The Financial Times reports that five hedge fund managers at London-based Marble Bar Asset Management are to pick up at least $400m after agreeing to sell up their firm to Swiss bank EFG International.
The fund, started by former Goldman analyst Hilton Nathanson and ex-Liffe(r) Gilad Hayeem, has $4.4bn under management. The partners will immediately re-invest their cash bonanza into the business, and the funds are understood to be subject to a lock in for up to 6 years.
The Times reports that, according to preliminary figures provided by Hedge Fund Research, hedge funds look set to record their worst monthly performance in November since April 2000. The worse performing strategies are said to have been in equities.
Finally, the September 4th death of hedge fund manager Seth Tobias is back in the news. Tobias, 44, apparently died of heart attack and was found floating in his swimming pool by his wife, Filomena. Now, according to The New York Times, Tobias's brothers have been claiming that Mrs Tobias drugged her husband and lured him to his death in the pool. Bill Ash, Seth's former assistant, claims that Mrs Tobias confessed to him on the telephone soon after her husband's death that she cajoled him into the pool while he was on a cocaine binge, and promised him that he could have sex with a male go-go dancer called Tiger! Mrs Tobias denies wrongdoing and hasn't been accused of any crime over the affair.