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See GRAPEVINE on Back Page

Portolio manager Michael Beerman willleave Eminence Capital at yearend. Wordhas it that Beerman, who oversees a booko consumer and nancial stocks at theNew York rm, is thinking about startinghis own hedge und shop. He joined Emi-nence as an analyst just as the outt wasounded in 1998 by Ricky Sandler.

Startup broker-dealer Tigress Financialhas hired an executive to serve as itshead o research and chie investmentocer. Ivan Feinseth arrives next week,in a role that assigns him oversight oplans by the New York rm to start aquantitative-research desk and launch aslate o hedge unds within the next yearor two. Feinseth previously held a similarresearch position at broker-dealer ICMCapital and beore that was chie invest-ment ocer at AlphaWorks, a hedge und

THE GRAPEVINE

Harbinger Moves to Rightsize Ater LossesHarbinger Capital is letting some employees know its time to move on.Recruiters have been seeing a steady stream o resumes rom staers at Philip

Falcones $5.6 billion hedge und shop over the past couple o months, and the callspicked up in the last two weeks.

Harbingers general counsel, Robin Roger, said this reects the act that we arerightsizing the company or the tasks at hand, and that employees who have beengiven guidance to seek other employment are likely acting accordingly.

Teres no word on how many o the rms 70-75 staers might leave. Severalheadhunters said theyve received resumes rom nearly all o the dozen back-oceworkers. Ive gotten some panicked calls rom the ront oce, too, and not just

rom junior staers, one recruiter said.Another recruiter said hes been elding calls rom Harbinger staers worriedSee HARBINGER on Page 5

October Gains Oset Earlier Losses or YorkWhile many und managers are kicking themselves or missing out on the Octo-

ber rally, York Capital was positioned to recoup a good portion o its third-quarterlosses.

Like most o its peers, York had a terrible September, posting losses that rangedrom 3.5% to nearly 11% across its 10 hedge unds. Te $3.3 billion York CreditOpportunities Fund slipped 5.9%, or example, while the $900 million York Selectvehicle ell 10.8%.

But York appears to have been better positioned than others heading into Octo-ber. Because many managers were heavily hedged against urther losses, they wereunable to benet rom the stock markets gains last month, when the S&P 500 indexrose 9.2%. Nobody has participated in this crazy rally, one manager said. ooshort, too hedged.

York was more nimble. Word has it that the $15 billion rm was 40% in cash atSee YORK on Page 4

Archeroak Settling Down as a Family OfceI ormer SAC Capital president Brian Cohn ever had any intention o establishing

a hedge und rm o his own, its now pretty clear hes going to stick to running hisown money.

Cohn recently laid o two staers at his amily oce, Archeroak Capital, leavingonly one other besides himsel. Word has it that Christina Kim was one o those letgo. She is best known or her tenure at Daniel Bentons Andor Capital, which shutdown amid the market collapse in late 2008.

Cohn spent 11 years as president o SAC beore leaving the Stamord, Conn., rmin 2008 to launch Archeroak. Early on, sources said, Cohn planned to start a hedgeund operation, despite having limited experience on the investment side o thebusiness. Te idea was that he would recruit top-notch traders and analysts, whiledrawing on his experience at SAC to build an institutional-quality inrastructure.

But apparently investors didnt buy the premise. In the end, they couldnt overlookSee ARCHEROAK on Page 2

2 Multi-Manager Shop Expands Roster

3 Diamondback Lays O 5 Staers

3 Ex-Millgate Partners Prep Vehicle

3 Pamli Plans to Add Marketing Chie

4 Arcano Takes Aim at Perorming Debt

4 Value Maven Seeking US Backers

4 University Freeing Up Capital

5 Odd Tale Emerges in IKOS Dispute

5 Manager Focused on Stock Oerings

6 CALENDAR

7 LATEST LAUNCHES

NOVEMBER 2, 2011

http://www.hfalert.com/

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Multi-Manager Shop Expands RosterTyphon Capital, an incubator o sorts that invests with un-

discovered managers, has added three more unds to its menu.Te entities identied only as Arion Financials Program,

Chiron Currency Program and Cratos Long/Short Strategy each was in operation beore becoming aliated with yphon.Tey bring the number o unds on the Chicago rms roster to 10.

Te Arion and Chiron programs ollow quantitative strate-gies ocused on intraday currency trades. Arion also trades u-tures reerencing the S&P 500 index and U.S. reasury bonds,while Chiron zeroes in on the currencies o G-10 nations as aliquidity play.

Cratos, meanwhile, is yphons rst long/short equity und.It runs $120 million and has produced an average annual re-turn o 10.9% since its inception in February 1988 beatingthe S&P 500 by two percentage points.

yphons other unds span a range o strategies includingcurrency trading and special situations, plus managed utures

linked to livestock, grains and oil. Te rm aims to uncoverspecialist managers, with a concentration on veteran traderswho have hung their own shingles afer leaving proprietary-trading operations or hedge unds. It then oers to managetheir marketing, operational, legal and investor-relations unc-tions in exchange or a cut o revenues.

yphons assets come primarily rom Europe. Backers havethe option to invest via two ready-made unds o unds orcustomized multi-manager portolios, and can place capitadirectly in the underlying unds. Te rm, which runs $70 mil-lion, has been working to expand in recent months. Most no-tably, it launched a securities-trading unit in New York calledyphon Securities.

yphon was ounded in 2008 by James Koutoulas, who previously helped build several und-o-unds products as chieoperating ocer at St. Esprit Asset Management. Koutoulasa securities lawyer, also has managed investments in equitiesand utures, and has run his own inormation-technology consulting rm.

Archeroak... From Page 1the act that Cohn had no money-management experience.

However, a source close to the Old Greenwich, Conn., rminsisted that Cohns intention rom the start was to manage

money only or himsel. In any case, he plans to maintain Ar-cheroak as a amily oce going orward.Among Cohns earliest hires at Archeroak was Je Messina

a ormer Level Global analyst who covered cyclical stocks. ButMessina was on board only or a short while, and currentlyworks or Citadel in San Francisco.

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Diamondback Lays O 5 StaersDiamondback Capital has dismissed at least ve investment

staers including two portolio managers in the wake oa sharp third-quarter loss.

Te portolio managers are Andrea Feinstein, who special-izes in energy stocks, and Marco Pinzon. Also let go was MichaelRome, whose position combined the roles o analyst and porto-lio manager. In addition, two analysts who worked under Fein-stein, David Donnelly and Jason Smith, were shown the door.

One source speculated the layos could be tied to expecta-tions o heavy yearend withdrawals suggesting the redemp-tions could reach $1 billion. But a person close to the rm saidthe cuts were perormance related. While Diamondback doesexpect some redemptions, she said, its nowhere near thetune o $1 billion. She noted that the rms October peror-mance was positive.

Te deadline or limited partners to submit yearend with-drawal notices is Nov. 15.

In any case, Diamondback is known or being quick to cutinvestment staers who dont perorm. Te Stamord, Conn.,rm, which has about $3.5 billion under management, put uprelatively strong returns through the rst hal. But like most oits peers, it suered losses amid the market turmoil in Augustand September. As o Sept. 30, Diamondback Oshore Fundwas down 5.1% or the year.

Diamondback was under intense pressure ollowing FBIraids o its oces and three other hedge und rms in Novem-ber 2010. But while the other rms subsequently went under,Diamondback survived and by August was elding reshsubscription requests. Te rm also started hiring again.

In September, Diamondback paid $1.1 million to settle SEC

charges that a ormer employee, Anthony Scolaro, had protedrom insider trading. Scolaro pleaded guilty to criminal charg-es in May. Te rm itsel wasnt accused o wrongdoing.

Founded in 2005, Diamondback is led by ormer SAC Capitalexecutives Larry Sapanski and Richard Schimmel.

Ex-Millgate Partners Prep VehicleTree ormer Millgate Capital executives are crafing a hedge

und that would reprise Millgates strategy o investing in non-U.S. stocks.

Te team, led by Mark Rooney, ormed LRV International oBoston shortly afer Millgate began winding down its operationsearly this year. Indeed, marketing documents or LRVs plannedund have been in circulation at least since May. But one sourcesaid Rooney and his partners, Craig Lottner and Erik Van derSande, have had limited success raising capital so ar reect-ing diculties most startups ace these days.

Rooney and his team believe non-U.S. stocks present a great-er opportunity set than U.S.-listed shares. Tats partly becausear more stocks trade on non-U.S. exchanges about 75% othe global total and most o those companies receive little,i any, analyst coverage. LRVs ocus will be on liquid shares ocompanies with market capitalizations o $500 million to $10

billion, representing a universe o about 4,200 stocks. Te undwould hold 30-50 positions, roughly evenly divided betweenlongs and shorts.

LRV is trying to lure early backers with a so-called ound-ers share class. While the marketing documents dont spell outthe terms, such share classes typically involve reduced management and perormance ees, among other incentives.

Millgate was led by James Lyle, who co-ounded the rm in1997 afer covering international stocks at Julian RobertsonsTiger Management. At its peak, Millgate had about $2 billion oassets, which it managed rom oces in New York and LondonTe decision to shut down the operation ollowed two years opoor perormance, including a loss in 2010 when the HFRIFund Weighted Composite Index rose 10.5%.

Rooney, Lottner and Van der Sande all started at Millgatein 2002, and all were later promoted to partner. Rooney, LRVschie investment ocer, lef Millgate earlier this year.

Van der Sande, who is chie executive o LRV, lef Millgatein 2007 or a senior-analyst position at Carlyle Blue Wave. Mos

recently, he was co-portolio manager and senior analyst atDuart Capital.

Lottner, who lef Millgate last year, is now director o re-search at LRV.

Pamli Plans to Add Marketing ChieFaisal Syed has recruited a ormer Highbridge Capital col

league to oversee und raising at his new hedge und rm.Russell Brauer, who most recently worked at Goldman Sachs

will join Syeds Pamli Capital o New York upon completion oa gardening leave. His duties at Pamli will encompass businessdevelopment, marketing and investor relations.

Te two met when Brauer joined Highbridge about veyears ago. Syed was a Highbridge portolio manager who ranat least two credit-product vehicles beore leaving last year toset up Pamli.

Syed has had little trouble raising capital or his Pamli Glob-al Credit Strategies Fund. Te vehicle currently has about $125million under management, and Syed expects to take in $10million to $20 million o resh capital beore yearend. Te undlaunched with a sizable seed investment rom New Alpha AssetManagement.

Investors have been drawn by Syeds Highbridge pedigreeas well as his early returns at Pamli. Te und was up 10.1%through Oct. 31.

Syed apparently eels the und is now large enough to justiyhiring a ull-time marketing and investor-relations proessional. Syed had been handling those unctions himsel.

Syed trades a wide range o credit instruments, rom corpo-rate bonds and structured products to emerging-market sovereign debt. Beore starting at Highbridge, he was a member oCredit Suisses proprietary loan-trading group.

Brauer spent the past 18 months as a marketer in GoldmanSachs Alternative Capital Markets group, which managesunds o hedge unds. Earlier, he worked at Blackstone AsseManagement or about six years.

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Arcano Takes Aim at Perorming DebtArcano has launched a und that invests in senior-secured

debt o European companies.Te Madrid rm started trading its Arcano European In-

come Fund on Oct. 28 with 50 million ($70 million) o in-vestor commitments, o which it already had drawn down 15million. Te plan is to call the rest o the capital by yearend,while working to raise 150 million overall by this time nextyear.

Backers o the und can place their capital in an unleveragedversion that aims or annual returns o 10%, or a companionthat shoots or 14% gains by borrowing $1 or every $1 o eq-uity. Te entities share in the same investments.

Arcano European Income is setting aside 70% o its capi-tal or corporate-loan investments, with the rest reserved orbonds. Most o the purchases are expected to involve debttaken out by healthy companies to nance takeovers o theiroperations, ofen by buyout unds. In those cases, Arcano may

identiy deals via its und-o-unds business a $1.6 billionoperation that ocuses on private equity vehicles.Arcano plans to pick up the debt either at the time o initial

syndication or when it suraces on the secondary market, andhold the positions to maturity. Te idea is to take advantage ohigh yields available on European loans and bonds amid the re-gions recent turmoil, while staying away rom distressed-assetdeals.

Arcano European Income gives investors the option topocket their shares o loan-payment proceeds on a quarterlybasis or reinvest the capital, as would typically be the case ora hedge und. Fees are equal to 1% o assets and 10% o prots.

Te und allows investors to withdraw capital two times

per month. Tat sets it apart rom a predecessor called ArcanoCredit Fund that has a our-year lockup period. Te shifreects eedback rom investors who said they preerred moreliquidity.

Arcano Credit Fund launched in early 2010 with 50 mil-lion. It was posting a net rate o return o 13% as o June 30. Pri-or to Arcano Credit Funds launch, Arcanos und-managementunit ran only multi-manager private equity vehicles.

Arcano European Income is led by Manuel Mendivil. Hejoined Arcano in 2009 ollowing a run as head oMerrill Lynchsprincipal-investment unit in Europe. His team includes IsaacBenzaquen and Alvaro Fabian. Benzaquen, who arrived earlierthis year, previously ounded el Aviv private equity rm BlueCapital, and beore that was an associate at Babcock & Brown.Fabian signed on in 2009 rom a position running debt undsat Goldman Sachs.

Value Maven Seeking US BackersTe author o a widely ollowed blog on value investing is

launching a und aimed at backers in the U.S.Toby Carlisle, best known as the author o Greenbackd.

com, wants to raise up to $10 million or his Eyquem Fund.

He is pitching the equity-ocused vehicle to amily oces andwealthy individuals in the States via his Eyquem Fund Manage-ment o Santa Monica, Cali.

Te und would be Carlisles second, ollowing the 2010launch o his $1 million Eyquem Global Value. Tat entity isbacked by investors in Australia.

Carlisle aims to identiy undervalued stocks whose pricescould be driven up by catalysts like liquidations, turnaroundsthe involvement o activist investors or takeovers by private eq-uity rms. He also looks or cheap stocks based on such actorsas price-earnings ratios and cashows.

University Freeing Up CapitalFreed-Hardeman Universitys endowment plans to double its

target allocation or hedge unds, potentially leading the opera-tion to begin investing directly in single-manager vehicles.

Te $50 million endowment, which currently maintains a5% hedge und allotment, is set to approve the increase in the

coming weeks. It also will decide at that time whether to investhe additional $2.5 million with a small und o unds or di-rectly with single-manager shops.

Te Henderson, enn., university currently has its entireallocation deployed to a multi-strategy und o unds run byArchstone Partnerships.

Freed-Hardeman doesnt back managers that run less than$100 million. It also typically chooses those with track recordso at least ve years, and doesnt deal with startups. Controller Barry Smith oversees a small sta that manages the schoolsendowment.

Freed-Hardeman is a Christian university with about 2,000students.

York... From Page 1the beginning o October. Chie executive James Dinan dug intothose reserves to dial up his unds exposure to risk assets, in-cluding both equity and credit investments. Dinan pursues anevent-driven strategy across all o his unds.

As a result, Yorks main unds posted October gains o 3-5%estimated one investor. Te source emphasized that the returnswere driven not only by stock-market gains, but also by highyield bond investments.

At the end o September, York appeared to be on track todeliver one o its worst-ever annual losses. Te $4.9 billion YorkMulti-Strategy und was o 9%, while York Select was down awhopping 25% year to date.

Te situation now looks less dire, though all o the undsremain in negative territory or the year. Even so, market play-ers dont expect investors will barrage York with yearend re-demption requests as almost certainly will be the case orany number o other rms. Limited partners will likely orgivemanagers who stuck to their core strategies through the marketurmoil, as Dinan did, while punishing those who indulged instyle drif.

November 2, 2011 Hedge FundALERT 4

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Odd Tale Emerges in IKOS DisputeFormer IKOS Asset Management partner Martin Coward may

be a renowned quantitative analyst, but apparently he doesnthave much o a head or gures.

For three years, Coward and his estranged wie, IKOSounder Elena Ambrosiadou, have been locked in a high-stakesdivorce battle that has laid bare the inner workings o the $2.3billion hedge und shop. Te London rm currently is led byAmbrosiadou, while Coward is working in Monaco to set up acompeting operation.

A key element o the case is a move Coward made in 2009to secretly copy IKOS proprietary sofware onto a laptop com-puter presumably in anticipation o an intellectual-propertydispute with his wie. But as was recently revealed in a courthearing, Coward proceeded to lose the program in cyberspace.

What happened? According to a statement rom Cowardthats part o the court record, he uploaded the program to a se-cure cloud-based repository, but then orgot the password and

evidently was unable to access the data or nine months.Coward is an accomplished mathematician who previous-ly worked at Goldman Sachs and Investcorp. Nonetheless, heclaims to have had a memory lapse.

In any case, the dispute over IKOSs sofware may now bemoot. Coward originally sued IKOS to claim part ownership othe program. More recently, however, he has said he plans touse a dierent quantitative model at his new rm, and has sug-gested hiring an outside expert to compare his sofware withIKOS program.

Because o a countersuit rom IKOS, however, the case is stillbeore the U.K. High Court in London. Last month, a judge sched-uled a trial or 2013. Meanwhile, Coward and Ambrosiadou con-

tinue to do battle on other ronts, including in divorce court.IKOS, which was ounded in 1991, manages three vehicles:

IKOS Futures Fund, IKOS FX Fund and IKOS Hedge Fund.Trough Sept. 30, the utures und had gained 9.6% or theyear, while the oreign-exchange vehicle was up 5.9% and thehedge und 5.3%.

Manager Focused on Stock OeringsFinser International, which manages money or clients in

Latin America, is setting up a hedge und that will invest innewly issued stocks.

Te planned vehicle, Corser Simi Fund, will begin tradingthis month or next with $1.5 million that Finser chie AndrewJacobus has been investing since January. Trough Sept. 30,the strategy has returned an impressive 35.4%.

Te Miami rm has been talking to institutional investorsabout providing initial capital, with the aim o raising $10 mil-lion in the next ew months. Finser has tapped placement agentLatAm Alternatives o Weston, Fla., to help market the vehicle.

Te und will invest in both initial public oerings and sec-ondary stock oerings in an eort to capture price gains thatare ofen seen immediately ollowing a share sale. About 10%o the unds capital will be reserved or shorting.

Jacobus strategy is to exit a position when the price rises oralls by 5% rom the unds cost, or within 20 days whichevercomes rst. In practice, the vehicle will exit most positions thesame day o the oering.

Jacobus is amiliar with the venture capital market as oneo 38 backers oNew World Angels, a Boca Raton, Fla., investornetwork that deploys up to $2.5 million apiece to early-stagecompanies.

Finser manages $400 million or wealthy individuals andinstitutions in Latin America. Among its clients is the RomanCatholic Church. Jacobus ounded the rm, previously knownas Serncorp, in 1991.

Harbinger ... From Page 1about the unds perormance and investor unrest: Youve gota redemption date around the corner and now it looks like everyones going to get whacked on bonuses.

Harbinger announced in late October that its agship Har-

binger Capital Partners 2 had seen its value decline 17% in Sep-tember. Tat ollowed a strong August, when the und gained5% even as the S&P 500 index dropped 5.4%. Trough September, the vehicle was down 13% or the year.

As or the rms other unds, Harbinger Capital Partners 1was down 11% as o Sept. 30, while Harbinger Special Situations dropped 12%. Te bright spot was a 12% year-to-date gainor Credit Distressed Blue Line Fund, a $500 million closed-end vehicle that is scheduled to wind down early next year. Bycomparison, Hedge Fund Researchs global hedge und indexshowed an 5.4% decline or the rst nine months o this year.

Harbinger has been under pressure all year rom investorsseeking to withdraw unds. Tey have grown alarmed abou

the rms investment in LightSquared, a Reston, Va., telecommunications startup controlled by Harbinger. In June, Falconeinormed investors that redemptions would be made at least inpart in the orm o non-tradable LightSquared shares.

Tey have morphed rom what they were to now a highly-concentrated and illiquid und, said one und-o-unds proessional.

LightSquared is attempting to build a broadband networkto bring wireless service to rural areas. But a political restormhas erupted over the networks potential disruption o GPSdevices, with Republicans charging that political donationsby Falcone and other LightSquared ocials may be inuenc-ing the regulatory process. Te company is conducting urthertests to ensure its network wont interere with the GPS system

It seems that Falcones wagon is hooked heavily on thatone investment, said a hedge und researcher who ollowsHarbinger.

November 2, 2011 Hedge FundALERT 5

Need to find the newest funds?

Go to The Marketplace section of HFAlert.com and click on Latest

Launches.

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CALENDAR

Main Events

Dates Event Location Sponsor Information

Nov. 7-9 Fund Forum USA 2011 Boston ICBI www.icbi-events.com

Jan. 23-25, 2012 GAIM USA 2012 Boca Raton, Fla. IIR www.iirusa.com

Jan. 29-31 Network 2012 Palm Beach, Fla. MFA www.managedfunds.org

March 13-16 Boca 2012 Boca Raton, Fla. FIA www.futuresindustry.org

June 25-29 Fund Forum International 2011 Monaco ICBI www.informaglobalevents.com

Events in US

Dates Event Location Sponsor Information

Nov. 7 Introduction to Credit Default Swaps New York FMW www.fmwonline.com

Nov. 7 SIFMA Annual Meeting New York SIFMA www.sifma.org

Nov. 7-8 Effective Hedge Fund Tax Practices New York FRA www.frallc.com

Nov. 7-9 Family Office & Private Wealth Mgmt. Forum-West Santa Rosa, Calif. Opal www.opalgroup.net

Nov. 8-9 Fall Consultants Congress Greenwich, Conn. IMI investmentmanagementinstitute.com

Nov. 8-9 Risk Management in Energy Trading Houston Marcus Evans www.marcusevans.com

Nov. 8-9 Asset & Liability Management for Banks New York Marcus Evans www.marcusevans.com

Nov. 9 Southeast Open Your Heart to the Children Benefit Atlanta Hedge Funds Care www.hedgefundscare.org

Nov. 10 Fall Asset Management Thought Leadership Symposium New York RCA www.rcaonline.org

Nov. 10 Hedge Fund Marketing Boot Camp San Francisco Rasmussen Comm. r-comms.com/HFBootCamp.html

Nov. 13-15 Money Laundering Enforcement Conference Washington ABA www.aba.com

To view the complete conference calendar, visit The Marketplace section of HFAlert.com

November 2, 2011 Hedge FundALERT 6

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THE GRAPEVINE

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shop ounded by ormer HighbridgeCapital managing director Ron Resnick.igress was started by ormer Citigroupexecutive Cynthia Dibartolo.

Chicago investment shop TradeLinkHoldings has hired a managing direc-tor to lead its marketing and investor-relations eorts. Te recruit, JamesKavetas, previously worked at Trade-worx, a und-management shop in RedBank, N.J. Chicago-based radeLinkinvests in a range o products via hedgeunds and a proprietary-trading desk.Te rm recently changed the name o

its asset-management unit to radeLinkCapital rom Digilog Capital.

Citadel added our analysts to itsPioneerPath Capital and SurveyorCapital units this month. Dimitry Dayenand Xuan Yong joined as energy-stockanalysts reporting to Surveyor portoliomanager Albert Chu, with Dayencoming over rom an associate post atGoldman Sachs and Yong arriving rom

und operator Kortright Capital.StephenRoseberry, ormerly with DiamondbackCapital, signed on as a nancial-stockanalyst under Surveyors Allon Hellman.And Jeremy Sussman, who last workedat merchant bank Brean Murray Carret& Co., now is covering energy stocksunder Todd Kantor at PioneerPath.Te additions come amid eorts byCitadel to expand and possibly combinePioneerPath and Surveyor.

Consulting rm Cliwater has hiredAndrew Rudolph, most recently ound-o-unds manager Robeco-Sage,to head a group that researches long/short equity unds. Rudolph startedin the Marina del Rey, Cali., shopsNew York oce last week, reporting to

hedge und research chieDaniel Stern.He replaces Rick Teisch, who jumpedto Lionsgate Capital in June. Rudolphserved in a similar role since 2009 atRobeco-Sage, which Robeco Groupsold to Arden Asset Management onOct. 1. Earlier, he headed research atSirius Investment.

wo portolio managers who broke orom Citadel unit PioneerPath Capi-

tal about six months ago have joinedMillennium Management mirroringsimilar moves by two other teams thatlef PioneerPath around the same time.Insurance-company stock specialistsMike Curley and Reed Schwandt joinedMillenniumlast month, working underthe name Decade Capital. Teir arrivalcoincided with Millenniums hiring oormer PioneerPath industrial-stocktrader Matthew Koslow, whose group iscalled Arsenal Asset Management. Andin July, PioneerPath alumnus MichaelTaylor brought his healthcare-stock-ocused Critical Mass Partners underMillenniums umbrella.

Northern Trust wants to hire a seniorconsultant or its hedge und unit,

which perorms administrative unc-tions or managers and large institu-tional investors. Te recruit would workin the rms Chicago headquarters, withresponsibilities including monitoringtrade postings and updating primebrokers on managers positions. TeNorthern rust group, which goes bythe name o Northern rust HedgeFund Services, ormed via the com-panys July takeover oOmnium.

November 2, 2011 Hedge FundALERT 8

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