Daniel Posner, who ran the distressed securities group at DE Shaw, is leaving the fund to start his own hedge fund, says HFMWeek.
Top performers are frequently spinning off from hedge funds to start their own shops, but of course news that one of Shaw’s top guys is leaving soon after the firm cut employees makes his departure more interesting.
When top talent leaves a hedge fund, he or she usually takes a number of clients with them.
Posner’s new fund will specialize in “troubled companies,” says HFMWeek.
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