Sir Ronald Cohen, co-founder of Apax Partners, is backing the management buy-out of ABN Amroâ??s former hedge fund arm International Asset Management (IAM).
Morgan Stanley traders replace Coffey at GLG (Fund News)
GLG Partners has hired two senior traders from Morgan Stanley to replace Greg Coffey, the GLG fund manager whose surprise resignation prompted $2bn of redemptions from Londonâ??s second-biggest hedge fund group. GLG manages a total of $24bn.
The credit crunch has cut off a source of profits for private equity groups by shutting down the option to add new debt to companies they own for the purpose to pay themselves a dividend.