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Seth Klarman Bailey McCann, Opalesque New York:

Baupost Group is a Boston-based hedge fund founded by Seth Klarman emphasizing risk management. In a letter to investors obtained by Opalesque, Klarman notes that despite rocky market conditions in the latter half of 2011, the fund did post a gain for the year supported in large part by the strengthening of its team through a series of promotions and new hires.

"Our major accomplishments in 2011 involved the avoidance of substantial loss, the resolute building and continued refinement of a very attractive portfolio, and the invaluable strengthening, deepening, and seasoning of our team," Klarman writes.

Josh Greenhill, Elaine Mann, and Barbara O'Connor were promoted to Partner, and in March 2011 the fund hired George Rizk, also into the role of Partner in the Private Investment Group. Greg Ciongoli, Michael DeMichele, and John DeVoy were promoted to Managing Director at year- end. In addition, Nick Azrack, Rich Carona, Miguel Fidalgo, and Tom Kier were promoted to Principal.

The fund also added five new hires, four in the Private Group and one in the London office with two additional hires forecasted for 2012. The London office is growing with three-full-time employees: Rich Carona,Principal, Public Investment Group; Gianpaolo Burigo,investment opportunities; and Nadia Mungul, office, manager.

After nearly 20 years leading Baupost's real estate investme......................

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