HF Alert 5.1.13

See GRAPEVINE on Page 15
Danish Pension Leans Toward Allocation Boost
Danica Pension is considering a large increase in the amount of capital it keeps in
alternative investments, including hedge funds.
The $50 billion operation, headquartered just outside Copenhagen, doesn’t have
a set target allocation for alternatives. But insiders said this week that they were
looking at a plan to double those holdings from the current $1.5 billion.
The deployments would be spread out over the next few years, likely across a
range of products. Right now, Danica’s alternative-investment portfolio is made up
largely of private equity and infrastructure vehicles. Hedge funds account for $350
million of the total, encompassing about 10 single-manager vehicles and one multi-
manager product.
Danica takes an opportunistic approach to investing in hedge funds, targeting
equity-like returns but with half the volatility. It tends to look at “non-classic” strat-
egies — for instance, a fund investing in a specific sleeve of U.S. mortgage-backed
See PENSION on Page 10
Wells Nipping at Heels of Major Prime Brokers
Wells Fargo has cracked Hedge Fund Alert’s annual ranking of the top 25 prime
brokers, which is led by perennial front-runners Goldman Sachs, Morgan Stanley
and J.P. Morgan.
Wells’ debut stems from its purchase last year of Merlin Securities, which had
been among the largest nonbank prime-brokerage operations. Wells’ 96 fund cli-
ents are enough for a No. 14 spot on the league table, just behind more established
players such as Barclays, BNP Pari-
bas and Jefferies & Co. (see Page 10).
At the head of the ranking are
Goldman, whose 1,777 fund clients
are good for a 20.7% market share;
Morgan Stanley (1,346 fund clients
and a 15.7% share); and J.P. Morgan
See BROKERS on Page 10
Butterfield Fulcrum Looks Ripe for Takeover
Fund administrator Butterfield Fulcrum is being eyed by a larger rival.
A “top 10” administrator has been given right of first refusal to purchase Butter-
field, a Bermuda firm with $92.7 billion of assets under administration. Citco, State
Street, SS&C Globeop and BNY Mellon are among the biggest players in the field.
Butterfield is controlled by private equity firm BV Investment.
With only a few big players dominating the hedge fund-administration busi-
ness, there’s constant pressure on small and mid-size shops to pursue mergers
and acquisitions. Hedge Fund Alert’s Manager Database, which compiles infor-
mation on SEC-registered fund operators and their service providers, shows
eight firms with $100 billion or more under administration. Combined, they
control 79% of the $3.9 trillion of hedge fund assets serviced by administrators.
(The newsletter will publish its annual ranking of the top-25 fund administrators
See TAKEOVER on Page 13
10 TOP PRIME BROKERS
11 PRIME-BROKERAGE CONTACTS
2 Startup Pitching Unusual Fee Structure
3 Andurand Highlights New Approach
3 Manager Carves Out Credit Strategy
3 Knighthead Preps Real Estate Vehicle
4 Consumer Shop Reaching Out to LPs
4 Metacapital Readies Next Offering
5 Macro Venture Seeks Seed Investor
6 Law Partners Back Compliance Shop
6 Report Examines Charitable Giving
8 Art-Focused Hedge Fund Planned
9 ADV Form Inflates Some Fund Firms
9 Startup Advisory Focusing on Risk
14 Placement Agent Seeks Advisory Role
14 LATEST LAUNCHES
Thomas Curran, once a star trader at
Deutsche Bank, has joined Fore Research
& Management as a portfolio manager.
Curran was among a raft of fixed-income
traders who left Deutsche in April 2011
in response to a shift in the German
bank’s compensation practices. He is
believed to have generated more than
$500 million of earnings for the bank
in the preceding two years. Curran had
been working at Rose Grove Capital, a
hedge fund firm run by former Deutsche
THE GRAPEVINE
MAY 1, 2013
Manager Database Updated
For fresh details on more than 2,000 hedge
fund managers,sign in at HFAlert.com and click
the Manager Database link on the Subscribers
menu. For sign-in help, contact JoAnn Tassie at
jtassie@hspnews.com or 201-234-3980.

Startup Pitching Unusual Fee Structure
Credit-product investor MeehanCombs is attempting to
boost the assets of its debut hedge fund by offering a novel fee
structure to early backers.
The Greenwich, Conn., firm launched its MeehanCombs
Global Credit Opportunities Fund in March with $50 million
of equity from BlackRock. Now, it is trying to raise another $50
million via a so-called founders share class with the same terms
given to the asset-management giant.
Investors in the class initially would pay a management fee
equal to 1% of assets and a performance charge representing
10% of gains. Once the fund reaches $500 million, however, the
fees would drop to zero.
Sources said they couldn’t think of another hedge fund
offering free management in perpetuity. “Not a bad deal,” one
fund-of-funds manager said. “I have heard of similar deals but
not one so dramatic as to reduce fees to 0/0.”
MeehanCombs believes the founders class is preferable to
traditional seed-capital arrangements. For the firm, it offers the
advantage of bypassing seed provisions that make it difficult for
fund operators to buy back their management-company stakes.
At the same time, the setup is more accessible to small inves-
tors. For their part, seeders counter that they offer help with
distribution and operational functions that startups often can’t
handle on their own.
Once the founders class closes, MeehanCombs will offer
Class-B shares with their own twist. Investors in that segment
won’t be able to withdraw their capital for three years, and
will pay a management fee of 1.75% and a performance fee of
17.5%. Because those backers can’t touch their money for so
long, the managers are basing the incentive charge on three-
year compounded returns — as opposed to the annual format
used by most hedge funds.
MeehanCombs’fundtradesavarietyofcorporatecreditprod-
ucts in the U.S. and Europe, including investment-grade senior-
secured debt and convertible bonds. Its overall performance was
flat in March, with winning positions including notes issued by
bankrupt airline AMR Corp. and communications-system com-
pany Avaya. Losing positions included convertible bonds issued
by RBS, which like other convertibles in Europe saw their values
dragged down during Cyprus’ fiscal crisis.
MeehanCombs also runs a $20 million separate account for
Hatteras Funds of Raleigh that focuses on European securities.
Matt Meehan, Eli Combs and Jim Plohg started MeehanCombs
a year ago. Meehan, the chief investment officer, previously
worked at Eos Partners. It was there that he met Combs, who left
in 2008 to oversee business development and strategy at Alden
Global Capital. Combs holds the title of president at the new ven-
ture. Plohg is chief operating officer and general counsel.
Also involved is an independent board of directors that
includes Richard Foster, formerly a senior partner at McKin-
sey & Co., and John Frawley, who used to be chief executive of
fund-of-funds operator Merrill Lynch Investment Partners and
chairman of the Managed Funds Association. 
May 1, 2013 2Hedge Fund
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Andurand Highlights New Approach
As he begins marketing his new fund operation to a wider
audience, Pierre Andurand is seeking to distinguish Andurand
Capital from its predecessor, BlueGold Capital.
Andurand began trading his Andurand Commodities Fund
on Feb. 1 with more than $100 million — most of it from
BlueGold investors who decided to stick with the London-
based manager despite losses in 2011 and 2012. More recently,
Andurand and his marketing chief, Sara Corsaro, have begun
talking to new client prospects. Two weeks ago, for example,
they met with investors in New York.
Yes, they’re telling investors, Andurand’s new fund invests
in oil derivatives and other commodities just like BlueGold.
But Andurand is going out of his way to highlight the differ-
ences. Take the opening page of his firm’s pitchbook, headed
“Andurand Capital Versus BlueGold.” Item No. 1: “Less volatil-
ity and lower risk levels than at BlueGold.”
It’s understandable that Andurand would want to empha-
size both the similarities and differences between his new firm
and BlueGold. In its first year of trading, 2008, BlueGold Global
Fund posted an eye-popping gain of 209.4%, even as most
hedge funds suffered double-digit losses. The vehicle gained
55% in 2009 and 12.8% in 2010, but then lost 34.8% in 2011
and 3.4% in 2012. In April 2012, Andurand and BlueGold co-
founder Dennis Crema told investors they planned to liquidate
the fund and shut down the firm.
BlueGold had more than $2 billion of assets at its peak, sug-
gesting relatively few of those investors are backing Andurand’s
new fund. The vehicle currently has about $230 million under
management. As an enticement to his former clients at Blue-
Gold, Andurand is offering to honor their original high-water
marks.
Andurand Commodities Fund gained 15.7% in its first two
months of trading, versus a 1.3% loss for the S&P GSCI Crude
Oil Total Return Index. The fund was up 3.5% in February and
a whopping 11.8% in March.
Andurand, a former Goldman Sachs commodities trader,
is joined at his new firm by 10 of the 13 staffers who worked
under him at BlueGold. He plans to hire an oil-market analyst
in the near future. 
Manager Carves Out Credit Strategy
Hudson Bay Capital is again using one of the portfolios
within its flagship multi-strategy fund as the basis for a single-
strategy vehicle.
The new Hudson Bay Credit Opportunities Fund is designed
to trade a range of performing and distressed corporate loans,
including those involving bankrupt borrowers. It’s the second
single-strategy offering to come out of the operator’s Hudson
Bay Fund, following the September launch of its Hudson Bay
IP Opportunities Fund.
Hudson Bay Credit Opportunities is based on a $250 million
credit-product allocation within Hudson Bay Fund. It’s unclear
whether any of that money will move to the new fund from the
flagship, or what the size of the single-manager vehicle will be
at launch.
Marc Sole manages both the credit-product component
of Hudson Bay Fund and Hudson Bay Credit Opportunities,
which is in the early stages of marketing. In its investor pitches,
Hudson Bay is citing Sole’s performance since joining the firm
in 2011. Before that, he worked at Plainfield Asset Management
and D.E. Shaw.
The creation of Hudson Bay Credit Opportunities and Hud-
son Bay IP Opportunities reflects a desire by Hudson Bay to
diversify its fund lineup, giving existing investors the oppor-
tunity to increase their exposures to certain strategies while
also appealing to backers who might not want a multi-strat-
egy product. But unlike Hudson Bay IP Opportunities Fund,
which buys technology patents and represents just a small slice
of Hudson Bay Fund, the credit-product strategy has been a
major focus of the flagship.
Hudson Bay Fund’s other main investment approaches are:
event-driven and merger-arbitrage plays; volatility trading;
and convertible-bond arbitrage. Hudson Bay now is expected
to offer one or more standalone vehicles separately employing
those strategies.
The New York firm runs $1.5 billion overall. It was founded
in 2005 by former options trader Sandy Gerber. 
Knighthead Preps Real Estate Vehicle
Distressed-debt specialist Knighthead Capital is setting up a
vehicle that would originate short-term loans for commercial
property owners who have struggled to obtain financing from
traditional sources.
The New York firm hopes to raise $100 million of equity
for its Knighthead Special Situations Real Estate Fund, which
would lock up investor capital for at least four years. The fund
is on track to hold a first equity close by the end of the second
quarter.
Since opening in 2008, Knighthead’s main business has been
an event-driven credit vehicle that currently manages $2.9 bil-
lion. The firm runs $3.5 billion overall, including money for
separate-account clients.
The real estate fund represents a new twist for Knighthead,
which plans to hire an existing team at Silo Financial to help
manage the vehicle. Silo, a New York firm led by Jonathan Dan-
iel, specializes in writing bridge loans and other short-term
loans secured by commercial properties.
The fund’s liquidity terms will be somewhere between those
of a typical hedge fund and a private equity vehicle. It will have
a two-year investment period followed by a two-year “harvest”
period. The capital will be put to work funding loans of $2 mil-
lion to $20 million apiece, targeting distressed borrowers with
few other financing options.
Knighthead is led by founders Ara Cohen and Thomas Wag-
ner, who will serve as co-portfolio managers on the new vehicle
along with Daniel. 
ALERT

Consumer Shop Reaching Out to LPs
Consumer-stock specialist Caerus Global is forming its sec-
ond hedge fund.
Portfolio managers Brian Agnew and Ward Davis already
have started to line up early investors for their Caerus Global
Select Strategic Fund. They’ll accompany newly hired mar-
keting professional Jonathan Taylor as he visits investors in
the U.S., Europe and Asia in the coming months as part of a
broader capital-raising push.
Taylor, who arrived this month, previously worked under
former Bear Stearns Asset Management executive Melissa Ko at
Covepoint Capital, and before that raised capital for Yale Univer-
sity’s endowment. At Caerus, he replaces Kristen Harris, who
has moved to a part-time consulting role.
The marketing effort will focus on wealthy individuals, fam-
ily offices, sovereign wealth funds and institutional investors.
The plan is for the firm to launch its fund by the end of June,
with Agnew and Davis supplementing outside contributions
with some of their own capital.
The team is offering early investors the opportunity to opt
into a founders share class that presumably carries lower fees
than the main fund.
Caerus has been running the new fund’s strategy via a sepa-
rate account since July 2011. That portfolio gained 1.2% by the
end of that year, even as the Russell 2000 Index lost 10.5%, but
has since trailed the benchmark with gains of 6% in 2012 and
10.5% so far this year.
The strategy is a more concentrated version of the one used
by Caerus’ only other hedge fund, Caerus Global Master Fund.
That vehicle launched in 2009, and since then has produced
average annual returns of 5-6%. It is typically 10-15% net long
— compared to 50% for Caerus Global Select Strategic.
All told, Caerus runs $200 million. Davis, who founded the
firm, previously was a founding partner at Trivium Capital and
before that worked at Chilton Investment and Zweig-DiMenna
Associates. Agnew previously worked in a proprietary equity
unit of J.P. Morgan, and before that spent time at Morgan Stan-
ley’s former FrontPoint Partners unit and Galleon Group. 
Metacapital Readies Next Offering
Metacapital Management is designing a hedge fund that
would profit if interest rates rise, using mortgage-backed bonds
as a key component of its strategy.
The vehicle, Metacapital Rising Rates Fund, is set for a sec-
ond-quarter launch. It initially would purchase interest-only
mortgage securities, planting the seeds for phase two of its
investment approach — using the income from those positions
to buy interest-rate swaps and eurodollar put options.
The idea is that values of those instruments would increase
sharply if the Federal Reserve shifts course and begins raising
rates. Using a $100 million portfolio as an example, Metacapital
is telling potential backers that a one percentage point hike in
short-term interest rates would translate into a profit of 15-33%
for its fund. A two percentage point rise would bring a gain of
32-68%. The planned launch first was reported by sister publi-
cation Asset-Backed Alert.
The initiative adds a new wrinkle to Metacapital’s mortgage-
bond investment business, which already has been producing
hefty profits for the New York firm and its clients. For example,
the firm’s Metacapital Mortgage Opportunities Fund saw its
assets swell to some $1.5 billion from $850 million last year
while delivering a 41% return to backers — making it a stand-
out in a field where many similar vehicles gained 25% or more.
Metacapital also runs a $150 million entity called Meta-
capital Mortgage Value Fund that appears to have fared well
since its launch last year. That said, the firm’s performance is
expected to cool off as mortgage-bond values stop rising as fast
as they have been over the past year or so. Indeed, the Metacap-
ital Mortgage Opportunities vehicle posted a more modest gain
of just 2.4% for the first quarter of this year and actually lost
money in March — its first down month since September 2011.
Metacapital was founded in 2001 by former Lehman Broth-
ers executive Deepak Narula. 
ALERT
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Quarterly compilations or reviews of financial statements
Performance reviews
Need to find the newest funds?
Go to The Marketplace section of HFAlert.com and click on “Latest
Launches.”

Macro Venture Seeks Seed Investor
A global-macro startup in Geneva is seeking its first institu-
tional backer.
Opus11 Capital entered discussions with potential backers in
recent weeks, getting in touch with seed-capital suppliers in the
U.S. and Europe — one of which is considering a $20 million
contribution. The goal is to have an investment in place by Oct 1.
Among the matters up for negotiation with prospective back-
ers is whether Opus11 should continue trading through a sepa-
rate account with Interactive Brokers that it uses to run some $3
million of internal capital and friends-and-family money. Alter-
natively, it could launch a new vehi-
cle. That entity could take the form
of a commingled fund, possibly even
a UCITS vehicle if Opus11 wins the
support of a European investor.
The seed-capital supplier likely
will receive a share of Opus11’s reve-
nues in exchange for its support, and
could get a stake in the management
company.
Opus11 pursues a systematic
long-only approach. The shop’s pitch
is that it allocates capital among
assets in various countries as if they
were individual portfolios, drop-
ping those that underperform in
favor of others with more potential.
At any time, it may seek exposure
to equities, fixed-income products,
currencies and commodities via
exchange-traded funds, exchange-
traded notes and futures contracts.
The firm holds positions for an aver-
age of three months.
Opus11 is led by David Foubard,
who founded the firm at the end of
2011. He previously helped judge
risk and select investments for Union
Bancaire Privee’s funds of funds
from 2008 to 2011, and before that
managed funds at Alfi Gestion and
Ixis Asset Management.
Foubard so far has assembled a
staff of four, most recently bringing
in Benoit Ruaudel about a month ago
as head of marketing. Ruaudel previ-
ously co-headed the hedge fund unit
at Societe Generale Asset Manage-
ment. Also on board are technology
head Philippe Vincent, risk-manage-
ment chief Jacques Ninet and Marc
Slakmon, whoisfocusingonmarket-
ing in North and South America.
Opus11’s portfolio, Opus11 Capi-
tal Global Diversified Strategy, launched in January 2012 with
about $2 million and went on to gain 10.9% for the year. It is up
4% so far this year, with about half of the gain coming in April.
Once it has its seeder lined up, Opus11 plans to charge a man-
agementfeeof1.5%ofassetsandaperformancefeeequalto15%
of profits for investors who commit less than $5 million. Those
who contribute more, likely including the seeder, would pay 1%
and 10%.
In addition to its long-only strategy, Opus11 has been devel-
oping a long/short macro approach. But the firm wants to get its
long-only product off the ground before focusing on a second
offering. 
ALERT
Team McGladrey Golfer Zach Johnson
and his caddie, Damon Green.
A strong strategic partner should know you and your organization well enough to
know when to step up with insights, suggestions and fresh ideas. And when you
trust the advice you’re getting, you know your next move is the right move.
This is the power of being understood. This is McGladrey.
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or email us as iiinsightsteam@mcgladrey.com.
Lots of advisers
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© 2013 McGladrey LLP. All Rights Reserved.
Power comes from being understood.SM

Law Partners Back Compliance Shop
A new compliance-consulting firm is offering its services to
hedge funds and commodity-pool operators.
Sansome Strategies of San Francisco, which officially opens
its doors today, is owned by the partners of San Francisco law
firm Cole-Frieman & Mallon, which has developed a sizable
hedge fund practice since opening in 2009.
Sansome is led by managing director Jennifer Dickinson, a
lawyer whose resume includes stints at Cole-Frieman & Mallon
and hedge fund operator Standard Pacific Capital. Dickinson
has hired one employee so far and expects to fill two more posi-
tions by the end of the year.
Sansomewassetuptohelpmanagersnavigateafloodofnew
SEC and CFTC mandates. Until this year, for example, a private-
fund exemption allowed most hedge funds to escape oversight
of the CFTC. But under rules the futures regulator adopted last
year, funds that trade more than a minimal amount of deriva-
tives contracts now have to register — subjecting many man-
agers to “dual registration” with both the CFTC and SEC. In
addition to advisory work, Sansome is offering its services as
an outsourced chief compliance officer.
This is the second time that law partners Karl Cole-Frieman
and Bart Mallon have started a compliance-consulting business.
In 2011, they launched Gordian Compliance, also of San Fran-
cisco, but in December agreed to sell the firm to a management
team led by president Niel Armstrong.
Dickinson worked at Gordian before joining Sansome. Her
employment at the $2.2 billion Standard Pacific coincided with
Cole-Frieman’s tenure as the firm’s general counsel. 
Report Examines Charitable Giving
The 2008 financial crisis not only changed the way managers
invest, but also how they give away their money.
That’s one of the conclusions of a new report by the Alter-
native Investment Management Association exploring char-
itable-giving practices across the hedge fund industry. The
London-based trade group is set to release the report today.
If hedge fund philanthropy originally was associated with
titans such as George Soros, Julian Robertson and James
Simons, the financial crisis has spurred more of a cooperative
approach among industry professionals. Examples include Rob
Davis’ Hedge Funds Care, Stacey Asher’s Portfolios With Purpose
and 100 Women in Hedge Funds. While some of these groups
pre-date the financial crisis, they’ve increasingly come to rely
on broad-based support from all corners of the industry.
“Given the smaller amounts of performance fees being col-
lected by the industry in general following the financial crisis,
it would seem that cooperative funding may be a more effi-
cient way to raise donations in a post-2008 world,” according
to a draft of the report. “The majority of the charitable initia-
tives that have been set up by hedge fund professionals in the
past four years . . . have drawn together many donors rather
than a single source.”
The model for this approach was pioneered by Paul Tudor
Jones, who founded the Robin Hood Foundation in 1988. In
2011, the charity gave away $146 million to dozens of organiza-
tions focused on children’s welfare in New York.
Among U.K. firms, the report noted, a common mechanism
for funding charitable giving is to allocate a fixed amount each
year plus a percentage of a manager’s performance-fee revenue.
This approach has been used by Aspect Capital, the Children’s
Investment Fund and Man Group. 
ALERT
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ARE NON-TRADITIONAL DATA
SETS PART OF YOUR RESEARCH?
BY STEPHEN MALINAK, GLOBAL HEAD OF INVESTORS ANALYTICS, THOMSON REUTERS
© Thomson Reuters 2013. All rights reserved. 1002930 0413
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Art-Focused Hedge Fund Planned
A New York art dealer and consultant is marketing a hedge
fund that would invest in works of art.
Elizabeth Harrington has lined up capital from friends and
family over the past few months for Harrington’s Diversified
Art Fund. She is now seeking a seed backer that would allow
the vehicle to start out with about $20 million. The fund would
buy high-quality art at mid-range prices, targeting “small
gems” with a price range of $15,000 to $750,000.
A seed investor would receive a percentage of the overall
revenues of the fund’s management company, Harrington Art
Fund Partners, and would be eligible for a discounted 15%
performance fee that is also being offered to others who get
in before the launch. Later investors will be charged 20%. The
manager also will take a standard 2% management fee.
Harrington has been advising corporations, hedge fund
managers and other clients on art purchases since the 1970s
through her firm, E.B. Harrington & Co.
The fund’s chief financial officer is Barclay Leib, who was head
trader at Glenrock Asset Management until last October. Leib
previously ran a number of multi-manager vehicles for Weston
Capital. Harrington’s husband, Peter Barker, is chief operating
officer of the fund. He formerly advised emerging-market tech-
nology companies and worked as an insurance executive.
The fund’s premise is that art is an asset class that provides
strong returns with lower volatility than financial markets.
Unlike other art-investment funds, which typically have a
private-equity structure, Harrington’s fund promises poten-
tial investors greater liquidity. However, the firm has set up an
unusual two-stage redemption process to avoid forced sales of
assets. Redemption requests must be submitted four months
in advance. The manager can then sell holdings to meet the
request if market conditions allow — or, if not, must agree to
cash out the investor within one year. If the investor can’t wait,
the manager will draw on a line of credit to pay the investor
immediately, but at a 20% discount.
The firm plans to build a diversified collection of art, includ-
ing paintings, sculptures, photographs and other works from
various periods. It aims to have 30% of the fund’s assets in
Impressionist and Modern art, 30% in the works of various
American schools and the rest in other categories. The fund
will seek to avoid costly art-brokerage fees by purchasing art
directly from auction houses, collectors, dealers, artists and
their estates. The works will either be held in storage or placed
in exhibitions before being sold over time to museums, dealers
or other collectors.
As is typical for a hedge fund, its performance will be mea-
sured via annual valuations of its holdings — rather than
waiting to book profits as assets are sold. It will value assets
by averaging three appraisals on each piece of art. If the fund’s
auditor questions one appraisal, it may be replaced by another.
The fund will need approval from an investment committee if
See ART on Page 9
ALERT
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Investment banking services provided by HL Capital, Inc.; investment advisory services
provided by HL Financial Advisors, Inc. In the European Economic Area and Hong Kong
services provided by HL (Europe) Limited and HL (China) Limited, respectively.

ADV Form Inflates Some Fund Firms
Some large fund-management firms appear bigger than
they actually are when measured by gross hedge fund assets
reported to the SEC.
SAC Capital, for example, reported $50.9 billion of regula-
tory assets under management in a first-quarter SEC filing. But
the same filing, Form ADV, lists 22 vehicles it considers hedge
funds, with gross assets totaling $75.4 billion.
How is that possible, considering gross hedge fund assets
are ordinarily much less than a firms’ regulatory assets? SAC is
one of a number of large managers that operate internal funds
of funds for the purpose of allocating capital to other vehicles
they run. As a result, some of those assets get double counted
when adding up the gross assets of its funds.
SAC contends that Hedge Fund Alert’s annual ranking of the
top 200 SEC-registered hedge fund operators overstates the
size of the firm by relying on total gross fund assets. In this
year’s ranking, published April 17, SAC held the No. 5 position,
behind Millennium Management, Bridgewater Associates, Cita-
del and BTG Pactual Asset Management. Had the ranking been
based on regulatory assets under management, SAC would
have appeared farther down the list.
Other fund operators whose total gross fund assets exceed
regulatory assets under management include Citadel, with
$107.6 billion of gross fund assets and $100.6 billion of regula-
tory assets; Centerbridge Partners ($28.4 billion of gross fund
assets and $22.2 billion of regulatory assets); and Two Sigma
Investments ($26.7 billion of gross fund assets and $21.4 billion
of regulatory assets). 
Startup Advisory Focusing on Risk
A securities-financing professional with both buyside and
sellside experience has opened an advisory shop catering to
hedge funds.
David Geffen, whose resume includes positions at Ama-
ranth Advisors, BlackRock and Goldman Sachs, plans to for-
mally announce the opening of Geffen Advisors today. The
San Francisco firm would advise both startup and established
fund operators on a range of middle-office functions, includ-
ing counterparty-risk management, cash management and the
logistics of fund launches. Geffen also is offering his services as
an outsourced chief operating officer.
The firm will place particular emphasis on counterparty-risk
management, including all aspects of a manager’s relationships
with its prime brokers. Geffen has more than 20 years of expe-
rience in the field, most recently handling securities financing,
futures clearing and counterparty relationships at BlackRock.
At Amaranth, where he worked prior to the Greenwich, Conn.,
firm’s 2006 blowup, Geffen was in charge of managing relation-
ships with banks and brokerages.
Before switching to the buyside, Geffen helped Goldman
manage its counterparty risk with hedge funds. He worked in
the bank’s global credit department under Craig Broderick, who
is now Goldman’s chief risk officer.
Geffen Advisors also has an agreement with HazelTree, a
New York advisory firm specializing in cash and margin man-
agement, to market HazelTree’s services on the West Coast. 
Art... From Page 8
any acquisition would account for more than 10% of the fund’s
value. Harrington is also offering to set up a separate share class
that would buy tail-risk protection via out-of-the-money puts
on broad market indexes.
Examples of past trades Elizabeth Harrington advised on
include a Mark Rothko painting purchased in 2005 for $1.1 mil-
lion and sold at the Art Basel show in Miami in December for
$4 million; and a Norman Rockwell painting acquired for $1.7
million in 2002 that is comparable to works by the same artist
that recently sold for up to $15.4 million.
A March report on the art investment business, issued by
Deloitte, described the art-fund industry as “nascent,” with 83
funds managing $1.6 billion last year. That was up 69% from the
previous year, largely due to new vehicles springing up in China,
home to 58 of the funds with a combined $969 million of assets.
The rest are in the U.S. and Europe. Most are long-only, closed-
end vehicles, such as a $200 million fund run by London-based
Fine Art Fund Group, headed by former Christie’s executive Philip
Hoffman. A Kansas City firm called The Collectors Fund is cur-
rently marketing its second vehicle, seeking at least $50 million
to invest in works by 20th Century American masters. 
ALERT
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Brokers... From Page 1
(1,339 fund clients and 15.6% share). J.P.
Morganpickedup43fundssincelastyear,
while Morgan Stanley lost 39 — leaving
J.P. Morgan within striking distance of the
No. 2 spot.
The number of fund clients is derived
from the newsletter’s Manager Data-
base, which compiles regulatory filings
by 2,173 fund operators registered with
the SEC. Those managers employ a total
of 126 prime brokers, including many
smaller firms that execute trades for just
one or two funds. When a fund reports
more than one prime broker, full credit is
given to each. Of the 8,573 hedge funds
operated by SEC-registered managers,
2,247 employ more than one prime bro-
ker and 3,780 funds don’t use any prime
broker at all.
The ranking captures prime-brokerage
relationships only among SEC-registered
investment advisors — and thus under-
states the size of brokerages that cater
mainly to smaller fund operators. Merlin,
for example, had about 500 fund clients
when it agreed to be bought by Wells in
April 2012. But a majority of those vehi-
cles were run by firms with less than $150
million of gross fund assets — the cut-off
for registering with the SEC.
The question for Wells is whether it
will be able to build on Merlin’s business
and eventually break into the ranks of
the major prime brokers. San Francisco-
based Merlin was led by founder Steve
Vermut and his son Aaron Vermut. Following the takeover by
Wells, however, they left to join peer-to-peer lender Prosper.
com. The bank has yet to name a head of prime brokerage.
Also new to the ranking is HSBC, which launched a Euro-
pean prime brokerage in 2009 but began a push in the U.S. only
last year. The bank was given league-table credit for 18 fund
clients, ranking it 24th.
Among major U.S. banks, Citigroup’s seventh-place rank-
ing among prime brokers likely will add urgency to an ongoing
reorganization of its hedge fund-servicing business. A source
said the unit, led by Nick Roe, is under pressure to expand its
market share, which slipped to 5.3% from 6.7% a year ago.
Standing in its way are No. 6 UBS, with a 7.3% market share;
No. 5 Deutsche Bank (8% share); and No. 4 Credit Suisse (10.3%
share). 
Pension ... From Page 1
securities or other structured credit products. It is willing to
back emerging managers and has supplied seed capital in the
past.
Danica invests in hedge funds worldwide, with an empha-
sis on operators’ transparency and risk-management profiles,
and negotiates for lower-than-standard fees. A 10-person
team led by Peter Lindegaard manages its portfolio in-house,
while sometimes drawing on the due-diligence and research
resources of parent Danske Bank. In instances where the group
can replicate a strategy on its own, it often forgoes fund invest-
ments.
Danica offers a range of retirement and insurance products,
with a 150-year history in those businesses. It is among Den-
mark’s largest insurers. 
ALERT
Top Prime Brokers
Based on disclosures by SEC-registered hedge fund managers
Clients
Number of Fund Clients As % of
1Q-13 1Q-12 Change All funds
1 Goldman Sachs 1,777 1,748 +29 20.7
2 Morgan Stanley 1,346 1,385 -39 15.7
3 J.P. Morgan 1,339 1,296 +43 15.6
4 Credit Suisse 882 845 +37 10.3
5 Deutsche Bank 689 632 +57 8.0
6 UBS 622 664 -42 7.3
7 Citigroup 458 428 +30 5.3
8 Bank of America 354 336 +18 4.1
9 Barclays 315 280 +35 3.7
10 Fidelity Investments 269 253 +16 3.1
11 BNP Paribas 237 283 -46 2.8
12 BNY Mellon (Pershing) 174 175 -1 2.0
13 Jefferies & Co. 157 154 +3 1.8
14 Wells Fargo 96 6 +90 1.1
15 Newedge 89 94 -5 1.0
16 BTIG 60 53 +7 0.7
17 Interactive Brokers 47 35 +12 0.5
18 Charles Schwab 30 37 -7 0.3
19 ConvergEx 24 20 +4 0.3
20 Cantor Fitzgerald 21 23 -2 0.2
20 Nomura 21 22 -1 0.2
20 RBS 21 20 +1 0.2
23 TD Bank 20 21 -1 0.2
24 HSBC 18 6 +12 0.2
25 ABN Amro 17 7 +10 0.2
SEC-registered funds 8,573 8,232 +341
PRIME BROKERS

Prime-Brokerage Contacts
GLOBAL HEADS SALES HEADS CAPITAL-INTRODUCTION HEADS
ABN Amro Marcel Jongmans
marcel.jongmans@nl.abnamro.com
Jan Bart de Boer (Global)
janbart.de.boer@nl.abnamro.com
Brian Duff, Steve Doran (U.S.)
brian.duff@us.abnamroclearing.com
steve.doran@us.abnamroclearing.com
Martin Frewer (Europe)
martin.frewer@uk.abnamroclearing.com
Adrian Rubin (Asia)
adrian.rubin@au.abnamroclearing.com
(None)
Bank of America Stu Hendel
stu.hendel@baml.com
Ted O’Connor (U.S.)
ted.o’connor@baml.com
James Orme-Smith (EMEA)
james.orme-smith@baml.com
Ben Williams (Asia/Pacific)
benjamin.williams@baml.com
Rob Sachs
Barclays Harry Harrison
harry.harrison@barclayscapital.com
Munir Dauhajre
munir.dauhajre@barclayscapital.com
Louis Molinari
louis.molinari@barclayscapital.com
BMO Financial Tony Venditti
tony.venditti@bmo.com
Lino Morra
lino.morra@bmo.com
Katrina Rempel
katrina.rempel@bmo.com
BNP Paribas J.P. Muir (U.S)
jp.muir@us.bnpparibas.com
Matthew Pinnock (Non-U.S.)
matthew.pinnock@uk.bnpparibas.com
Chris Lane
chris.lane@us.bnpparibas.com
Tom Mahala
Tom.Mahala@us.bnpparibas.com
BNY Mellon
(Pershing)
Gerry Tamburro
gtamburro@pershing.com
Aaron Steinberg
asteinberg@pershing.com
Aaron Steinberg
asteinberg@pershing.com
BTIG Justin Press
jpress@btig.com
Brian Petitt
bpetitt@btig.com
Justin Press
jpress@btig.com
Peter Tarrant
ptarrant@btig.com
Cantor Fitzgerald Noel Kimmel
nkimmel@cantor.com
Bob Sherry
rsherry@cantor.com
Noel Kimmel
nkimmel@cantor.com
Celadon Financial Daryl Hersch
dhersch@celadonfinancial.com
Lance Baraker
lbaraker@celadonfinancial.com
Daryl Hersch
dhersch@celadonfinancial.com
Charles Schwab (Not provided) (Not provided) (Not provided)
Citigroup Nick Roe
nick.roe@citi.com
Alan Pace
alan.pace@citi.com
Chris Greer
chris.greer@citi.com
Concept Capital Michael Rosen
mrosen@conceptcapital.com
Jack Seibald
jseibald@conceptcapital.com
Frank Napolitani
fnapolitani@conceptcapital.com
John Watras
jwatras@conceptcapital.com
Conifer Securities Dick Del Bello
ddelbello@conifer.com
Sal Campo
scampo@conifer.com
Howard Eisen
heisen@conifer.com
(None)
ConvergEx Prime
Services
Douglas Nelson
dnelson@convergexprime.com
Michael DeJarnette
mdejarnette@convergexprime.com
Ben Brown
bbrown@convergexprime.com
Chris Edgar
cedgar@convergexprime.com
Credit Suisse Paul Germain
paul.germain@credit-suisse.com
Jodi DeVito, Mike Wingertzahn (U.S.)
jodie.devito@credit-suisse.com
michael.wingertzahn@credit-suisse.com
Kieran McCormick (Europe)
kieran.mccormick@credit-suisse.com
Myo Schollum (Asia)
myo.schollum@credit-suisse.com
Robert Leonard
robert.leonard@credit-suisse.com
ALERT
PRIME BROKERS
Continued on Page 12

Cuttone & Co. Donato Cuttone
donatoj@cuttone.com
Keith Bliss
kbliss@cuttone.com
Keith Bliss
kbliss@cuttone.com
Deutsche Bank Barry Bausano
barry.bausano@db.com
Jon Hitchon
jonathan.hitchon@db.com
Scott Carter (U.S.)
scott.carter@db.com
Daniel Caplan (Europe)
daniel.caplan@db.com
Harvey Twomey (Asia)
harvey.twomey@db.com
Anita Nemes
anita.nemes@db.com
Marlin Naidoo (Americas)
marlin.naidoo@db.com
Dinosaur Securities Edward Reid
ereid@dinogroup.com
Paul Becker
pbecker@dinogroup.com
Elliot Grossman
egrossman@dinogroup.com
(None)
Direct Access
Partners
Brian Stutman
bstutman@daptrading.com
Brian Stutman
bstutman@daptrading.com
Andrew Saunders
asaunders@daptrading.com
Fidelity
Investments
Thomas Tesauro
thomas.tesauro@fmr.com
James Coughlin
james.coughlin@fmr.com
James Coughlin
james.coughlin@fmr.com
Gar Wood
Securities
Robert Jersey
bjersey@garwoodsecurities.net
Craig Gantar
cgantar@garwoodsecurities.net
Robert Jersey
bjersey@garwoodsecurities.com
Global Prime
Partners
Julian Parker
julian@globalprimepartners.com
Kevin LoPrimo
k.loprimo@globalprimepartners.com
Julian Parker
julian@globalprimepartners.com
Kevin LoPrimo
k.loprimo@globalprimepartners.com
(None)
Goldman Sachs John Willian
john.willian@gs.com
Dean Backer (Global)
dean.backer@gs.com
Puneet Malhi (Europe)
puneet.malhi@gs.com
Shane Bolton (Asia)
shane.bolton@gs.com
Dean Backer (Global)
dean.backer@gs.com
Grace Financial Gerard Lennon
glennon@gracefg.com
Tim Walters
taw@gracefg.com
(None)
HSBC Paul Hamil
paul.hamil@hsbcib.com
Chris Barrow
chris.barrow@hsbcib.com
(None)
I.A. Englander
& Co.
Fred Scuteri
fscuteri@iaenglander.com
Brett Yarkon
byarkon@iaenglander.com
Brett Langbert
blangbert@iaenglander.com
(None)
Interactive Brokers (None) Emmet Peppers (New York)
epeppers@interactivebrokers.com
Mike Domka (Chicago)
mdomka@interactivebrokers.com
Brett Goldstein (San Francisco)
bgoldstein@interactivebrokers.com
Gerald Perez (Europe)
gperez@interactivebrokers.com
Weijian Wang (Asia)
wwang@interactivebrokers.com
Emmet Peppers
epeppers@interactivebrokers.com
J.P. Morgan Teresa Heitsenrether
teresa.heitsenrether@jpmorgan.com
Paul Brannnan (U.S.)
paul.brannan@jpmorgan.com
Alessandra Tocco
alessandra.tocco@jpmorgan.com
Jefferies & Co. Glen Dailey
gdailey@jefferies.com
Penn Miller-Jones
rpmj@jefferies.com
Robert Becker
rbecker@jefferies.com
Lazard Capital
Markets
David Sachs
david.sachs@lazardcap.com
David Sachs
david.sachs@lazardcap.com
Will Greco
will.greco@lazardcap.com
Maxim Group Seth Michaels
smichaels@maximgrp.com
Kristi Marvin
kmarvin@maximgrp.com
Kristi Marvin
kmarvin@maximgrp.com
M.S. Howells & Co. Katrina Santa Maria
ksm@mshowells.com
Kathy Maya
kmaya@mshowells.com
(None)
ALERT
PRIME BROKERS
Continued From Page 11
Continued on Page 13

Morgan Stanley Alex Ehrlich
alex.ehrlich@morganstanley.com
Ed Keller (Americas)
ed.keller@morganstanley.com
Warren Holmes (Europe)
warren.holmes@morganstanley.com
Mehdee Reza (Asia)
mehdee.reza@morganstanley.com
Darren Levy (Americas)
darren.levy@morganstanley.com
Will Smith (Europe)
william.j.smith@morganstanley.com
Hugh Abdullah (Asia)
hugh.abdullah@morganstanley.com
Newedge Jonathan Gane
jonathan.gane@newedge.com
Marc Lorin
marc.lorin@newedge.com
Duncan Crawford
duncan.crawford@newedge.com
Nomura Chris Antonelli (Tokyo)
christopher.antonelli@nomura.com
Jeff Zorek (London)
jeff.zorek@nomura.com
George Remnick (U.S.)
george.remnick@nomura.com
Aditi Velakacharla
aditi.velakacharla@nomura.com
RBS Jeffrey Howard
jeffrey.howard@rbs.com
(None) (None)
Saxis Group Sohail Khalid
sohail@saxisgroup.com
Sohail Khalid
sohail@saxisgroup.com
Robert Schatzman
robert.schatzman@saxisgroup.com
Greg Holmes
gregory.holmes@saxisgroup.com
Roland Morris
roland.morris@saxisgroup.com
Scotia Capital Patrick Blessing
patrick.blessing@scotiabank.com
John Stracquadanio
john.stracquadanio@scotiabank.com
Kripa Kapadia (Canada)
kripa.kapadia@scotiabank.com
Mark Schilling (Europe)
mark.schilling@scotiabank.com
Al D’Onofrio (U.S.)
alfredo.donofrio@scotiabank.com
Kripa Kapadia (North Amer.)
kripa.kapadia@scotiabank.com
Jesse Mosebye (Europe)
jesse.mosebye@scotiabank.com
TD Bank Lionel deMercado
lionel.demercado@tdsecurities.com
Steve Banquier
steve.banquier@tdsecurities.com
Peter Boffo
peter.boffo@tdsecurities.com
Victoria Juretic
vicki.juretic@tdsecurities.com
(None)
TradeStation Prime
Services
Rob Sackett
rsackett@tradestation.com
Bob Marietta
bmarietta@tradestation.com
Bob Marietta
bmarietta@tradestation.com
Triad Securities Kevin Schultz
kschultz@triadsecurities.com
Brett Markowitz (U.S.)
bmarkowitz@triadsecurities.com
Jason Tobias (non-U.S.)
jtobias@triadsecurities.com
(None)
UBS Reinhardt Olsen
reinhardt.olsen@ubs.com
Chris Hagstrom
chris.hagstrom@ubs.com
Mike Sales (London)
mike.sales@ubs.com
Wells Fargo Tim Mullins
tim.mullins@wellsfargo.com
Walter Dolhare
walter.dolhare@wellsfargo.com
(None) (None)
ALERT
PRIME BROKERS
Continued From Page 12
Takeover ... From Page 1
on May 8.)
There’s also been talk that HedgeServ, which has $55 billion
under administration, is in play. But the firm insisted in a pre-
pared statement that it intends to remain an independent ser-
vice provider. “We have been winning business at the expense
of many of our competitors. Our competitors have responded
by spreading the rumor that we are about to be purchased.”
Butterfield Fulcrum formed in 2008 via the merger of But-
terfield Fund Services and Fulcrum Group. In 2011, executives
Glenn Henderson and Tim Calveley purchased the firm with
backing from BV. Henderson, the firm’s chief executive, over-
sees a staff of 350. 
Unless your company holds a multi-user license, it is a violation of
U.S. copyright law to photocopy or reproduce any part of this
publication, or forward it electronically, without first obtaining
permission from Hedge Fund Alert. For details about licenses,
contact JoAnn Tassie at 201-234-3980 or jtassie@hspnews.com.

Placement Agent Seeks Advisory Role
Placement agent Protocol Capital has begun offering an
advisory service aimed at helping fund operators sharpen their
marketing efforts.
The New York firm has tapped former Cantor Fitzgerald
senior vice president Melissa Greenberg to spearhead the new
business, which it is pitching to hedge fund managers that don’t
yet want to employ outside marketers. Greenberg, who arrived
in March, will help managers develop pitchbooks and coach
them on making investor presentations, with an eye toward
attracting the attention of institutional investors. She’ll also
advise firms on how to shape and maintain their “brands.” Cli-
ents will be charged an hourly fee, depending on the extent of
the consultation.
Even as it gets the new business off the ground, Protocol will
continue to seek placement-agent assignments. The firm cur-
rently has contracts to raise capital for five funds.
Protocol was founded in 2009 by Alan Glatt, who previously
held executive roles at Alpha Equity and Mariner Investment. In
January, former Alphabet Management marketer David Rhudy
joined Glatt as a partner. 
ALERT
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LATEST LAUNCHES
LATEST LAUNCHES
Fund
Portfolio managers,
Management company Strategy Service providers Launch
Equity at
Launch
(Mil.)
Caerus Global Select Strategic Fund
Domicile: U.S. and Cayman Islands
See Page 4
Ward Davis and Brian Agnew
Caerus Global Investors,
New York
212-488-5510
Equity: long/short Prime broker: Goldman Sachs
Law firm: Seward & Kissel
Auditor: Rothstein Kass
Administrator: SS&C GlobeOp
2Q
Knighthead Special Situations Real
Estate Fund
Domicile: U.S.
See Page 3
Ara Cohen, Thomas Wagner
and Jonathan Daniel
Knighthead Capital,
New York
212-356-2900
Debt: real estate
loans
Law firm: Jones Day
Auditor: Ernst & Young
Administrator: Northern Trust
2Q
To view all past Latest Launches entries, visit The Subscribers section of HFAlert.com

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ALERT
debt capital markets chief Hope Pas-
cucci. Fore Research, led by founder
Matthew Li, takes an event-driven
approach to investing across a range of
credit products.
Citigroup’s prime-brokerage unit has
hired Michael Meade to head sales and
capital-introduction functions on the
West Coast. Meade is set to arrive in the
bank’s San Francisco office in the next
few weeks. He previously worked at
Morgan Stanley, where he logged seven
years in prime-brokerage sales — most
recently as head of business develop-
ment in the Western U.S. At Citi, Meade
reports to global prime-brokerage sales
chief Alan Pace and David Murphy, who
heads sales in North America and South
America.
A managing director has signed on with
recruiting firm Robin Judson Partners.
Erica Kim joined the New York operation
last week from an in-house recruiting
position at $6.7 billion fund-of-funds
operator Arden Asset Management. Her
resume also includes eight years at Och-
Ziff Capital, where she recruited all types
of personnel, and three years at equity
manager Colden Capital.
Shumway Capital, the family office
of former hedge fund manager Chris
Shumway, has added an analyst to its
staff. Matt Bruch joined the Greenwich,
Conn., firm from Hawkeye Capital. That
New York firm, which invests in equity
and debt, was running $819 million of
net assets as of Dec. 31, according to a
filing with the SEC.
An analyst is leaving York Capital to
join Green Arrow Capital, a Millennium
Management unit in New York that
invests across a range of sectors. Erica
Furfaro will start at Green Arrow this
month. She’ll work for Rob Bovo, who
runs a portfolio of technology, media
and telecommunications stocks.
SAC Capital has added a healthcare-
company analyst to its staff. Stephen
Liou arrived at the Stamford, Conn.,
firm in March from New York venture
capital shop WFD Venture, where he
worked on deals and raised capital as
a senior associate. Earlier, Liou evalu-
ated real estate investments at Periousia
Realty and spent time as a mergers-and-
acquisitions analyst at J.P. Morgan.
Research firm Novus Partners has hired
a senior associate. Joseph Peters started
at the New York firm in April. He
previously analyzed long/short equity
managers for a diversified fund-of-
funds portfolio at PineBridge Invest-
ments. New York-based Novus is led by
Ivy Asset Management alumni Stanley
Altshuller and Basil Qunibi.
Estimize, a startup that compiles
buyside analysts’ estimates of corporate
earnings, has hired a marketing execu-
tive to increase the number of hedge
fund professionals who contribute
their predictions to the firm. Amanda
Mazzella joined the New York opera-
tion last week as a senior vice president.
She previously worked as an associate
director in the institutional sales area of
Paris brokerage firm Newedge Group.

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HF Alert 5.1.13

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