One of this year’s most expected hedge fund launches can count
on another big time trader.
Jens-Peter Stein, cofounder of multi-billion hedge fund Stone
Milliner Asset Administration, is scheduling to make a compact investment
in Ben Melkman’s Light Sky Macro, a new New York-centered organization,
according to folks common with the problem.
Stein, a macro trader whose organization is centered in the British isles and
Switzerland, has been serving as a reference to investors for
Melkman, a single of the folks said. Stein previously labored at
macro supervisor Moore Money Administration, whose founder, Louis
Bacon, is also scheduling to devote in Melkman’s fund,
Organization Insider earlier reported.
Other outstanding Wall Streeters that approach to devote
consist of Dan Loeb, Philippe Laffont and Steve Cohen.
Melkman earlier was a associate at Brevan Howard Asset
Administration, a Europe-centered hedge fund titan that
has been dropping assets. Melkman’s fund launch, said to be
launching with at least $400 million, is envisioned to be a single of
this year’s major when it commences investing March one. The organization will
hire a macro investment technique.
The fund is advertising a charge structure that lowers charges as assets
increase. For instance, the fund’s administration charge commences at one.five% and
decreases to one.25% when assets attain $one billion, and then to one%
if assets hit $2 billion,
Organization Insider earlier reported. The fund will also
cost a functionality charge of 18% for each yr soon after the fund would make four%
internet, a person familiar with the make any difference said.
Total, these charges are reduce than the normal “2-and-20” charge
structure that some hedge money famously cost.
Light Sky Macro joins Brandon Haley’s Holocene Advisors,
which is focusing on $one billion when it launches following thirty day period, as
one of the biggest hedge fund launches this yr.
Melkman declined to remark.