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Hedge Fund Alert

Hedge Fund Alert

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Published by HFGX
HFA020310
HFA020310

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Published by: HFGX on Apr 12, 2012
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11/14/2012

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SEC Rethinks Ban on Third-Party Marketers
The
SEC
is having second thoughts about a proposal to ban placement agentsfrom marketing to public pensions on behalf of hedge funds and other asset man-agers.In the wake of the
New York Common Fund
scandal, the SEC last August pro-posed an outright prohibition on third-party marketers acting as intermediariesbetween pension officials and fund managers. The proposal met with howls of protest from both placement agents and investment managers, who argued thatmarketers play a valuable role in helping pension plans sort out their investmentoptions.After receiving more than 100 comment letters, the SEC is now floating a com-promise plan.
Andrew Donohue,
director of the SEC’s division of investment man-agement, outlined the alternative in a letter to
Finra
last month. Essentially,Donohue said the SEC would be willing to back away from its proposed ban if Finra
FBI Probe Is Last Straw for Torrey Pines
Poor performance, dwindling assets, litigation and an
FBI
probe have forced SanDiego hedge fund operator
Torrey Pines Capital
to call it quits.The FBI and the
U.S.Attorney’s Office
in San Diego are investigating a TorreyPines employee who was fired last month. He is accused of stealing informationfrom his previous employer,
Avalon Capital
of La Jolla, Calif., by remotely loggingon to its computer server from a Torrey Pines terminal. According to Torrey Pines,the firm and its other employees aren’t implicated in the investigation. No chargeshave been filed against the ex-employee.FBI agents visited Torrey Pines’ offices on Jan. 20 to serve notice of the grand- jury probe. The employee, a senior analyst, was placed on immediate leave. He wasfired two days later. On Jan. 25, during a call to investors and service providers,Torrey Pines chief 
Robert Jafek 
announced he was closing the firm.Jafek said losing one of the five analysts on the investment staff made it difficult
Swieca Scouting Talent for New Initiative
Highbridge Capital
co-founder
Henry Swieca,
who left the hedge fund giant atyearend, is looking to hire a slew of market pros for his newly opened family office.Swieca, who formed Highbridge in 1992 with
Glenn Dubin,
set up
SwiecaHoldings
in New York to manage his own money. In addition to traders and ana-lysts, Swieca is looking for a chief financial officer — suggesting to some marketplayers that he eventually wants to expand beyond a family office.For starters, Swieca hired a team of event-driven specialists from New York-based
One East Partners:
brothers
Nathaniel Storch
and
Thomas Storch,
along with
Michael McNamara
and
Michael Goldberg.
Highbridge, with $21 billion under management, is wholly owned by
J.P.Morgan.
When the bank bought a controlling stake in the firm in 2004, Swieca and Dubinagreed to stay on for at least five years. Dubin has no plans to leave Highbridge. Heand Swieca also run a fund-of-funds business called
Corbin Capital.
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FEBRUARY 3,2010
Michael Inserra
resigned as chief admin-istrative officer of 
Moore Capital
in recentdays to return to
Ernst & Young,
where hehad worked before joining Moore a yearago. The $14 billion firm founded by
Louis Bacon
has seen additional turnoveron the operations side.
Scott Lawin,
pre-viously the operations chief for
FortressInvestment’s
Drawbridge hedge fund, joined Moore on Jan. 1 as chief operatingofficer of the firm’s New York office.
EricDanheim
continues as chief operatingofficer of the London office.Two key staffers resigned from
J.P.Morgan’s
prime-brokerage business thisweek:
Richard Newman,
who works inLondon overseeing risk, and
DanielCohen,
a salesman in the San Franciscooffice. Newman’s destination isunknown. Cohen is en route to
CantorFitzgerald,
which is building a
THE GRAPEVINE
 
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