steven Heinz. Snow had previously founded UK stockbroker Evolution in 2001. Ruddock, 54, said he wants to concentrate on philanthropy.

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Chris Cecere, a trader at London-based Brevan Howard Asset Management, has left the firm amid reports that have linked him to the scandal over rigged interest rates. He left the hedge fund he had joined in 2010 for undisclosed personal reasons, according to a report citing spokesman Max Hilton. Two years ago, Japanese regulators said two Citigroup employees were involved in an attempt to manipulate the Libor rate. One of them was Cecere, according to a Reuters report citing sources familiar with the situation.

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Greg Coffey, the retired former co-chief investment officer of Moore Capital Management and ex-GLG portfolio manager, sold five Andreas Gursky photographs for 5.5 million pounds, or $8.38 million. Coffey retired last fall at 41 after losing money for two years.

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Would you have been better off investing in a hedge fund stuck with Lehman claims or one that went with a different prime broker? Turns out creditors of the bankrupt brokerage have fared better more than four years later, according to an analysis by the FT.

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