Financial Services Industry
Industry: Email Alert RSS FeedLESSONS LEARNED AT IVY, GSAM.(Ivy Asset Management Corp.)(Goldman Sachs Asset Management)
Pensions & Investments, January, 2007 by Williamson, Christine
Byline: Christine Williamson At least two hedge fund-of-funds managers have learned some lessons from the implosion of Amaranth Advisors LLC. Jericho, N.Y.-based Ivy Asset Management Corp., was exposed to Amaranth within some of its portfolios and expects redemptions of $800 million to $1 billion, said Sean Simon, co-president.
Ivy manages more than $15 billion in hedge funds-of-funds, mainly for institutional clients. Ivy has made changes to its investment process, such as shifts in front-line investment teams and a separation of risk management and operational due diligence from investment functions, Mr. Simon said. Ivy has been candid with clients and proactive in communicating with them regarding its Amaranth exposure and other events at the firm, he...
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