The departure of Randy White from David Ganek’s Level Global Investors had insiders buzzing this morning with wishful thoughts that this art lovin ex-SAC super trader’s fund is in trouble. Not so!
Dealbreaker caught up with the firm and learned team Ganek (which runs a long/short equity fund) is actually thriving. After only ending 2008 down 6 percent Level Global is now cruising in positive territory up 8 percent ytd. And their AUM which was $2.3 billion in beginning of 2008 is now $4bn.
According to the firm, Randy White, who was actually their long time investor relations money raising guy, left happily on his own accord at the end of last year.
And for any job seekers, Level Global is actually hiring. They just picked up Pequot’s star analyst Chris Adams and claim to have 60 people in the firm now. They even chucked their Park Ave address (Lever House) to move to bigger digs on on 888 Seventh Ave in anticipation of making room for your ass.
so ‘insiders’ are buzzing over a departure from 9 months ago? Teri makes Greg look like a DB superstar.
@1 people were talking about it specifically this morning, and also about ganek being in trouble, today.
stop shilling for these guys, teri.
also it’s “only down,” not “only ending”
@2 still strange given Level aren’t having performance or asset issues at all. So who would be talking about it?
Robert Mugabe has feelings too, you know!
Who wants to tickle my fundus?
CG
I saw on Albourne Villiage this morning that they’d lost their risk manager Randy White and thought that was werid. Ganek fund has been quite for a while. That’s cool we now know he’s making money again. Will the art world breath a sigh of relief?
I have to wonder how his personal returns on that art collection are. Wasn’t he tagged as inflating prices on Richard Prince art and then flipping them.
http://www.portfolio.com/culture-lifestyle/2009/04/22/Richard-Prince-Art-Controversy/
@8 Good point. What is Ganek’s relationship to Richard Prince? Didn’t he make sure the Guggenheim did a 07 show on him to get the word out that some fools in the art word thought his work was worth something.
Ah, I see the user question on Albourne now. That is the ‘insiders buzzing’ source? sorry, but that’s poooooooor
Any one know what Ganek’s fees are? I thought it was 2/25.
It’s interesting that he grew his assets this year. If he wasn’t down by much in 08 how did investors not treat his fund like a cash register?
Maybe he’s learned his job is to not take huge risk with investors money and actually hedge his risk. A novel idea.
Pete
A fund almost doubles its AUM in a year – that’s interesting news. Speaking up for those in the job market- we appreciate DB brining us an inside line on who is hiring. Nice reporting – I haven’t seen any returns on Ganek for a year. That fund is always so quite about it.
JT
JT, your comment is as bad as this post.
-Not JT (thankfully)
i call bullshit
Any one know what stocks Ganek is making money on? He was known as a top tech trader at SAC right?
I wonder if he has a lockup on his investors. Hey maybe Stevie gave him some more money since he didn’t loose it in the first place – like the rest of his traders last year.
old old news….and randy white was not a risk manager but a marketing person. ganek himself is a bit of a nut, and not a nice guy (similar to everyone else running a hedge fund)but he’s a good risk taker
@16 this story points out the fact that White wasn’t a risk manager and tries to clarify the rumors on twitter and AV this am.
The YTD returns are clearly new news which is the guts of the story to me.
Nice to see someone can get Ganek to talk about his performance. Good Reporting DB.
Being up 10% in the first quarter and up 5% at year end… Nice job in this market NOT!
Ganek is smartly quiet about his picks and fund performance learned from the master at SAC for a reason; others would jump on the bandwagon…as far as nice guy or not..who cares as long as he makes them money….fyi: a bit arrogant but alway nice from what I hear!
does he go to ruin now ? I would like to know. MERCI