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FEBRUARY 13, 2013

2 Serengeti Isolates Bankruptcy Book 2 Hutchin Hill Adds Marketing Muscle 2 Fund to Focus on European Debt 3 Pine River Crafts Forex Fund 3 Family Office Taps Endowment Exec 3 Upstart Signs Ex-UBS Quant Pro 3 Clock Ticking for Fee Discount 4 Ex-Goldman Banker Launches Fund 5 Artigent Preps Quant-Equity Offering 5 Gorelick Preps Fund of Debt Funds

Losses Prompt Cavalry to Return LP Money
Technology-stock picker John Hurley will mark the 10-year anniversary of his Cavalry Asset Management next month by liquidating his three hedge funds and returning outside capital. Hurley, who got his start under famed tech investor Larry Bowman, told clients in a Feb. 8 letter that the market’s dynamics have turned unfavorable for fundmanental stock pickers like the Cavalry team. Once client capital is returned, Hurley and about eight other senior partners will remain at the San Francisco firm to manage their own money. But they are open to re-launching a hedge fund if market conditions improve. “Our rationale is simple,” Hurley wrote. “In a lower-percentage environment for our strategy, we believe we can best serve clients by giving the money back, resting the team and returning when the opportunity set has improved.” It’s unclear what will happen to the firm’s other staffers. As of the first quarter
See CAVALRY on Page 5

Rosen Taps Executives for Reef Road Startup
Things are coming together for Reef Road Capital, the new hedge fund shop led by credit-product trader Eric Rosen. Rosen, who plans to launch the New York firm’s debut fund in April or May, has assembled a core leadership team consisting of himself, two former Bell Point Capital executives and an ex-colleague from J.P. Morgan. Rosen also has been talking to at least one potential backer that offered a seed investment in exchange for a stake in his business — although it’s unknown if he will accept such a proposal. Either way, the progress points to a launch with $100 million or more and perhaps a staff of a dozen. Several staffers joined Reef Road from Bell Point, the $500 million firm that former Citadel leveraged-loan chief Joseph Russell began unwinding last year. Topping the list are John DiRocco, who served as Bell Point’s chief operating officer, and Nick Verma, the shop’s head of business development. They arrived Feb. 1. Also on
See REEF on Page 4

Healthcare-stock specialist Michael Chiou is on his way from Diamondback Capital to Israel Englander’s Millennium Management, where he’ll fill a similar role as a portfolio manager. The timing of the move is unclear. At the $16.5 billion Millennium, he apparently will work separately from portfolio manager Nadav Hazan — another ex-Diamondback staffer who joined the New York firm last month with a focus on healthcare stocks.
Arden Asset Management’s global head of

New Management Teams Bolster Balyasny
Balyasny Asset Management has added two portfolio managers to its already growing staff — an expansion brought on at least partly by plans to resume accepting investor contributions for the firm’s flagship hedge fund. Former Perry Capital executive Maulin Shah joined the Chicago operation’s New York office on Feb. 4 to run a new event-driven strategy. Around the same time, Ascend Capital alumnus Mark Cusumano arrived at a San Francisco outpost established one month earlier. He has oversight of a book of healthcare stocks. Their teams at Balyasny are among 34 specialist portfolio-management groups that founder Dmitry Balyasny entrusts to oversee $3.8 billion of equity, the bulk of it in the firm’s Atlas Global Investments fund. That vehicle is slated to re-open to investors at some point this year, after cutting off commitments about a year-and-a-half ago. At Perry, Shah ran an event-driven portfolio totaling more than $1 billion. Before
See BALYASNY on Page 4

client services and client development is no longer with the firm. Managing director Coby McDonald left the New York fundof-funds manager in recent weeks. His destination couldn’t be learned. McDonald joined Arden in April 2011, following a stint at fund-of-funds manager Permal

Executive-search firm Wall Street Options has added three managing directors. Hugh Callaghan now leads business development
See GRAPEVINE on Back Page

February 13, 2013

Hedge Fund


Serengeti Isolates Bankruptcy Book
Serengeti Asset Management is preparing an offering for investors who want more exposure to a portfolio of bankruptcy claims. In a letter to investors last month, the $1.1 billion fund operator highlighted its “liquidations” portfolio as one of the main drivers of returns last year for the flagship Serengeti Opportunities fund series. The winning investments included claims tied to Lehman Brothers, MF Global and Bernard L. Madoff Securities. The Lehman position gained 30%. At the request of investors, the New York firm plans to create a new share class for its Serengeti Lycaon fund series, whose investments largely mirror those of the flagship vehicle. The new shares will be backed exclusively by bankruptcy-related assets — which at yearend amounted to 36% of Serengeti Opportunities’ holdings. “This class would give direct exposure to our liquidations portfolio and would pass the distributions we receive to investors on a quarterly basis,” wrote Serengeti founder Joseph “Jody” LaNasa and partner Vivian Lau. Serengeti Opportunities gained 13.4% in 2012 and has produced a 4.5% average annual return since its 2007 inception. The Lycaon vehicle, which avoids equities, doesn’t use leverage and only occasionally buys tail-risk protection, gained 22.1% last year. Its average annual gain since 2010: 15.3%. Serengeti invests opportunistically across a range of assets. In addition to liquidations, other drivers of last year’s gains included investments in structured products. The investor letter also disclosed that the firm has shut down its Serengeti Rapax fund series, which launched in 2008 to capitalize on “unprecedented opportunities” in the financial sector. Those funds generated a 12.9% annual return. “We hope to recreate another single-opportunity fund, like Rapax, in the future when a dislocation of this magnitude arises within one of our core areas of expertise,” LaNasa and Lau wrote. 

tal for a credit-focused vehicle it set up last year. That vehicle, Hutchin Hill Liquid Credit Fund, launched with a $100 million seed investment from an unidentified U.K. pension system. Sarkar, who has spent nine years as a fund marketer, joined Hutchin Hill as a product specialist. Walker, with six years of marketing experience, is focusing on investor relations. Steinberg’s resume also includes a stint at Highbridge, as well as positions at Citadel and Black River Asset Management. 

Fund to Focus on European Debt
Ben Oldman Partners of Tel Aviv is about to launch its debut hedge fund, a distressed-debt vehicle that will primarily invest in Europe. The shop is led by Isaac Benzaquen, who last year produced an eye-popping 136% gross return running a $6 million separate account. His Ben Oldman Special Situations Fund will shoot for annual returns of 30%, primarily via investments in discounted corporate debt, including distressed and specialsituations opportunities. Benzaquen is looking to hire one or two analysts. His firm has secured a $10 million anchor investment from the Gugenheim-Katz family of Mexico and is in talks with a seed investor for another commitment in exchange for a stake in the business. It also has set up a two-member advisory board consisting of Elie Gugenheim, the chief executive of Intercambio Comercial, and Kay Gieseke, a credit-risk researcher and professor at Stanford University. Using the anchor capital, the firm plans to launch a preliminary vehicle called Ben Oldman Anchor Fund this month, then roll the money into the broader commingled pool in the second quarter. The plan is to reach $50 million in the first year of operation. The track record presented to potential investors begins with Benzaquen trading his own capital in 2010 and part of 2011, during which he reaped a 55% average annual return. For most of 2011, he worked for Madrid firm Arcano, investing in performing European loans on behalf of its Arcano Credit Fund. He generated a 13% annual return for the fund, which is much more conservative than Benzaquen’s current focus. While the return he produced with the separate account last year was extremely high, Benzaquen plans to take some risk off for the commingled fund by reducing leverage. Roughly half of the vehicle’s capital will be invested in senior secured loans and bonds, with the rest in unsecured or subordinate debt. There are expected to be 15-25 positions overall. Benzaquen believes the current environment in Europe presents attractive opportunities for distressed-debt investors, but the fund will make some investments in Latin America and North America as well. It also will pursue event-driven debt plays, high-yield investments in leveraged-buyout loans and an arbitrage strategy with investment-grade bonds. Benzaquen previously covered leveraged buyouts as an associate at Babcock & Brown. He also makes venture-capital investments via his Ben Oldman Venture Fund. 

Hutchin Hill Adds Marketing Muscle
Hutchin Hill Capital has beefed up its client-services group ahead of a planned marketing push. Neil Chriss’ multi-strategy fund shop last month hired former Highbridge Capital marketing professionals Deepa Sarkar and Kendra Walker. The New York firm also brought in Kimberly Steinberg on a temporary basis to help improve investor relations. The moves coincide with a planned fund-raising campaign for the flagship Hutchin Hill Capital Diversified Alpha Master Fund. Hutchin Hill hasn’t actively marketed the $1 billion vehicle for more than a year. The firm apparently hopes to capitalize on the fund’s recent performance, including an 11% gain in 2012 — versus a 6.2% return for the HFRI Fund Weighted Composite Index. The Hutchin Hill vehicle was up 2.8% in January. At the same time, Hutchin Hill wants to raise more capi-

February 13, 2013

Hedge Fund


Pine River Crafts Forex Fund
Pine River Capital launched an emerging-market currency vehicle on Jan. 15. Pine River Relative Value Currency Fund began trading with an undisclosed amount of internal capital. A source said the vehicle is expected to open to outside investors in the “near future.” Jacky Cheung, who joined Pine River in August, oversees foreign-exchange trading from an office in Hong Kong. He previously worked at Credit Suisse, where he developed algorithms for trading currencies. The new vehicle supplements Pine River’s existing strategy roster, including vehicles focused on relative-value credit trading, mortgage-backed securities, convertible-bond arbitrage and equities. The Minnetonka, Minn., firm manages $11.6 billion overall. The new fund takes a relative-value approach to trading currencies globally, but with an emphasis on emerging markets. The strategy seeks to exploit market dislocations driven by centralbank moves, trade flows and macroeconomic trends. The vehicle takes long and short positions in currency-forward contracts that expire in a month or less. Cheung was at Credit Suisse from 2004 to 2012. He spent most of that time on the bank’s proprietary-trading desk developing macro-trading strategies with a focus on emerging markets. Prior to that, he spent five years at Goldman Sachs. Pine River was founded in 2002 by Brian Taylor. The firm employs some 325 people, including more than 100 investment professionals. 

Upstart Signs Ex-UBS Quant Pro
Startup Allied Standard Asset Management has hired a former UBS executive to lay the groundwork for its fund-management business. Chris Bleuel arrived at the Fort Lauderdale, Fla., firm in January. In the coming months, he’ll oversee the creation of a separate account employing a quantitative equity-trading approach. A commingled fund would follow later this year. In leading the effort, Bleuel’s immediate tasks include developing a liquid, systematic multi-strategy vehicle for Allied Standard and recruiting portfolio managers to run the firm’s investments. He also will eventually play a marketing role, although Allied isn’t planning an extensive capital-raising campaign for its fund until after it builds a track record. Bleuel worked at UBS until November, spending a year-and-ahalf selling rapid-fire quantitative-trading technology to clients. That was preceded by a year each in the prime-brokerage units of Barclays and Morgan Stanley. Earlier, he spent time as a statistical-arbitrage trader at Amaranth Advisors and Paloma Partners. Bleuel also has held derivatives sales and trading posts at several broker-dealers. Allied Standard is mainly owned by Steven M. Mariano, founder of Patriot National Insurance. Patriot supplies the firm with office space. 

Clock Ticking for Fee Discount
Gargoyle Group is increasing its cut of profits from a 1-yearold equity fund. So far, backers of the vehicle have been placed in a so-called founders share class with a 10% performance fee for the lives of their investments. But those who get in from now until to June 30 will pay 15% — and anyone who contributes capital after that will pay the standard 20%. Management fees remain unchanged at 1% of assets. Effective this month, Gargoyle also changed the name of the fund to Gargoyle Enhanced Alpha Fund from Gargoyle Market Neutral Value Fund. The $20 million vehicle picks so-called deep-value investments from the 2,000 largest stocks in the U.S. It also sells index call options it believes are overpriced. The fund gained 16.9% last year. Gargoyle also runs a $175 million hedge fund called Gargoyle Hedge Value Fund that employs a similar strategy, but with a focus on the 1,000 largest U.S. stocks in terms of market capitalization. The Englewood, N.J., firm, founded in 1988, is best known as an options trader. 

Family Office Taps Endowment Exec
A former Washington University endowment executive is now running a family office. Brian Wentworth joined TCS Group of Chicago last month as chief investment officer following a five-year stint at the $5.8 billion endowment — an aggressive investor in hedge funds. At TCS, Wentworth replaces Alex Paul, who left in September for Chicago wealth manager Botty Investors. The family office oversees $200 million to $300 million — most of it for the family of Ted Schwartz, a pioneer in the telemarketing industry. In addition to traditional assets, TCS invests in hedge funds and other alternative-investment vehicles. Word has it that Wentworth has been given the green light to beef up the operation’s investment staff. That likely will entail hiring junior analysts and more-seasoned investment professionals in the months ahead. At Washington University, in St. Louis, Wentworth oversaw asset allocation and risk management for the endowment. That operation favors large allocations for hedge funds and private equity vehicles. As of 2011, for example, less than 20% of its assets were in U.S. stocks, while about 25% was in “hedged strategies.” Prior to Washington University, Wentworth worked at Dow
Chemical. 

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February 13, 2013

Hedge Fund


Ex-Goldman Banker Launches Fund
A former Goldman Sachs investment banker who also worked at fund shop Empyrean Capital has begun marketing his own event-driven vehicle. Operating via New York-based Numina Capital, Michael Kaine has spent the past three years developing a track record for Numina Capital Fund. The hedge fund formally launched last month with an undisclosed amount of capital. The vehicle invests in the stocks of U.S. companies undergoing mergers and acquisitions, spinoffs, restructurings and changes in response to activist pressure. Because Kaine primarily invests in stocks, the Numina portfolio is relatively liquid, and the fund is expected to have a capacity of at least $1 billion. Before opening his own shop, Kaine spent six years at Los Angeles-based Empyrean, where he was a partner and member of the investment committee. Prior to that, he was a vice president in Goldman’s investment-banking division. At Numina, Kaine is drawing on his experience at Goldman in analyzing corporate events. A combination of factors, including a weak global economy and large cash positions on corporate balance sheets, has created a favorable environment for event-driven investors. The HFRI Event-Driven (Total) Index returned 8.6% in 2012, making it among the top-performing hedge fund strategies for the year. However, investors took more money out of event-driven funds than they put in, withdrawing $6.6 billion last year, according to Hedge Fund Research. That left event-driven vehicles managing a combined $558 billion. Only two other strategies tracked by Hedge Fund Research — equity and relative value — have more assets under management. 

portfolio. He previously headed a global property group at UBS O’Connor and was a partner at O’Connor Colony Property Strategies, a long/short real estate-equity operation run via a joint venture with Colony Capital. Balyasny hopes to bring that vehicle in-house in the near future. Balyasny also added dedicated short selling to its coverage areas in December by hiring former Walker Smith Capital staffer Neal McConnell. It additionally has brought in personnel to oversee new utility stock, event-driven, European consumer stock, European financial stock and REIT portfolios — and has fortified some existing teams. All told, the firm has 177 employees. Atlas Global has turned a profit every year since its 2002 inception, with low correlation to the S&P 500 stock index. 

REEF ... From Page 1
board is Jeffrey Nusbaum, who previously served as a managing director in charge of credit-product research for J.P. Morgan’s proprietary-trading unit. With Rosen as chief investment officer, DiRocco as chief operating officer, Nusbaum as head of research and Verma overseeing marketing, Reef Road’s management is now in place. In assembling the team — particularly the former Bell Road personnel — Rosen appears to have addressed a common problem among former bank traders who go into business for themselves: Even those with excellent track records often lack experience running their own shops. DiRocco stands out as having the potential to ease investors’ concerns. In addition to his operational role at Bell Point, he has served as chief financial officer at Citadel and before that was a managing director at Paloma Partners. Verma, meanwhile, played a key role in building up Bell Point’s assets. He previously was a principal focused on seeding of alternativeinvestment managers at BMP Group, a joint venture between AIG and the Brunei royal family. Before that, he marketed a range of alternative-investment products at Credit Suisse. Prior to starting Reef Road last year, Rosen spent about a year as co-head of UBS’ North American fixed-income division. That followed a 13-year run at J.P. Morgan, where he served as head of credit-product trading and counted Nusbaum among his staffers. At Reef Road, Rosen plans to take long and short positions in a range of products tied to companies that are distressed or are exposed to market dislocations — including bonds, loans and credit-default swaps. His strategies will include relative value and capital-structure arbitrage. 

Balyasny ... From Page 1
that, he ran the event-driven business at Shumway Capital. Balyasny is allocating 3% of its roughly $14 billion of leveraged capital — or $420 million — to him at the start. Eventually, it could boost that amount to 5%. Given accelerating corporate takeovers and restructurings, Balyasny believes now is an ideal time to add an event-driven specialist like Shah. Employing a large number of short sales, he focuses on catalysts including reorganizations or spinoffs that could affect stock prices while avoiding classic mergerarbitrage plays. From a risk profile, the strategy is similar to the firm’s various long/short equity books — meaning a low net exposure to the U.S. stock market. As for Cusumano, he is starting with $450 million spanning an equal number of long and short positions in healthcare stocks. He managed $500 million at San Francisco-based Ascend, where he was on board for five years. Both Shah and Cusumano plan to recruit teams of analysts to aid in their efforts. The additions escalate what has amounted to a hiring spree at Balyasny in recent months. In December, for example, Lou Conforti came on board to manage a global real estate-stock

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February 13, 2013

Hedge Fund


Artigent Preps Quant-Equity Offering
A startup fund shop with a quantitative bent is gearing up to launch an equity vehicle. The firm, Artigent Capital of Winter Garden, Fla., is led by Benjamin Walker and Eugene Wu, who previously worked together at boutique asset manager DePrince, Race & Zollo. With backing from a local businessman, Walker and Wu plan to start trading their Artigent Global Long/Short Fund in the next few months. They’ve tapped Wells Fargo as their prime broker. The fund will use quantitative models to take long positions in 20-40 stocks and short positions in 10-30 issues. The top 10 positions will account for 30-60% of the portfolio. Artigent will charge a 1% management fee. It also will keep 20% of investors’ profits, but plans to waive the performance fee for early backers. DePrince Race, also of Winter Park, has about $7 billion under management. Walker previously served as director of research for the firm’s alternative-strategies group, a role that entailed executing short trades. Wu was a portfolio manager overseeing international and emerging-market value stocks. He previously was a stock analyst at Lazard Asset Management. Working with Walker and Wu is analyst Daniel Lugasi, who had been an intern at DePrince Race. 

Cavalry ... From Page 1
of 2012, Cavalry employed 32 people, including 11 investment professionals. There was widespread speculation about Calvary’s fate late last year, after several staffers left to open their own fund shop. Claude Hazan, Nowell Chernick, Kurt Lanzavecchia and Daryl Smith founded Kayak Investment in San Francisco. Cavalry had $1.5 billion under management a year ago, but a combination of losses and withdrawals have whittled assets down to about $800 million. Limited partners were expected to pull another $300 million or so on March 31, a source said. All three of Cavalry’s funds lost money last year, with Cavalry Technology dropping 4.5%, Cavalry Capital Appreciation falling 5.4% and Cavalry Market Neutral losing 5.5%. In his letter to investors, Hurley said the average tech stock lagged the Nasdaq Composite Index by nearly 10 percentage points. The Nasdaq rose 17.7% in 2012. Cavalry has struggled as the stock market increasingly has been driven by macro forces such as central-bank actions, rather than fundamental factors such as sales growth and cost containment. “Historically, we have aggressively reduced exposure early in macroeconomic crises, reasoning that bottom-up stock picking is much less effective in environments where macroeconomic forces and liquidity concerns trump fundamental analysis,” Hurley wrote. “In 2012, however, exposure management cost the funds 2.5% of performance, as we found ourselves generally at higher exposure at the start of each crisis.” Indeed, a bar chart accompanying the letter shows that as of 2011, the Cavalry Technology and Cavalry Market Neutral vehicles each had generated cumulative returns above 100%. In the past two years, however, the returns of all three funds have been negative. The name of the firm is a nod to Hurley’s service in the first Gulf War, when he served with the U.S. Army’s First Cavalry Division. He began his financial career at Fidelity Investments, then joined Bowman Capital in 1997 as a managing partner. At its peak, Bowman Capital had some $5 billion under management. But it shut down in 2005. In addition to running Cavalry, Hurley lectures on finance at the Stanford Graduate School of Business, his alma mater. 

Gorelick Preps Fund of Debt Funds
Gorelick Brothers Capital is laying the groundwork for the latest in a series of multi-manager vehicles investing in hedge funds that trade mortgage-backed securities. The $250 million firm aims to launch Morrocroft Alternative Fixed-Income Fund in April with around $50 million. It will invest with about five managers that target agency and non-agency commercial and residential mortgage securities. The new fund of funds is designed as a more-liquid version of two Gorelick vehicles that focus on real estate debt. Morrocroft Special Opportunity Funds 1 and 2, which have more of a private-equity structure, primarily back distresseddebt strategies and have the ability to allocate capital to funds investing in residential mortgages. The first fund launched with an expected life of 5-7 years. Fund 2 had a two-year lockup. Morrocroft Alternative Fixed-Income Fund offers quarterly liquidity and no lockup. It will charge a 1% management fee and claim 10% of gains. Charlotte-based Gorelick was formed in 2003 by brothers Todd and Rael Gorelick to manage their family’s hedge fund investments. The firm also manages a $100 million fund of funds called Access Fund, which was born of the March 2012 merger of the firm’s Morrocroft Diversified Fund and a vehicle run by San Francisco hedge fund shop Access Fund Management. Launched in 2005, that fund has a wealth-preservation mandate. It will be looking to add global-macro hedge funds over the coming year. 

Track Past and Present Fund Start-Ups
You can keep tabs on Wall Streeters who are setting out on their own by monitoring “Latest Launches,” which you can find in The Marketplace section of The listing is chock full of details about recent launches of hedge funds and funds of funds, as well as information on vehicles established in the last several years.

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February 13, 2013

Hedge Fund


Portfolio managers, Management company Benjamin Walker and Eugene Wu Artigent Capital, Winter Garden, Fla. 407-573-1258 Anthony F.B. Jezzi and Michael W. Betenson Gateshead Asset Management, Sao Paolo 55-113-168-0797 Jacky Cheung Pine River Capital, Minnetonka, Minn. 612-238-3300 Equity at Launch Launch (Mil.) 2Q-13

Fund Artigent Global Long/Short Fund Domicile: U.S. See Page 5

Strategy Equity: long/short

Service providers Prime broker: Wells Fargo Law firm: Cole-Frieman & Mallon Administrator: ALPS

Gateshead Fund Domicile: Bahamas


Prime brokers: ABN Amro and ADM Investor Services Law firm: Schwartz Auditor: Grant Thornton Administrator: Trident

Oct. 2012

Pine River Relative Value Currency Fund Domicile: U.S. See Page 3

Relative value: currencies

Jan. 15

To view all past Latest Launches entries, visit The Subscribers section of



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February 13, 2013

Hedge Fund


... From Page 1

and marketing at the New York firm. He previously handled marketing at fund manager Dickstein Partners, and before that was at Emerald Capital and Dalton Kent. Meanwhile, Charles Rauch signed on to recruit operational professionals for asset managers and investment banks. His former employers include Blackstone unit GSO Capital, along with

in New York. He is best known as the former chief executive of fund-of-funds operation Cadogan Management, which was sold to Cantor in 2011. Trader Phil DeFrancesco parted ways with Millennium Management this month for undisclosed reasons. DeFrancesco had been on board since 2002, with a focus on U.S. stocks. Equity trader Derek Wallis left Soros Fund Management last month, after 13 years at the New York firm. Wallis is expected to take a job at a startup fund operator. At Soros, he concentrated on stocks in the U.S. and Latin America. Stock analyst Alex Adamson has left Lee Ainslie’s Maverick Capital, after nine years covering industrial-company stocks at the Dallas fund manager. He’s set to join an undisclosed family office in San Francisco this month. Startup fund manager LL Capital has installed a chief financial officer. Jeff Rose joined the New York firm on Feb. 5, after working in a similar capacity at quantitative-investment shop TrexQuant for about

a year. For three years before that, Rose managed investments at fund-of-funds operator GAM. LL Capital, which focuses on European stocks, plans to launch its debut fund on May 1. The firm was founded last year by former Weiss MultiStrategy Advisers team leader Matthew

DiMaio Ahmad Capital, CarbonBased Consulting and Tiger Management. Also new is Ross McMeekin, who recruits sales

and trading professionals. He previously headed equity-derivative sales at Weeden & Co, following stints at BGC Partners, Pali Capital and Bloomberg.
John Trammell is now a member of the advisory board at Tiedemann Investment

New York lawyer Mauro Viskovic has started his own practice, called Viskovic, with a focus on managers of private investment vehicles. Viskovic’s work includes advising on fund launches, compliance, business combinations and related commercial, financial and employment-related matters. He previously was a partner at Kranjac Manuali &

of New York. The role involves helping to steer the business strategy of Tiedemann and fund managers backed by the firm. Trammell arrived this month, following his January departure as co-head of Cantor Fitzgerald’s fledgling alternative asset-management business TO SUBSCRIBE

Director McCall Cravens left Southern Methodist University’s Dallas-based investment team last month to join charitable organization Schusterman Family Foundation. At Southern Methodist, Cravens helped run a $1.2 billion portfolio that includes $270 million of hedge fund stakes. It’s unknown whether the Washington-based Schusterman Foundation currently invests in hedge funds.

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