Hedge Fund Refugees Starting From Scratch
The summer’s gyrations took a toll on many hedge funds, but you can bet many new ones will form to take their place.
Florian Homm’s bizarre and abrupt departure from Absolute Capital torpedoed the firm, and several staffers from its Argo Capital Management operation have formed Bridge Asset Management in London, running an event-driven emerging market fund.
The onetime ACM staff behind Bridge Asset Management include Aelita Arampova, Nick Corby, Gary Cressman and Mark Slater. Hedgefund.net
Eleven former employees of Moore Capital are rallying behind trader Chris Levett, setting an ambitous goal to raise $2 billion to trade commodities. They hope to launch in December. HedgeFund.net
Finally, a former analyst at Dan Loeb’s Third Point has gotten funding from a seeder.
Jonathan Urfrig, a Third Point alum who also did a stint at private-equity firm Texas Pacific Group, has started U Capital Group. U Capital is a special-situation shop focused on value.
SkyBridge Capital seeded U Capital for an undisclosed sum. The hedge fund incubator will also provide business support, according to a statement.
Of late, SkyBridge has also infused Abdiel, Brompton Cross, Ironshield, Outpoint and Westport with startup money.
SkyBridge opened in 2005 with financing from MSD Capital, the venture capital firm of computer kingpin Michael Dell. HedgeFund.net
Good luck folks.
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