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Alternative Market Briefing

Hedge fund manager Daniel Arbess leaves Perella Weinberg

Thursday, July 23, 2015

Komfie Manalo, Opalesque Asia:

Hedge fund manager Daniel Arbess is leaving Perella Weinberg Partners to concentrate on investments in private markets.

Arbess founded the Xerion funds in late 2002, and sold the business to Perella Weinberg in 2007, then stayed on as a partner after Xerion was closed last year, reported Reuters.

Arbess, 52, was managing the Perella Weinberg Partners Xerion fund, which had an estimated $600m in assets last year. The fund closed down in November due to poor performance amidst volatile markets. Arbess started returning money to investors the following month.

The fund focused on taking positions on corporate events like mergers and spinoffs and macroeconomic trends using public securities, said Reuters. At its peak, Xerion fund managed over $3bn in assets in 2011, but it lost 21% that year. The fund fell 6.95% in the first 10 months of 2014, its only second losing year in its history, and client assets lost since 2011 were never recovered.

Over the fund’s 12-year existence from January 2003 through October 2014, it averaged 11% in profits after fee.

Arbess told Reuters he will invest his own money in private companies, especially energy and technology opportunities in the United Sta......................

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