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Komfie Manalo, Opalesque Asia:

Former Lone Pine managing director Scott Phillips has announced the launch of his own hedge fund firm called Latimer Light Capital which will bet on and against stocks of U.S. companies. Latimer will start trading in the second half of 2015, Bloomberg reported.

With the launch of Latimer, Phillips joins a small group of fund managers who left some of the most successful hedge funds to start their own companies. Since last year, investors have allocated billions of dollars into startup hedge funds run by former managers of established funds that are closed to outside money.

Former Baupost Group money manager Herb Wagner raised $2bn last year when he launched Finepoint Capital. Matthew Sidman has raised $1.6bn for Three Bays Capital. Wagner and Sidman were amongst those who benefitted from the $76bn that flowed into hedge funds last year.

Ted Seides, whose Protege Partners provides seed capital to emerging hedge funds and oversees $2bn in assets, was quoted as saying, "Investor portfolios generally have been with the same entrepreneurs for a decade or two, and those leaders are now quite wealthy 50-somethings. Retirement risk is creeping into these portfolios, so allocators are trying to figure out how they will replicate their past success for the next 10 years. They’re looking for the next crop......................

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