Yes, yes... Scandal is just around the corner, returns are down and portfolio allocations are slowing. Hedge funds may even be the root of all evil. But given the dismal state of banking these days, hedge funds are looking like a mighty good place to be for many of Wall Street's finest.

Top talent is making the move to alternative assest, with major jumps like GLG's pick up of former Goldman Sachs' top trader, Driss Ben-Brahim. GLG also snagged Karim Abdel-Motaal and Bart Turtelboom, former co-global emerging market chiefs for Morgan Stanley.

Happy headhunting...

-- MDT

Labels: GLG, hedge fund, hiring

Jabre Capital Partner's new JabCap Mangousta will be an "an open-ended long-short fund with a bias to mid-cap European companies" according to the Financial Times. The planned launch date is mid-December, with funds approaching three quarters of a billion dollars.

Managing the new Jabre venture will be the well pedigreed Renaud Saleur who Jabre recruited away from their mutual former firm, GLG Partners, one of Europe's largest hedge funds. At GLG Saleur Had managed a fund that shares the name Mangousta. Cheeky, no...?

Philipe Jabre, who was a star trader for GLG Partners, is perhaps most famous for receiving (and challenging) a record fine from the FSA in connection with a questionable 2003 bank bond deal.

It is safe to say, I think, that Jabre has landed on his feet. More on his road back from scandal via the tags below.

-- MDT

Labels: GLG, JabCap, Jabre Capital Partners, Jabre Financial Service, Philippe Jabre, Renaud Saleur

Judging by the search words that bring people to The Daily Caveat, big time hedge funder, Philippe Jabre is someone you'd like to hear more about. Information about the former star trader at GLG (and the target of one of the biggest financial investigations in European history).

Bloomberg has an update on the doings of Mr. Jabre since his dodging regulator bullets and setting up his new shop, Jabre Capital Partners - including actual quotes from teh man himself. If you're a bit behind on this particular tale, the same Bloomberg article also has a handy (and obligatory) overview of the scandal that was...

-- MDT

Labels: GLG, Jabre Capital Partners, Philippe Jabre

This time it is Mark Cecil, who worked with Mr Jabre for a decade at the firm where Jabre made his name (and briefly lost it too), GLG Partners. Cecil will be a partner with Jabre Capital and previously served as head of marketing for GLG.

-- MDT

Labels: GLG, Jabre Capital Partners, Mark Cecil, Philippe Jabre

I wish that there was more to tell about goings on with Philippe Jabre's new venture. Since returning from semi-exile and re-entering that asset management arena, the business community has been hungry for every detail of the former GLG star's next move. So here it is. Not earth shaking, but news nonetheless: Jabre Capital Partners has selected Sophis to provide the back-end architecture the firm's portfolio and investment management.

-- MDT

Labels: GLG, hedge fund, Jabre Capital Partners, Sophis

As Philippe Jabre celebrates the launch of his new venture, GLG Partners is still paying for the once and future star trader's purported misdealings. France's Autorité des Marchés Financier has fined GLG Partners $1.6 million in relation to a 2002 bond issue involving French telecom firm, Alcatel. This is the same issue that saw Philippe Jabre face a lifetime ban from Britain's Financial Services Authority for alleged indisder dealing. Deutsche Bank was also facing fines in relation to their role in the scandal, but was hit with a smaller than expected fine.

-- MDT

Labels: Acatel, Autorité des Marchés Financier, Deutsche Bank, GLG, Philippe Jabre

Check out Karen Brymer's article reviewing recent cases involving hedge funds over at Mondaq. You'll have to create a login to access the full article, but it will be well worth it for the Mondaq content. Especially interesting if you want to review the background on that FSA / GLG / Jabre spat that seems to be a running theme on the blog at the moment.

-- MDT

Labels: background checks, Financial Services Authority, GLG, Mondaq, Philippe Jabre

The non-compete from GLG is over. With his personal scandal is more or less behind him and Philippe Jabre is getting back on the horse. Jabre has opened Jabre Financial Services in Switzerland and is building up his initial staff with some notable friends and family, including former GLGers, James Saltissi and Daniel Horsely and former Morgan Stanley head of risk management (as well as brother in law), Philippe Riachi. $2.5 billion is the year one target for assets under management.

Jabre had previously opened a firm called Ballena Captial, which was a vehicle for managing his own substantial wealth. The launch of Jabre Financial Services marks his return to managing other peoples money.

-- MDT

Labels: Ballena Capital, FSA, GLG, hedge fund, Jabre Financial Service, Morgan Stanley, Philippw Jabre