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Brencourt, Blackstone, Silverfern Expands, Emma Sugarman

Brencourt To Run Central Park Group Fund Of Funds (FINAlternatives)

Fund of hedge funds Central Park Group is getting some help to run its event-driven fund. The New York-based firm has named Brencourt Advisors the sub-adviser to the Multi-Event Fund, it said in a statement. Brencourt founder William Collins will handle fund management duties. The two sides have set up a joint-venture, Central Park Multi-Event Management. “Brencourt brings specialized expertise in event investing to the Central Park Group Multi-Event Fund,” Central Park co-CEO Greg Brousseau said. “We are impressed with Brencourt’s 10-year record of attractive returns, their approach to the asset class and their research, trading and risk-management capabilities.”

The Blackstone Group L.P. (NYSE:BX)

State Street’s Global Markets Chief David Puth Leaves, Mike Rogers Takes Over (Reuters)

The senior executive at State Street Corp who oversaw its securities lending business, which has weathered employee defections and a regulatory investigation, has left the company, the Boston-based custody bank confirmed on Wednesday. David Puth decided to leave State Street after running its global markets business for three years, company spokeswoman Carolyn Cichon said. Puth is pursuing other opportunities in the financial services industry, Cichon said. Mike Rogers, executive vice president and head of global services Americas, will assume leadership of the global markets business in addition to his current responsibilities. Rogers is a 30-year industry veteran who led Investor Financial’s capital markets businesses before it was acquired by State Street in 2007.

BNY Mellon to Provide Custody Services for Oddo AM New Hedge Fund (AssetManagement)

BNY Mellon has been appointed by Oddo Asset Management (Oddo AM) to provide fund administration and custody services for its new hedge fund, Orsay Merger Arbitrage. Oddo AM has launched the merger arbitrage fund in June 2011 with EUR100m seed capital, following its acquisition of Banque D’Orsay in October 2010. Oddo AM COO Pierre Baudard said Orsay Merger Arbitrage is the flagship product of their new alternatives business and BNY Mellon’s combined expertise in fund administration and custody will be a huge benefit to Oddo as they expand their hedge fund presence. BNY Mellon Alternative Investment Services global head of sales Marina Lewin said BNY Mellon looks forward to working with Oddo Asset Management and providing them with a superior level of service. They will work closely with them to support their requirements as the business grows. Oddo AM is the asset management branch of French financial services group Oddo & Cie.

Silverfern Group Expands Investment Team, Hires Stephen Greene (MarketWatch)

The Silverfern Group, Inc. announced today that it has continued the expansion of its senior principal investment team with the addition of Stephen Greene to lead Silverfern’s Healthcare merchant banking business. Steve brings over 25 years of Investment and Merchant Banking experience to the Silverfern team. He has advised public and private companies, private equity firms, hedge funds and other major constituencies in Mergers & Acquisitions (both friendly and hostile), financial restructurings and capital raisings. Over his career, Steve has played a substantial role in closing more than 100 transactions totaling more than $25 billion in aggregate value.

Blackstone Completes Emdeon Buy (Businessweek)

Healthcare payment technology company Emdeon Inc. said Wednesday that The Blackstone Group completed a deal to take the company private. Under terms of the deal announced in August, Emdeon stockholders will receive $19 in cash per share. The stock has ceased trading on the New York Stock Exchange. Shareholder Hellman & Friedman will keep a “significant minority” interest in the company. According to a Securities and Exchange filing last month, Emdeon had about 115.8 million shares outstanding, which would imply the deal is worth $2.2 billion. Emdeon and Blackstone value the deal at about $3 billion.

Govt Witness Spared Jail in Goffer Case (FINAlternatives)

Cooperating with prosecutors in the Galleon Group insider-trading case has paid big dividends for David Plate. The former Schottenfeld Group trader was sentenced three years’ probation and six months’ house arrest for his role in the largest insider-trading case in history. Plate pleaded guilty to trading on confidential information about Axcan Pharma, and had faced up to 25 years in prison. Plate worked with former Galleon trader Zvi Goffer, Goffer’s brother Emmanuel and Michael Kimelman at Goffer’s hedge fund, Incremental Capital. He testified at his former co-workers’ trial earlier this year, explaining to the jury that Goffer told members of his insider-trading ring to use pre-paid cellular phones when passing and discussing confidential tips. “Your cooperation was substantial and you were a very important witness at the trial,” U.S. District Judge Richard Sullivan said. “There is a need to send a message to would-be cooperators that their assistance will be considered,” the judge added. “Mr. Plate earned a break.”

BNP’s Sugarman Sees More Hedge Funds Shuttering In ’11 (FINAlternatives)
BNP Paribas’ U.S. capital introductions chief sees a continuing change of the guard in the hedge fund industry this year. Emma Sugarman told Bloomberg TV that “undoubtedly we are going to see more hedge fund closures this year.” Sugarman specified that it might be well-established names at larger hedge funds leading that charge. “I think we started to see it earlier in the year with big, blue-chip names—people like Stan Druckenmiller at Duquesne and Bruce Kovner stepping back from Caxton,” she said. “It’s not as much fun working in the hedge fund market anymore.”

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