Citigroup planning to start new hedge fund minus its money
From Businessweek.com: Citigroup Inc. is seeking to raise money for a new hedge fund without putting its own cash into the venture, in a test of investors’ willingness to buy in when the bank isn’t sharing risk, said two people briefed on the plan.
The lender, which is preparing for U.S. curbs on lenders investing their own capital, seeks to raise $50 million to $75 million from outside investors for the fund, said one of the people, who asked not to be identified because Citigroup hasn’t disclosed the information publicly. The pool will trade in so- called collateralized loan obligations, or CLOs, according to marketing materials obtained by Bloomberg News… Full article: Source
Ex-Och-Ziff duo tap Mount Kellett executive Finnerty for new Asia hedge fund
From Reuters.com: Maso Capital has hired former Mount Kellett Capital executive Allan Finnerty for a top role at the hedge fund being set up by former managing directors of Och-Ziff Capital Management Manoj Jain and Sohit Khurana. Finnerty has joined as a chief operating officer to help the Hong Kong-based hedge fund launch by the end of 2012, two sources familiar with the matter said.
Finnerty, whose previous employers include Morgan Stanley and Goldman Sachs, was the chief financial officer for Asi......................
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