Herb Wagner Bailey McCann, Opalesque New York:
Herb Wagner, Co-Portfolio Manager at Boston-based hedge fund Baupost Group has announced he will be leaving to start his own family office and will remain a client of the firm. In a webcast for client scheduled tomorrow, Wagner and firm principal Seth Klarman will take questions about the transition, this will be followed by the regular portfolio overview typically conducted on these calls. Jim Mooney another executive at Baupost is being promoted within the firm. Mooney has been with the firm since 2000 and will become head of Baupost's Public Investment Group.
Mooney is currently a member of the management committee in Boston and is also the head of the firm's London office. Klarman said in a letter sent to clients that he doesn't anticipate finding a replacement for Wagner in the near future. All investment decisions were made together by the team over Wagner's tenure and Klarman indicated that he didn't expect the departure to have a lasting effect on the investments Baupost is currently pursuing. "My intense focus on the portfolio has remained constant since the firm was founded, and will remain so in the future," he wrote.
As participants in our recent Opalesque Connecticut Roundtable noted, more and more successful hedge fund managers and executives are moving on to start their own family offices, investing i......................
To view our full article Click here