Man Group Finance Director Kevin Hayes Steps Down [BBC] Kevin Hayes has stepped down as finance director of struggling hedge fund firm Man Group on the day the company is demoted from the FTSE 100. Jonathan Sorrell, Man’s head of strategy and corporate finance, will replace him at Europe’s largest listed hedge fund. Man, whose shares have slumped, is being replaced in the FTSE 100 list of the UK’s leading companies by Babcock. Mr Hayes is leaving to pursue “other interests”, Man said in a statement.
JPMorgan’s Gulati Said To Meet Investors As He Weighs Hedge Fund [Bloomberg] JPMorgan Chase & Co.’s Deepak Gulati is holding talks with investors as he and a team of traders consider leaving the bank to start a hedge fund, said four people with knowledge of the discussions. Gulati, JPMorgan’s (JPM) head of global equity proprietary trading, attended a conference held by Goldman Sachs Group Inc. in Rome last week to meet backers, said the people, who asked not to be identified because Gulati’s plans aren’t public.
Hedge Funds Made Small Gain In May [Reuters] Hedge funds managed to eke out a small profit in May, data showed on Friday, even as a resurgence of the euro zone debt crisis roiled markets and sent equity prices tumbling. The GlobeOp Hedge Fund Performance Index, which tracks the performance of the majority of hedge fund services provider GlobeOp’s (GO.L) $187 billion in assets administered, rose 0.43 percent in May
The Man Who Helped Launch Vikram Pandit To Stardom Is Starting One Of The Year’s Biggest Hedge Funds [BusinessInsider] The former head of Citigroup’s proprietary trading desk will be leaving this fall to launch a new hedge fund, according to the Financial Times. Sutesh Sharma, who has headed prop trading at both Citi and Morgan Stanley, will be starting London-based Portman Square Capital, with around $500 million AUM.
Luxembourg Introduces New Law for Hedge Funds [eVestmentHFN] New York and London may be the hedge fund capitals of the world, but Luxembourg holds its own in the hedge fund world. It also has big plans for its alternative investment sector. The Association of the Luxembourg Fund Industry held its “Roadshow” conference in New York City on Friday where it detailed its plans to implement an alternative investment fund managers (AIFM) directive by 2013.