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Hedge Fund Alert’S Logo — an Ideal Indeed, the Initial Response from Investors Has Been Strong APRIL 1, 2015 Andurand, Jen Envision Global-Macro Venture Andurand Capital and SLJ Macro Partners want to form a joint venture for the 6 HEDGE FUND TECHNOLOGY purpose of developing a diversified global-macro program. The partnership would combine the expertise of commodity trader Pierre 2 Real Estate Pro Offers Equity Strategy Andurand and currency specialist Stephen Jen, co-founder of SLJ. The two previ- BlueGold Capital, 2 Tiger Global Alum Set for Big Launch ously worked together at a once-high-flying fund shop led by Andurand that wound down in 2012. 2 Driehaus Extends Hedge Fund Series Although details of the joint venture are still being worked out, Andurand and Jen already have begun approaching potential backers about a fund that would invest in 4 Premium Point Branches Into CMBS a range of instruments. They see the new business as a way to expand their respective 4 LPs Back Fund Launch by MBS Pro repertoires and reach new investors without diluting the focus of their own funds That was a key theme in the decline and fall of BlueGold, which Andurand 4 Copper Rock Alumnus Flying Solo founded in 2007 with partner Dennis Crema. Their flagship fund had a stellar debut, posting a 2008 return of 209% by correctly calling peak oil prices. Investor capital Investors Backing Spinoff Specialist 5 See VENTURE on Page 5 5 Muirfield Repeating M&A Play 12 CALENDAR UBP Curtails Stateside Fund-of-Funds Business Union Bancaire Privee 15 LATEST LAUNCHES There’s talk that could pull the plug on what remains of its fund-of- Due to the annual break in our funds business in the U.S. spring production schedule, In the past week or so, two key executives the next issue of Hedge Fund have left the Swiss private bank’s U.S. arm, UBP Alert will be dated April 15. Asset Management: unit chief executive Doug- las Siekierski and marketing chief Scott Glickman. The bank, whose U.S. operation has been in steady decline since getting snagged by Bernard Madoff’s Ponzi scheme, does not plan to fill the vacancies. UBP has no other marketing personnel in the U.S. One source said UBP Asset Management, based in New York, not only has given THE GRAPEVINE up on marketing in the States, but also plans to unwind its existing multi-manager vehicles in the U.S. Under that scenario, remaining staff in New York would be used Wexford Capital has hired former See UBP on Page 12 Millennium Management portfolio manager Craig Iannucci as a managing Managers Seeking Smarter Compliance Tools director on its investment team. Iannucci started in his new role in February. He Increasingly sophisticated surveillance tech- Hedge Fund Technology left Millennium last April, after six years niques employed by the SEC and other regulators on board. He previously spent time are boosting demand for technology that analyzes March 18 Front Office at Satellite Capital and Diamondback staff emails, phone messages and other communi- March 25 Middle Office Capital. Wexford runs $3.5 billion cations for signs of non-compliant behavior. This Week Back Office through a mix of hedge funds and private Hedge fund technology professionals said soft- equity vehicles. The Greenwich, Conn., ware marketed by vendors like Catelas, Decryptex firm is led by Charles Davidson. Financial Laboratories and RedOwl Analytics represents a dynamic new approach to the automation of compliance functions. While fund managers have long been Kimberly Anne Summe left her post as in the habit of monitoring staff communications, the new tools employ advanced general counsel and chief operating algorithms capable of comparing what employees are saying and doing with their officer of Partner Fund Management on firms’ investments in order to flag potential infractions. March 6. Her destination: Stillwater The technology is useful not only for spotting compliance issues early on, but also See GRAPEVINE on Back Page See MANAGERS on Page 6 April 1, 2015 Hedge Fund 2 ALERT Real Estate Pro Offers Equity Strategy Warren Buffett. Cat Rock is pursuing a research-focused strat- egy to build a book of 10-12 positions worldwide, including A pedigreed real estate professional has started his own 3-5 short sales. hedge fund firm. The Greenwich, Conn., firm is pitching its fund to endow- Michael Swotes, who most recently headed relative-value ments and family offices, with a minimum investment require- investments in real estate stocks at Carlson Capital, is calling ment of $10 million. It is charging a 1.5% management fee, the operation Castle Ridge Investment. He is expected to start which will shrink as its assets grow. Its performance charge will trading in the next month or so with more than $100 million. be equal to 10% of profits in year one and 20% thereafter. It appears that Castle Ridge’s investment strategy mirrors The firm could set up a founders’ share class with more the one Swotes employed at Carlson: long and short bets with favorable terms. It is offering both U.S. and offshore versions a focus on fundamental-value picks among real estate com- of the vehicle. panies. They would include REITs, hotel and casino opera- Captain cut his teeth as a private equity analyst at Black- tors, residential developers and financial-service businesses stone from 2006-2009. He then moved to Tiger Global, the $16 — along with companies with large property exposures, like billion firm led by Tiger Management disciple Chase Coleman. hospital operators and retailers. Captain invested in media, technology and industrial-com- The idea is to produce attractive returns but with less vola- pany stocks for Tiger Global’s flagship fund, which returned an tility than the overall equity market and with little correlation impressive 17% last year. to other stocks. Castle Ridge has set a minimum investment Also on board as a partner at Cat Rock is Daniel Levinson, of $5 million, and appears to be attracting interest from deep- who currently is transitioning out of his role as chief finan- pocketed backers. cial officer at $1.3 billion distressed-debt shopAtalaya Capital. The venture is receiving support from investment shop Star- Levinson has been at the New York outfit since its inception in wood Capital. While the extent of the relationship isn’t known, 2006, following stops at Larry Feinberg’s Oracle Investment and Castle Ridge currently is operating from Starwood’s home Morgens, Waterfall, Vintiadis & Co. office in Greenwich, Conn., and shares a chief financial- offi Cat Rock plans to employ about six people overall, including cer with the company’s hedge fund unit, Starwood Real Estate a couple of analysts and an office manager. Securities. That individual, Steven Gottschalk, also holds the title of Driehaus Extends Hedge Fund Series chief operating officer at Castle Ridge. He arrived at Starwood in 2005, following stops at Litespeed Partners, Second Curve Driehaus Capital, best known as a mutual fund manager, Capital, Soros Fund Management and Eisner. continues to expand its hedge fund offerings. Swotes joined Carlson in 2010 as a portfolio manager. He In the past few weeks, the Chicago firm launched Driehaus previously was a managing director at Angelo, Gordon & Co., Focused Global Equity Fund with about $15 million from 10 where he launched and ran a real estate-stock fund. He also investors. Brad Dawson is vice president of marketing. spent time on the investment-banking side at Lehman Brothers Driehaus manages nearly $11 billion, of which about $500 and Donaldson, Lufkin & Jenrette, and at consulting firm McK- million resides in hedge funds. The firm began developing its insey & Co. and developers Rouse Co. and Korman Co. hedge fund business about 15 years ago, and currently offers a Swotes’ prior performance isn’t known. Hedge Fund half dozen vehicles covering both equity and debt strategies. Research’s HFRX RV: Real Estate Index lost 9.1% in 2011, but Its last hedge fund launch was the Driehaus Long-Short gained 11.9% in 2012, 7.2% in 2013 and 6.0% in 2014. Equities Fund, which began trading in late 2013 and currently has about $28 million of regulatory assets. Tiger Global Alum Set for Big Launch The firm was founded in 1982 by chairman Richard Drie- haus. Rob Gorgon is the chief executive. It looks like former Tiger Global Management partner Alex- ander Captain will launch his own fund with as much as $500 million. Working via his newly established Cat Rock Capital, Captain aims to start trading a long/short equity fund of the same name early in the third quarter. The vehicle will have a capital-raising Need Reprints of an Article? limit of $500 million, and could have all of it in hand on day Want to show your clients and prospects an article or listing that mentions your company? We can reprint any article with a one. customized layout under Hedge Fund Alert’s logo — an ideal Indeed, the initial response from investors has been strong. addition to your marketing effort. Contact Mary Romano at The fund won’t launch with less than $250 million. 201-234-3968 or [email protected]. Information on Captain spent five years at Tiger Global, leaving around reprinted articles is also available on HFAlert.com in the yearend. Praising his investment acumen, one source “Advertise” section. described him as employing a long-range view in the style of April 1, 2015 Hedge Fund 4 ALERT Premium Point Branches Into CMBS fine-tuning her strategy, a source said. The investor commit- ments first were reported by sister publicationAsset-Backed Premium Point Investments is starting to trade commercial Alert. mortgage-backed securities. Huang aims to buy defaulted mortgages from Fannie Mae The New York firm, best known as an investor in residential and Freddie Mac.
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