Comment: Chris Sullivan
The hedge fund industry has always had a bit of a schizophrenic relationship with the media, particularly here in the US
23/11/2010
BREAKING NEWS: DE Shaw exec to launch own hedge fund
Daniel Posner, managing director at DE Shaw & Co. who heads the firm's portfolio acquisitions unit, is departing the firm and expected to start his own hedge fund manager, HFMWeek has learned.
According to two people briefed on the plans, the new offering will invest in troubled companies. Posner's plans come shortly after the quantitative hedge fund titan cut approximately 10% of its workforce after it faced a number of investor redemptions.
Before Posner joined DE Shaw in Janauary 2002, he was a vice president at Intermarket Corp, a distressed debt and event-driven hedge fund.
Previously, he was an associate director in UBS Warburg Dillon Read's distressed debt and special situations group, and prior to that, he was a senior consultant in Deloitte & Touche Consulting Group's reorganisation advisory services unit.
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