In the first three quarters of 2009, nearly as many hedge funds had launched worldwide as had shut down, as net investment inflows increased a sixth straight month.
Fairfield County has a large cluster of hedge funds and has seen a few prominent casualties during the credit crisis, most prominently Westport-based Pequot Capital Management, which is in the process of shutting down while spinning off a pair of firms to take over some of its assets under management.
Through September, 140 hedge fund launches had nearly offset 150 fund closures, according to Singapore-based Eurekahedge.
Stamford-based Aladdin Capital Holdings L.L.C. acquired the collateralized debt obligation portfolio of London-based Solent Capital Partners L.L.P., in all assets valued at $750 million.
“There is an incredible momentum within the firm not only in the growth of our investment banking business, but also of our asset management platform,” said Neal Neilinger, chief investment officer of Aladdin Capital, in a written statement. “This year has seen us build out significant hedge funds in both (debtor-in-possession) and (Term Asset-Backed Securities Loan Facility investments).”
Greenwich-based Poloma Partners L.L.C. sold its securities lending business to BMO Financial Group.
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Toronto-based BMO did not immediately disclose what it paid for the portfolio.
“We were the first hedge fund to develop a securities lending capability,” said Donald Sussman, founder of Paloma, in a written statement. “Over the past 15 years, Paloma Securities has grown to be a market leader with a global presence.”
Battalia Winston Amrop, a New York City-based executive search firm, acquired Centennial Advisory Group, a Stamford-based firm that focuses on the recruiting needs of hedge funds.
The companies did not disclose financial terms.
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Centennial was founded by Frank Carr, who previously led the hedge fund recruitment practice at New York City-based Diversified Search Inc.
