Two asset management veterans have announced plans to start hedge funds with at least $500 million of assets, and six other new funds are expected to raise more than $250 million each, according to brokers who provide credit and lend securities to managers.
Arvind Raghunathan, the former head of Deutsche Bank AG's global arbitrage business, is to open his hedge fund firm next month with more than $1 billion. Roc Capital Management LP's assets are to include $500 million in a separate account from Deutsche Bank, people familiar with the New York firm said Tuesday. It is the largest hedge fund start-up this year.
Tony Chedraoui, a former portfolio manager at Deephaven Capital Management, plans an October start for Tyrus Capital LLP in London with at least $500 million, according to two people familiar with the matter. Chedraoui managed about $1.5 billion at Deephaven, including its $500 million European event fund, the only fund Deephaven did not sell to the St. Francis, Wis., hedge fund firm Stark & Roth Inc. in January when it closed.
