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SEC Rethinks Ban on Third-Party Marketers

The SEC is having second thoughts about a proposal to ban placement agents
from 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 intermediaries
between pension officials and fund managers. The proposal met with howls of
protest from both placement agents and investment managers, who argued that
marketers play a valuable role in helping pension plans sort out their investment
options.
After receiving more than 100 comment letters, the SEC is now floating a com-
promise plan. Andrew Donohue, director of the SECs 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
See SEC on Page 10
FBI Probe Is Last Straw for Torrey Pines
Poor performance, dwindling assets, litigation and an FBI probe have forced San
Diego hedge fund operator Torrey Pines Capital to call it quits.
The FBI and the U.S. Attorneys Office in San Diego are investigating a Torrey
Pines employee who was fired last month. He is accused of stealing information
from his previous employer, Avalon Capital of La Jolla, Calif., by remotely logging
on to its computer server from a Torrey Pines terminal. According to Torrey Pines,
the firm and its other employees arent implicated in the investigation. No charges
have 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 was
fired 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
See PROBE on Page 6
Swieca Scouting Talent for New Initiative
Highbridge Capital co-founder Henry Swieca, who left the hedge fund giant at
yearend, 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 Swieca
Holdings 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 market
players 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 Dubin
agreed to stay on for at least five years. Dubin has no plans to leave Highbridge. He
and Swieca also run a fund-of-funds business called Corbin Capital. O
6 INFLOWS/OUTFLOWS BY STRATEGY
2 Citi Beefing Up Alternatives Research
3 Pricewaterhouse Recruits SEC Vet
3 Facing Lawsuit, Manager Shuts Firm
3 Robertson Backs Ex-Viking Trader
4 Family Office Builds Seed Business
4 Multi-Strategy Metals Fund Offered
5 Fee Would Crimp Prime Brokerage
6 Rogers Opens Incubation Shop
8 Karsch Capital Preps Credit Vehicle
8 Barclays Alums Tee Up Asia Fund
8 Woori Shifts Strategy, Replaces Exec
FEBRUARY 3, 2010
Michael Inserra resigned as chief admin-
istrative officer of Moore Capital in recent
days to return to Ernst & Young, where he
had worked before joining Moore a year
ago. The $14 billion firm founded by
Louis Bacon has seen additional turnover
on the operations side. Scott Lawin, pre-
viously the operations chief for Fortress
Investments Drawbridge hedge fund,
joined Moore on Jan. 1 as chief operating
officer of the firms New York office. Eric
Danheim continues as chief operating
officer of the London office.
Two key staffers resigned from J.P.
Morgans prime-brokerage business this
week: Richard Newman, who works in
London overseeing risk, and Daniel
Cohen, a salesman in the San Francisco
office. Newmans destination is
unknown. Cohen is en route to Cantor
Fitzgerald, which is building a
THE GRAPEVINE
See GRAPEVINE on Back Page
Citi Beefing Up Alternatives Research
Citigroup has begun an aggressive push to expand the
research capabilities of its private-banking unit, which advises
wealthy individuals on traditional and alternative investments.
Leading the effort is David Bailin, who joined Citi Private
Bank in October as managing director and global head of
managed investments. Citi hired him from Bank of America,
where he oversaw a $32 billion alternative-investment busi-
ness. He reports to Jane Fraser, global chief executive of Citi
Private Bank. Bailins mandate: Rebuild a research infrastruc-
ture that was largely dismantled last year after Citi sold a
majority stake in its Smith Barney brokerage business to
Morgan Stanley.
Bailin made his first senior-level hires last month. Among
them are Frank Frecentese, whose responsibilities include
hedge fund and private equity research. He previously was
director of manager research at Graystone Research, a Morgan
Stanley unit that shut down last year.
Also on board is Lana Matta, who previously oversaw the
Middle East alternatives business for Barclays Capital. She is
filling a similar role at Citi Private Bank.
Bailin also recruited three former colleagues from BofA. Eric
Siegel, who was co-head of hedge fund research, and Daniel
ODonnell, who was head of private
equity research, have taken similar
jobs at Citi. Brian Altenburg was
hired to run Citis advisory services,
which customizes portfolios for
clients.
Bailin plans to make 15-20 addi-
tional hires by the end of the sum-
mer, including positions in London,
Hong Kong and Singapore.
Part of Bailins job is to merge
three private-banking research
operations that have been run sep-
arately: an alternative-investment
group, a traditional-investment
group and a 75-year-old subsidiary
called Tailored Portfolio Group.
The three units conduct research
and customize investment portfo-
lios for the banks wealthiest clients
those with net worths of at least
$25 million.
Bailins efforts are separate from
Citi Capital Advisors, formerly
known as Citi Alternatives, which
markets hedge funds and private
equity vehicles run by Citi itself. O
February 3, 2010 2
Hedge Fund
ALERT
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Pricewaterhouse Recruits SEC Vet
Former SEC inspection chief Lori Richards, who left her job
in the aftermath of the Bernard Madoff scandal, resurfaced at
PricewaterhouseCoopers this week.
The accounting and consulting giant hired Richards as a
principal, responsible for building up the Washington staff of
the firms financial-services regulatory practice. Richards will
be recruiting in an effort to double the size of her six-person
team.
PricewaterhouseCoopers is anticipating increased demand
from hedge fund managers and other clients needing help
complying with new and pending regulations. Among other
things, the SEC is preparing to subject hedge fund firms to
more surprise inspections.
Richards, who left the SEC in August after 24 years with
the agency, was head of the office of compliance since the
unit started in 1995. She faced tough questioning from
members of Congress who asked how the SEC, and
Richards division in particular, could have failed to act on
the numerous warnings of Madoff improprieties. House and
Senate officials also lambasted former enforcement director
Linda Thomsen and other SEC officials for failing to respond
to the red flags in the case. Thomsen resigned in February
2009.
In a job switch of sorts, Richards was replaced at the SEC
by Carlo di Florio, who previously worked in Pricewater-
houseCoopers financial-services regulatory practice. O
Facing Lawsuit, Manager Shuts Firm
Knowledge Investment Partners, a fund manager that tar-
gets education companies, is shutting down in the face of a
$25 million lawsuit from Ramius Capital.
Robert Daugherty, Knowledges founder, said he has begun
unwinding his main vehicle, KIP Presidium Fund, and will
close the Chagrin Falls, Ohio, firm. In a fraud suit filed Jan.
25 in a county court in Ohio, New York-based Ramius
accused Knowledge of failing to return $25 million that three
Ramius funds had invested in KIP Presidium.
That funds legal documents said investor capital would be
invested only in publicly traded education companies. But
according to the lawsuit, Knowledge invested in private com-
panies with ties to Daugherty. KIP Presidium, which had
about $100 million under management at is peak, posted a
14% loss in 2008.
We obviously strongly disagree with the lawsuit,
Daugherty said.
The three Ramius funds Ramius Private Select, Ramius
Multi-Strategy Master Fund and Ramius Leveraged Multi-
Strategy dove into KIP Presidium when it launched in
2007. At the time, Ramius had between $3 billion and $4 bil-
lion under management overall.
Ramius apparently was attracted by the funds former
portfolio manager, Robert J. Herman, whose resume included
stints at Goldman Sachs and the now-defunct Galleon Group.
Herman left Knowledge last year. Ramius also was drawn by
KIP Presidiums well-respected advisory board, which at one
time included economist Glenn Hubbard, dean of the
Columbia Graduate School of Business. A spokesperson for
Hubbard said he hasnt been affiliated with Knowledge for
several years.
Ramius said it discovered the alleged fraud when it sought
to redeem shares in early 2009. Daugherty told investors he
was unable to meet their redemption requests because the
funds assets were illiquid.
Ramius said it found that Knowledge had improperly
changed its investment focus from public to private educa-
tion companies without seeking investor approval. In some
cases, Ramius claims, investments were made in companies
that Daugherty co-owned or otherwise was connected to,
including Eduventures, Education Enrichment Resources and
Riverdeep. O
Robertson Backs Ex-Viking Trader
A former Viking Global portfolio manager will wait until
June to begin marketing a long/short equity fund he began
trading on Dec. 1.
Thats because Jesse Ro, a consumer-stock specialist,
launched his fund with seed capital from Julian Roberts
Tiger Management. In exchange for his backing, Robertson
typically asks his Tiger seeds not to market to outside
investors for 6-12 months.
Ro, who left Viking in 2008, set up Tiger Legatus Capital
last year and began trading his Tiger Legatus Partners vehi-
cle with between $50 million and $100 million. Robertson
typically invests $25 million to $50 million in Tiger seeds
in exchange for 25% of their business. He apparently allowed
Ro to solicit additional capital prior to the launch and to mar-
ket his hedge fund again after June 1.
Ro is operating from Tiger Managements offices at 101
Park Avenue in New York, along with more than 30 other
hedge funds seeded by Robertson. Once a fund establishes a
track record and satisfies the no-marketing requirement,
Robertson typically will introduce the manager to his circle
of Tiger investors.
Ro worked at the $8 billion Viking from 2004 to 2008. The
Greenwich, Conn., fund manager is headed by O. Andreas
Halvorsen and David Ott. In 2008, Viking gave its portfolio
managers new marching orders. They were told to stop trad-
ing their existing books and instead focus on concentrated
portfolios of about eight large-cap stocks, according to one
account. Rather than comply, Ro and two other portfolio
managers consumer-stock specialist Glenn Salzman and
Jeff Eberwein, who traded cyclical stocks resigned in
September 2008. Salzman joined Diamondback Capital of
Stamford, Conn., in the first quarter of 2009.
Before Viking, Ro was an investment analyst from 2002 to
2003 at a Tiger seed called Axial Capital in New York. O
February 3, 2010 3
Hedge Fund
ALERT
Family Office Builds Seed Business
BMB Group, a $12 billion family office that invests on
behalf of a dozen wealthy families in the Middle East and
Asia, plans to make a large investment in hedge funds by
seeding or buying managers.
BMB staff, led by newly hired executive Nick Verma, have
begun researching and meeting with hedge fund managers
with an eye toward taking an equity stake in their firms or
acquiring them outright. Its unclear how much capital has
been earmarked for the initiative, but targeted operators
have been told BMB is looking to invest at least $25 million
per management firm. BMB currently is negotiating with an
undisclosed manager about a deal that would involve a $100
million capital infusion.
The program represents BMBs first direct investment in
hedge funds. Previously, the family office invested via funds
of hedge funds.
The effort is quickly drawing the attention of startup
managers who have struggled to raise capital since the
financial-market meltdown of late 2008 and early 2009.
BMB appears to be positioning itself to capitalize on early
signs that hedge fund investors once again are opening their
checkbooks. After suffering massive net outflows in late-
2008 and early-2009, the fund industry has regained its
footing, with overall subscriptions now exceeding total
redemptions.
To spearhead the new business, BMB hired Verma last
month as a senior principal in the New York office. He pre-
viously worked for Credit Suisse Alternative Investments. In
addition to scouting for seed and acquisition targets, Verma
is responsible for raising additional capital from non-U.S.
investors.
BMB was founded in 2004 by the royal family of Brunei
and the Withanage family, also of Brunei. In 2008, the firm
doubled its assets under management by purchasing EMP
Global, a private equity firm with offices in Brunei, Bahrain,
Hong Kong and Washington. One EMP partner, Moeen
Qureshi, is a former prime minister of Pakistan. He is now a
top BMB executive. O
Multi-Strategy Metals Fund Offered
Metals investor Red Kite Management has launched a
fund designed to blend the strategies of the firms five other
vehicles.
The London firm began trading through Red Kite
Partners in early January with an undisclosed sum of most-
ly partner capital. It is now marketing the fund.
The vehicle draws from the strategies of the firms five
other funds, giving investors the opportunity to take advan-
tage of each investment style through a single vehicle with-
out piling on layers of fees, as a fund of funds would do.
Those vehicles are Red Kite Metals, Compass, Prospect,
Hong Feng Zheng and Red Kite Explorer.
The funds employ a range of trading strategies, including
relative value, directional and Asian relative value. They
invest in metals futures and physicals, and they finance mine
construction. Red Kite bought and sold more than $5 billion
of physical metals last year, with much of its dealings in
China. It is also active in the metals-shipping business.
Financings of mine construction, particularly the com-
pletion phase, require longer-term capital than metals trad-
ing. Thats why Red Kite Explorer, a financing vehicle, car-
ries a longer-than-usual capital-lockup period.
For that reason, the firm is offering two versions of the
Partners fund, each tailored to investors differing liquidity
needs. One version follows the strategies of four Red Kite
vehicles, excluding the Explorer Fund, and allows quarterly
redemptions. The other employs all five strategies, and locks
up 25% of capital for three years investors can redeem the
rest of their holdings on a quarterly basis.
Red Kites founders Michael Farmer, Oskar Lewnowski
and David Lilley have multiple decades of experience
working at well-known commodities merchants such as the
former Philipp Brothers (now the Phibro unit of Occidental
Petroleum) and MG PLC (the former Metallgesellschaft that
RBS Sempra bought from Enron in 2002).
In addition to its London headquarters, Red Kite operates
offices in New York, Hong Kong, Shanghai, Sydney and
Bermuda. O
February 3, 2010 4
Hedge Fund
ALERT
Fee Would Crimp Prime Brokerage
Major prime brokers are weighing possible changes to cer-
tain services and fees in light of President Obamas proposal to
slap a special levy on the biggest banks.
If the Financial Crisis Responsibility Fee is ultimately
approved by Congress, it would significantly increase the cost
of prime-brokerage services. Thats because the fee would be
assessed on banks balance sheets, and prime brokerage is a
balance sheet hog, as one market player put it.
As a result, prime-brokerage executives are considering a
range of options from dumping low-margin services such
as securities lending to passing on the added costs to hedge
fund managers. Given the balance-sheet nature of the busi-
ness, prime brokerages will likely do some combination of
reduced activities in lower-margin securities lending and
repurchase agreements and/or increase their pricing, one
prime-brokerage executive said.
On Jan. 14, Obama proposed that any bank with more than
$50 billion of assets pay an annual fee equal to 15 bp of certain
liabilities over the next 10 years. In addition to major U.S.
banks, the fee would apply to the U.S. broker-dealer units of
large foreign banks. While the proposal still must be approved
by Congress, many bank executives think there is a real possi-
bility it will become law.
A key question for prime brokers will be whether to cut
back on their hedge fund financing services or ask fund man-
agers to cover some of the costs associated with the proposed
fee. Given that prime brokerage is dominated by the largest
U.S. banks, we expect some of the tax costs to be passed on to
hedge fund clients in the form of higher domestic margin-loan
rates, analyst Brad Hintz of Bernstein Research said in a recent
note.
For the biggest banks, the fee could be very expensive. UBS
analysts expect it to cost Bank of America, Citigroup and J.P.
Morgan $2 billion apiece annually, while Goldman Sachs and
Morgan Stanley could each face a $1 billion annual tab.
European banks Barclays, Credit Suisse and Deutsche Bank
each could pay annual fees in excess of $500 million.
The fee would come on top of significantly higher costs the
banks already face for increased regulatory compliance. In
light of recent regulatory changes, the overall price of running
the prime-brokerage business has lifted, said another prime-
brokerage executive. O
February 3, 2010 5
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ALERT
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Rogers Opens Incubation Shop
A former executive at hedge fund incubator SkyBridge
Capital has just launched a firm that will provide seed capital
to fund managers in exchange for an ownership stake.
Don Rogers set up Stride Capital this week with a goal of
seeding 5-10 startup or established firms that run long/short
equity or credit funds. Rogers plans to staff up his New York
firm in the coming months. The SkyBridge co-founder, who
left that company in 2007, has some 15 years of experience
incubating hedge funds. He also co-founded Rogers
Investment, a New York firm that has been investing in emerg-
ing managers since 1994.
Rogers said the financial crisis has led to great opportuni-
ties for seeders. Many management teams with strong track
records have nonetheless struggled to raise capital amid a
broad investor pullback. After financial markets collapsed in
late 2008, a number of seeding firms went dormant, with the
result that investments above $100 million have become rare.
With capital from unnamed investors, Rogers said he has
the resources to execute large seed deals, but will look at small-
er investments as well.
Rogers is the son of Steve Rogers, co-founder of investment
consultant Rogerscasey. O
Probe ... From Page 1
to continue managing the firms flagship vehicle, Torrey Pines
Fund. Jafek said he would consider launching a new fund in 3-
6 months. Prior to its latest troubles, the firm had been plan-
ning to make a marketing push to raise fresh capital.
Torrey Pines peaked at just over $600 million before the
financial crisis. The firms assets dwindled to only $150 million
after its main fund fell 7.7% in 2008 and 4% in 2009.
Jafek, considered a Tiger cub because he once traded for
Julian Robertsons Tiger Management, started Torrey Pines
eight years ago. Before launching the firm, he was a portfolio
manager and head of international trading at San Diego-based
Nicholas-Applegate Capital.
Torrey Pines was a global long/short equity trader that
invested mostly outside the U.S., with no more than 30% allo-
cated to emerging markets. In October 2007, the firm
launched Torrey Pines Asia Fund with about $10 million. That
vehicle was managed by Cosmo DAgostino, who at the time
was Jafeks partner in the firm.
At the end of 2008, DAgostino and his fund split from
Torrey Pines. By early 2009, the fund had returned capital to
investors. Jafek and DAgostino are now entangled in litigation
related to the split, which Jafek cited in last months teleconfer-
ence as an ongoing distraction.
Torrey Pines Fund appeared on a Barrons list of the top 100
hedge funds last year. The fund was ranked 91st, based on
three-year returns through 2008. The funds average annual
return from 2006 through 2008: 9.3%. That included gains of
15.9% in 2007 and 22.1% in 2006. As of last February, the fund
had $476 million of the firms $513 million under manage-
ment.
Torrey Pines had liquidated its stocks portfolio even before
Jafek announced he was closing the firm. It plans to return
capital to investors by the middle of this month, minus the
standard 5% holdback pending a final audit. O
February 3, 2010 6
Hedge Fund
ALERT
-40
-35
-30
-25
-20
-15
-10
-5
0
5
10
15
20
Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov
Net Flows for Industry ($ Bil.)
Source: Morningstar Direct Fund Flows
2009
Inflows/Outflows by Strategy
November YTD
Hedge funds ($Mil.) ($Mil.)
Convertible arbitrage -80.9 168.1
Corporate actions 263.1 -3,474.1
Debt arbitrage -1.2 -2,899.4
Developed Asia equity 240.4 -5,354.4
Distressed securities 274.5 -3,891.4
Emerging markets equity 335.7 -1,791.6
Equity arbitrage -22.7 -1,745.3
Europe equity 1,273.3 4,214.7
Global debt -178.3 -4,506.3
Global equity 348.5 -6,671.4
Global non-trend 743.2 -2,126.2
Global trend -102.2 -1,818.8
Multi-strategy 929.3 -16,489.1
Short equity -24.2 -88.0
U.S. equity 676.1 -6,324.2
U.S. small cap equity -23.4 -613.4
TOTAL 4,651.2 -53,410.9
November YTD
Funds of funds ($Mil.) ($Mil.)
Debt 24.5 -69.6
Derivatives -0.1 -130.1
Equity 65.6 -2,843.1
Event 0.6 -241.0
Multistrategy 26.6 -4,065.6
Nondirectional -0.1 3.5
TOTAL 117.0 -7,345.9
February 3, 2010 7
Hedge Fund
ALERT
Boldt Starts Firm to Outsource CIO Function
Bob Boldt, former head of University of Texas Investment, has started an busi-
ness through which he will performthe functions of a chief investment officer for
foundations and endowments.
Boldt, who left the Austin, Texas, endowment manager in September, has been
approaching prospective clients over the last three or four weeks.
The yet-to-be-named startup, run by Boldt and an unidentified partner, is tar-
geting foundations and endowments in the U.S. and abroad with assets of up to $2
billion. The firmwill also offer its services to wealthy individuals.
Boldt wants to serve as an investment-manager-for-hire to clients that arent big
enough to build a major investment operation on their own. Down the road, Boldt
also hopes to add investment products for pension plans.
He has a compelling story to tell. In 2002, he became chief executive of the Texas
See BOLDT on Page 6
More Changes Afoot for Bears Brokerage
Bear Stearns has ruffled feathers among its staffers with the latest steps it has
taken to overhaul its prime-brokerage unit.
On Friday, the bank informed five of its seven calling officers of their
expanded roles: hawking Bears securities-lending, financing and conventional
clearing services to prospective hedge fund clients. Until now, those staffers had
been helping hedge funds deal with problems or find their way around the
investment bank when they needed services outside of the prime-brokerage
area.
The move is one of a number of changes the bank has made since merging its
equity-derivatives and clearing groups with its traditional stock-lending area in
September. In November the president of Bear Stearns Securities, Richard Lindsay,
resigned as the banks revenue growth from its clearing operations began to slow
See BEAR on Page 6
IRS Gives Non-Profit Fund Investors a Break
The IRS delivered some good news last month to non-profit investors in hedge
funds.
At the end of January, the agency reported that a tax-exempt entity would not
be penalized for being an investor in a hedge fund that engaged in what the IRS
considers prohibited tax shelters. The possibility that such investors could be held
liable for the actions of their hedge funds managers was raised by legislation that
was signed into law in May.
The Tax Increase Prevention and Reconciliation Act was intended to target non-
profits that collected fees in return for helping taxable entities defer income until
it could be reported at a lower tax rate. But before the January clarification by the
IRS, the lawseemed to leave the non-profit investors in hedge funds open to scruti-
ny, and threatened to force them to file disclosure statements with the IRS about
their investments.
The agencys pronouncement came a couple of months after it issued a ruling
See IRS on Page 4
3 Soros Alum Targets Illiquid Holdings
3 Funds Become Major CMBS Buyers
3 UK Firm Preps Liquid Alternative
4 Healthcare Fund Tally Rose in 06
4 Ex-Level Global Pro Plans Incubator
4 Deloitte Examining Zwirns Books
6 Ex-Goldman, E&Y Pros Set to Launch
9 Commerzbank Crafting Suite of Funds
9 Securitization Vets Start CDO Fund
10 CALENDAR
11 LATEST LAUNCHES
FEBRUARY 14, 2007
Two marketers have left Lehman
Brothers absolute-return strategies
group, which recently saw changes in
the senior management and structure of
its hedge fund business. The resignation
of Anne Popkin, head of North American
marketing and client services, takes
effect Feb. 28. Marketer Jose Claxton has
also left the firm. Their exits follow the
departure of Lehmans fund-of-funds
chief Jolyne Caruso in November and
the arrival a few weeks later of George H.
Walker 4th, the former Goldman Sachs
executive who heads Lehmans invest-
ment-management area.
New York fund operator Anchorage
Capital has hired Natalie Birrell as its
chief operating officer. She joined the
$2.5 billion firmthis month to help stan-
dardize its operations. Birrell oversees all
THE GRAPEVINE
See GRAPEVINE on Back Page
Boldt Starts Firm to Outsource CIO Function
Bob Boldt, former head of University of Texas Investment, has started an busi-
ness through which he will performthe functions of a chief investment officer for
foundations and endowments. Boldt, who left the Austin, Texas, endowment manager in September, has been
approaching prospective clients over the last three or four weeks.
The yet-to-be-named startup, run by Boldt and an unidentified partner, is tar-
geting foundations and endowments in the U.S. and abroad with assets of up to $2
billion. The firmwill also offer its services to wealthy individuals.
Boldt wants to serve as an investment-manager-for-hire to clients that arent big
enough to build a major investment operation on their own. Down the road, Boldt
also hopes to add investment products for pension plans.
He has a compelling story to tell. In 2002, he became chief executive of the Texas See BOLDT on Page 6
More Changes Afoot for Bears Brokerage
Bear Stearns has ruffled feathers among its staffers with the latest steps it has
taken to overhaul its prime-brokerage unit.
On Friday, the bank informed five of its seven calling officers of their
expanded roles: hawking Bears securities-lending, financing and conventional
clearing services to prospective hedge fund clients. Until now, those staffers had
been helping hedge funds deal with problems or find their way around the
investment bank when they needed services outside of the prime-brokerage
area.
The move is one of a number of changes the bank has made since merging its
equity-derivatives and clearing groups with its traditional stock-lending area in
September. In November the president of Bear Stearns Securities, Richard Lindsay,
resigned as the banks revenue growth from its clearing operations began to slow See BEAR on Page 6
IRS Gives Non-Profit Fund Investors a Break
The IRS delivered some good news last month to non-profit investors in hedge
funds.
At the end of January, the agency reported that a tax-exempt entity would not
be penalized for being an investor in a hedge fund that engaged in what the IRS
considers prohibited tax shelters. The possibility that such investors could be held
liable for the actions of their hedge funds managers was raised by legislation that
was signed into law in May. The Tax Increase Prevention and Reconciliation Act was intended to target non-
profits that collected fees in return for helping taxable entities defer income until
it could be reported at a lower tax rate. But before the January clarification by the
IRS, the lawseemed to leave the non-profit investors in hedge funds open to scruti-
ny, and threatened to force them to file disclosure statements with the IRS about
their investments. The agencys pronouncement came a couple of months after it issued a ruling
See IRS on Page 4
3 Soros Alum Targets Illiquid Holdings 3 Funds Become Major CMBS Buyers 3 UK Firm Preps Liquid Alternative 4 Healthcare Fund Tally Rose in 06 4 Ex-Level Global Pro Plans Incubator 4 Deloitte Examining Zwirns Books 6 Ex-Goldman, E&Y Pros Set to Launch 9 Commerzbank Crafting Suite of Funds 9 Securitization Vets Start CDO Fund 10 CALENDAR
11 LATEST LAUNCHES
FEBRUARY 14, 2007
Two marketers have left Lehman
Brothers absolute-return strategies
group, which recently saw changes in
the senior management and structure of
its hedge fund business. The resignation
of Anne Popkin, head of North American
marketing and client services, takes
effect Feb. 28. Marketer Jose Claxton has
also left the firm. Their exits follow the
departure of Lehmans fund-of-funds
chief Jolyne Caruso in November and
the arrival a few weeks later of George H.
Walker 4th, the former Goldman Sachs
executive who heads Lehmans invest-
ment-management area.
New York fund operator Anchorage
Capital has hired Natalie Birrell as its
chief operating officer. She joined the
$2.5 billion firmthis month to help stan-
dardize its operations. Birrell oversees all
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February 3, 2010 8
Hedge Fund
ALERT
Karsch Capital Preps Credit Vehicle
Karsch Capital is setting up a distressed-debt hedge fund
to be managed by the former head of international credit at
Davidson Kempner.
KCM Global Credit Opportunities Fund is due to launch
between April 1 and July 1 with an unknown amount of seed
capital. Firm founder Michael Karsch plans to invest some of
his own money in the fund. His New York firm has $3.3 bil-
lion under management, mostly in long/short equity strate-
gies.
Karsch has tapped Jame Donath to oversee the credit-
focused vehicle. He joined the firm in November after seven
years in Davidson Kempners distressed-investments group,
working both in New York and London. In 2004, he started
the firms international credit business and ran it until 2008.
To assist Donath, Karsch has hired credit analyst William
Sirignano, who previously worked at Satellite Asset
Management for three years. The firm also plans to add
research analysts, a credit trader and an operations manager
to Donaths team.
The planned fund would take a research-intensive, event-
driven approach to investing in distressed bank debt in the
U.S., Western Europe and developed economies in Asia. In
particular, Karsch is looking to capitalize on the $1.5 trillion
of U.S. and European bonds due to mature over the next five
years. The fund would pursue a conservative investment pro-
file, buying mostly senior debt tied to near-term corporate
events.
Michael Karsch, a Soros Fund Management alumnus,
launched Karsch Capital in 2000. Today, the firm has an
investment staff of 25. O
Barclays Alums Tee Up Asia Fund
Two Asia specialists who once managed billions of dollars
of hedge fund and long-only investments for Barclays Global
Investors are laying the groundwork for an Asia-focused hedge
fund.
Ernest Chow and Jonathan Howe, who spent 10 years at
Barclays asset-management business before it was acquired by
BlackRock last year, have set up Sensato Capital in San
Francisco with plans to launch their debut fund in June.
The vehicle will seek a 10-12% return by investing primari-
ly in Asian stocks either directly or through derivatives, but
will also add currencies to the mix. It will cast a wide net across
Australia, Hong Kong, India, Indonesia, Japan, South Korea,
Malaysia, New Zealand, the Philippines, Singapore, Taiwan
and Vietnam.
Sensato Asia Pacific Fund and an offshore companion will
offer investors monthly liquidity with notice of 60 days.
However, investors will be limited to withdrawing no more
than 25% of their capital per month. The minimum invest-
ment is $5 million higher than the $1 million threshold that
is typical for Asia-focused equity funds.
At Barclays, Chow and Howe were co-heads of Asian invest-
ment strategies, which included $4 billion of hedge fund assets
and $30 billion of long-only investments. Chow, who has a
Ph.D in applied mathematics, previously worked for National
Australia Bank. Howe, who holds a Ph.D in finance, counts
Hotchkis and Wiley Capital and the Federal Reserve Bank of
New York among his former employers. O
Woori Shifts Strategy, Replaces Exec
Singapore fund operator Woori Absolute Partners has
shuttered one of its hedge funds and installed a new invest-
ment chief.
Woori Absolute Asia Multi-Strategy Fund, which
launched in 2008, began unwinding around yearend. The
firm carved out the funds long/short equity strategy and
moved it into its other hedge fund, Woori Absolute Global
Opportunity Fund. The multi-strategy vehicle had also tar-
geted relative-value, arbitrage and volatility plays.
Also around yearend, Woori replaced chief investment
officer James Jung-Beck Kim with J.C. Jung. The moves fol-
lowed a strategic review the firm conducted with its primary
financial backer, South Korean broker Woori Investment &
Securities. The main point of the review was to determine
which strategies were best positioned to attract outside cap-
ital. In addition to shutting down the multi-strategy fund,
Woori Absolute Partners struck a deal late last year to devel-
op a fund-of-hedge-funds business with Singapore-based
Fullerton Fund Management.
Woori Absolute Global Opportunity Fund remains
Wooris only single-manager vehicle. It invests primarily in
fixed-income securities, including convertible, high-yield
and distressed debt. Via the carve-out from the multi-strate-
gy fund, the global-macro fund will devote a fifth of its
assets to equity plays. The long/short book targets the top 20
industrialized nations, with a bias toward the Asia-Pacific
region.
After eking out a slight gain during the second half of
2008, Woori Absolute Global Opportunity Fund posted a
3.3% return last year.
Woori launched both of its hedge funds in July 2008,
domiciling them in the Cayman Islands. Woori Investment
& Securities provided $100 million of seed capital. O
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February 3, 2010 9
Hedge Fund
ALERT
CALENDAR

Main Events
Dates Event Location Sponsor Information
March 10-13 Boca 2010 Boca Raton, Fla. FIA www.futuresindustry.org
April 19-23 Fund Forum Asia 2010 Hong Kong ICBI www.icbi-events.com
May 2-4 Global Hedge Fund Summit Southampton, Bermuda Institutional Investor www.marhedge.com
May 12-14 Emerging Managers Summit Chicago Opal www.opalgroup.net
June 14-17 GAIM International 2010 Monaco ICBI www.icbi-events.com
June 28-July 1 Fund Forum International 2010 Monaco ICBI www.icbi-events.com
Sept. 26-28 Alpha Hedge Institutional Investment Conference San Francisco Institutional Investor www.marhedge.com

Events in US
Dates Event Location Sponsor Information
Feb. 8-10 Investment Education Symposium New Orleans Opal www.opalgroup.net
Feb. 10 Meet the Managers Forum New York Infovest 21 www.infovest21.com
Feb. 11 Hedge Fund Conference New York AIMSE www.aimse.org
Feb. 18 Hedge Funds: Getting to the Next Level New York Capital Mkts. Cons. www.cmconsortium.com
Feb. 18 Capital Raising Program Seattle SAIA www.nwhfs.com
Feb. 21-23 Alternative Investments North America Summit Amelia Island, Fla. Marcus Evans www.marcusevans.com
Feb. 22 Active-Passive Investor Summit New York IMN www.imn.org
Feb. 22-24 TradeTech New York WBR www.wbresearch.com
Feb. 23 Evolving Concepts in Risk Management/Measurement New York Infovest 21 www.infovest21.com
Feb. 25 Surviving a Hedge Fund Operational Due Diligence New York FTF www.ftfnews.com
Feb. 25 P.E. Fundraising From Family Off. & Wealthy Individuals New York Capital Roundtable www.capitalroundtable.com
Feb. 25-26 Emerging Markets Investor Forum New York Private Equity Intl. www.peimedia.com
Feb. 26 Distressed Investing Leaders Forum 2010 New York Golden Networking www.goldennetworking.com
March 1 Trading Regulation & Compliance Forum New York FRA www.frallc.com
March 1-3 Distressed Investment Summit Huntington Beach, Calif. IMN www.imn.org
March 2-3 Global Real Assets Investment Forum New York Institutional Investor www.iiconferences.com
March 3 Anti-Money Laundering & Financial Crimes Conference New York SIFMA www.sifma.org

Events Outside US
Dates Event Location Sponsor Information
Feb. 8-9 Alternative Investment Days 2010 London EDHEC www.edhec-risk.com
Feb. 8-9 Quantitative Asset Management Workshop 2010 Milan Diaman www.quant.it/default_en.asp
Feb. 8-10 India Investment Summit 2010 Mumbai Terrapinn www.terrapinn.com
Feb. 22-23 Institutional Investors Congress Vienna Opal www.opalgroup.net
Feb. 22-25 Asset Allocation Summit Australia 2010 Sydney Terrapinn www.terrapinn.com
Feb. 25 HIFREQ TRADE London In Vantage Group www.invantage-group.com
Feb. 26 Hedge Fund Regulation, Reporting & Controls London Infoline www.infoline.org.uk
Feb. 28-March 3 GAIM Ops Cayman Grand Cayman IIR www.iirusa.com
March 1-4 Hedge Funds World Middle East 2010 Dubai Terrapinn www.terrapinn.com
March 3-4 Distressed Debt & Restructurings Frankfurt C5 www.c5-online.com
March 10-11 Microfinance Investment Summit Geneva C5 www.c5-online.com
March 11 Rights & Responsibilities of Institutional Investors Amsterdam Institutional Investor www.iiconferences.com
March 15-17 Asset Allocation Summit Asia 2010 Hong Kong Terrapinn www.terrapinn.com
March 16-18 Alternative Asset Allocation Seminar London EDHEC www.edhec-risk.com
March 17-18 AsiaHedge Forum 2010 Hong Kong Hedge Fund Intel. www.hedgefundintelligence.com
March 19 Institutional Property Investor London AI Conferences www.aiconferences.com
March 22-23 International Life Settlements Conference 2010 London Deal Flow Media www.dealflowmedia.com
To view the complete conference calendar, visit The Marketplace section of HFAlert.com

Citadel Alum In Fund-Raising Mode
Former Citadel Investment manager Ervin Shindell is crank-
ing up the marketing campaign for his solo hedge fund, which
is set to launch April 1.
Shindell, an event-driven specialist who set up RoundKeep
Capital of Chicago last year, recently met with prospective
investors in Europe. Meanwhile, the capital-introduction
groups of Goldman Sachs and UBS have begun shopping the
planned vehicle.
The fund-raising effort is all the buzz among investors
familiar with Shindells track record. He spent 10 years at Ken
Griffins Citadel, helming an event-driven portfolio that at one
time had well more than $5 billion under management. The
strategy was a big contributor to Citadels stellar returns.
Still, Shindell is taking a measured approach to raising cap-
ital, preferring to grow steadily rather than attempt a block-
buster launch. Hes looking for stable capital and is likely to
raise it in stages, rather than raising billions on day one, said
a market player familiar with Shindells plans. But theres
nothing stopping him from raising a ton of money. Hes a big
name and has been around a long time.
Shindell plans to invest a majority of his net worth in the
event-driven fund, which has a minimum-investment require-
ment of $5 million. RoundKeep will allow investors to with-
draw quarterly with notice of 65 days, and there are no provi-
sions for lock-ups or side pockets.
Shindell began building his shop last fall by hiring three for-
mer colleagues from Citadel: Joseph Rotter, Robert Donath and
Robert Doherty. More recently, he brought on Amit Malhotra as
finance chief. Malhotra previously held a similar role at New
York-based One East Capital, an event-driven shop that man-
aged $2 billion at its peak. Also on board is Nosheen Malik, a
senior analyst who previously worked for Moore Capital in
London.
Shindell, who serves as RoundKeeps chief investment offi-
cer, was hired by Citadel in 1998 to build and manage a
European event-driven team in London. He was promoted to
global head of the event-driven group following the departure
of Alec Litowitz in 2003. Litowitz now runs the $6.5 billion
Magnetar Capital of Evanston, Ill. Shindell left Citadel in 2008
after the firm dismantled its event-driven group.
Before Citadel, Shindell worked at Perry Capital and activist
fund shop Wyser-Pratte Management of New York. An attorney
by training, he started out practicing mergers-and-acquisi-
tions law at Skadden Arps.
The RoundKeep launch comes as investors are showing
renewed interest in Shindells preferred strategy. Event-driven
hedge funds gained an average of 20% last year, according to
the Credit Suisse/Tremont Hedge Fund Index. O
SEC... From Page 1
would step up and adopt new rules explicitly prohibiting asset
managers or their marketers from participating in pay-to-play
schemes.
The SEC could act on the alternative proposal as early as
this month. Finra declined to comment.
In the New York Common Fund case, which came to light
in 2007, third-party marketers were accused of directing kick-
backs to pension officials in an effort to influence their invest-
ment decisions. The marketers, in turn, were reaping fat fees
from their asset-manager clients. The case has led to a half-
dozen guilty pleas so far.
After the SEC proposed banning placement agents from
working with public pensions, Donna DiMaria, president of the
Third Party Marketers Association, wrote a letter strongly
protesting the idea. She cited an August study by research firm
Preqin that concluded a ban ultimately would hurt pensions
and hedge funds alike. Public pensions had $82 billion invest-
ed with 194 hedge funds, according to the study.
DiMaria suggested a less-drastic measure would be to
require third-party marketers and other placement agents to
register with Finra or another regulator. The SECs Donohue,
in outlining the alternative to an outright ban, credited some
of the comment letters for the idea.
Its unclear what percentage of third-party marketers already
are registered with Finra. A preliminary investigation by New
York Attorney General Andrew Cuomo, who has subpoenaed 100
investment firms in the New York Common Fund case, found
that 40-50% of placement agents are unregistered. O
February 3, 2010 10
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Gailen Krug
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Vernica Maldonado
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Dorothy Collins Weaver
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F ORUM CHA I RMA N
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F E A TURE D S P E A KE RS
John C. Bailey
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Spruce Private Investors, LLC
Russ Bernard
Managing Principal
Westport Capital Partners LLC
Lane Britain
Portfolio Manager,
Co-Head of Research
Highland Capital Management, L.P.
Randolph B. Cohen
Professor
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Charles W. Collier
Senior Philanthropic Adviser
Harvard University
Alejandra Torres Dromgold
Chairman
Contempo Group
Michael R. Eisner
Chief Investment Officer
Market Street Trust Company
Bradley G. Fisher
Chief Executive Officer
Springcreek Advisors, LLC
Sharna Goldseker
Director of Special Projects
The Andrea & Charles Bronfman
Philanthropies
Rael Gorelick
Managing Partner
Gorelick Brothers Capital
Mark M. Green
Chief Investment Officer
Oxford Financial Group
Rochelle M. Gunn
Chief Investment Officer
HRK Group, Inc.
Katherine Hayes
Assistant Investment Manager
HRK Group, Inc.
Kenneth R. Hey
Managing Partner & Writer
Inferential Focus
Jim A. Jahna
Chief Financial Officer & Vice
President
E.R. Jahna
Jill M. Koosmann
Chief Executive Officer & President
HRK Group, Inc.
Gene E. Krinn
Formerly, Managing Director
MB Investments LLC
Donald W. Lindsey
Chief Investment Officer
The George Washington University
Juan C. Martinez
Prebel
Natasha Pearl
Chief Executive Officer & Founder
Aston Pearl, Inc.
Ambassador Thomas R. Pickering
Vice Chair
Hills and Company
Mark G. Roberts
Senior Director, Research
INVESCO Real Estate
Paul Rogge
Managing Partner &
Portfolio Manager
Rogge Capital Management
Wilbur L. Ross, Jr.
Chairman & Chief Executive Officer
WL Ross & Co. LLC
Michael A. Roth
Founding Principal
Stark Investments
David M. Sherman
President & Chief Investment Officer
Metropolitan Real Estate Equity
Management, LLC
Jeffrey C. Slocum
President
Jeffrey Slocum & Associates, Inc.
Christopher Wood
Global Equities Strategist
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LATEST LAUNCHES

Fund
Portfolio managers,
Management company Strategy Service providers Launch
Equity at
Launch
(Mil.)
Red Kite Partners
Domicile: Bermuda
ASee Page 4


Michael Farmer, Oskar
Lewnowski and David Lilley
Red Kite Management,
New York
212-596-3498
Commodities: metals Law firm: Shearman & Sterling
Auditor: KPMG
Administrator: CACEIS
January
KCM Global Credit Opportunities
Fund
Domicile: U.S. and Cayman Islands
ASee Page 8
Jame Donath
Karsch Capital,
New York
212-284-9817
Global event-driven,
distressed debt
Prime brokers: Goldman Sachs
and Deutsche Bank
Law firm: Sidley Austin
Auditor: Ernst & Young
Administrator: Goldman Sachs
2nd. Qtr.
To view all past Latest Launches entries, visit The Marketplace section of HFAlert.com




fixed-income prime brokerage. At
Cantor, he will be reunited with sales-
man Jason Meklinsky and Noel Kimmel,
who oversees the prime-brokerage
push. The three previously worked
together in Bear Stearns prime-broker-
age group before the bank was
absorbed by J.P. Morgan in early 2008.
Meanwhile, J.P. Morgan shut down its
prime-brokerage office in Los Angeles
on Monday, becoming the last bulge-
bracket firm to exit the business in L.A.
The office had about seven staffers,
headed by Robert Klein, who had
worked for Bear Stearns before J.P.
Morgan took over in 2008. Bear was the
dominant prime-brokerage player in
Southern California from the 1990s
through the middle of the last decade.
Michael Lawsky, a former prime-bro-
kerage executive at Lehman Brothers
and Barclays, landed at UBS in New
York as a managing director about
three weeks ago. At Lehman, he was a
managing director in charge of prime-
brokerage sales in the U.S. and global
marketing of synthetic products. He
joined Barclays via its takeover of
Lehmans broker-dealer business after
the Wall Street bank collapsed in
September 2008.
Morgan Slade, a former portfolio man-
ager who headed the exchange-traded-
fund strategy at Ken Griffins Citadel
Investment, resurfaced last week at
Allston Trading, a proprietary-trading
shop in Chicago. Slade and two other
ETF specialists were released from their
non-compete agreements when Citadel
dropped the strategy late last year.
Woodbine Capital made three hires in
recent weeks, bringing its headcount to
23. The New York fund operator added
Philip Yang, Jeff Zygmont and Gary
Gloster. Yang, who previously worked at
Arx Investment, joined Woodbine as
controller to help oversee accounting
and finance functions. Zygmont, for-
merly of Graham Capital, and Gloster,
who previously worked at Wells Fargo,
were hired as traders. Led by Soros
Fund Management alumnus Joshua
Berkowitz, Woodbine has closed its
debut global-macro fund to new
investors at the $2 billion mark.
Researcher Mahesh Narayan rejoined
Calypso Capital three weeks ago. He
previously worked at the New York
hedge fund operator from 2002 to
2007, then did brief stints at SAC
Capital and Diamondback Capital.
Calypso has about $425 million under
management.
Boris Shurslep, a telecommunications,
media and technology stock specialist,
is expected to start at Senator
Investment in New York this week. He
previously spent about 18 months at
CastleRock Management, a New York
fund shop run by Paul Tanico.
Carin Dehne Kiley, formerly an oil ana-
lyst at Balyasny Asset Management, took
a similar position with SES Partners last
month. The New York firm is headed by
Sam Tobias, Spence Tobias and Ed
McCarthy. The Tobiases and a third
brother, Seth Tobias, ran another hedge
fund operation, Circle T Partners, until
Seth Tobias death in 2007.
... From Page 1
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