I give this new hedge fund my highest recommendation.Remember Old Lane Partners? You know, that hedge fund that Citigroup had to buy to get its hands on CEO of the Century Vikram Pandit?
Well, if you missed out on the chance to lose your shirt on it during its all-too-short two years of (mis)managing money, don’t despair. You may yet have another chance.
Guru Ramakrishnan–the last CEO of the doomed hedge fund–and five other former Old Laners are back, sans Vikram, of course. And despite the Old Lane’s disastrous run, they’ve managed to raise more than $200 million from outside investors eager to see if Old Lane Part Deux (officially called Meru Capital) can match Old Lane’s intoxicating mix of hubris, incompetence and extraordinary enrichment of its managers.
Meru began trading yesterday, and, at $300 million, is the largest hedge fund launch of the year, or close to it. Perhaps wisely, Meru’s six founding partners have chosen not to do business with their former employer, hiring Credit Suisse and Morgan Stanley to serve as prime brokers. That’s the same Morgan Stanley that Ramakrishnan and the three other Old Lane founding partners left four years ago, following a peeved Pandit out the door and down the yellow-brick road to Old Lane and then, to Citi.
Those hoping to relive those good times–Old Lane’s promising first days raising billions it would later lose, the disappointing-but-not-disastrous early returns, followed by its complete collapse under the aegis of Citigroup (and under Ramakrishnan’s watch)–might yet be disappointed. You see, the old Old Laners say they’ve learned their lesson and have come up with the perfect blend of diversification, liquidity and quick-fire trading strategy.
You can’t lose. This time. Maybe.
Hedge-Fund Veterans Start New Fund [WSJ]
Did Old Lane actually lose money? I thought they charged 2-20 to almost beat the six month bill.
Vikram Pandit raped and murdered a young curry in 1992.
to 2: that’s libel, cracker.
to 2: that’s libel, cracker. (Yes, you’re the cracker.)
to 2: that’s libel, cracker. (Yes, you’re the cracker.) (Yes, you number 2.)
Libel needs to merge with 2 in order for Pandit to survive.
I’m seeing a pattern. Vik Pandit, Raj Raj, Danny Pang.
I shit 300mm hedge funds.
SAC
this is quality stuff Shazbot, you’re sh*tting all the f*ck over that no-talent hack Greg today, keep it up we’ll have a shiza film by close
agree w @9 – this part here is money
And despite the Old Lane’s disastrous run, they’ve managed to raise more than $200 million from outside investors eager to see if Old Lane Part Deux (officially called Meru Capital) can match Old Lane’s intoxicating mix of hubris, incompetence and extraordinary enrichment of its managers.
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tgfd- examine your, oh nevermind…
@11/TGFD What are you implying?
@11-TGFD – Dude, the English aren’t a race. It’s a nationality.
@14, But Indians are.
@11, The KKK called and want their racism back.
@15
admit it you’re really cap intro bitch
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@16
You talk tough for someone named after the jizz from the anonymous crackhead your mother wished had slipped completely back out her gina.
@11/17 – I knew you wouldn’t get it.
-14
TGFD
Seriously check your ignorant racism (and whatever other -isms) at the door.
TGFD
I get it