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Hedge Fund Veterans Team Up In New Business
Harriet Davies
23 February 2010
In a tie-up between two big names in the hedge fund industry, the founder of systematic computer trading, Larry Hite is to return from retirement to partner with International Standard Asset Management, the company co-founded by Larry Fink, ex-CEO of Man Group, the Financial Times reports. The strategic partnership between Hite Capital management, the hedge fund run by Mr Hite, and ISAM will see the launch of a new fund, ISAM Systematic, in April this year, the publication reports, citing unnamed sources familiar with the matter. The fund will be run by Mr Hite, who will become a director and shareholder at ISAM under the agreement, and is expected to raise up to $6 billion, the report says. Man acquired half of Mr Hite’s first hedge fund Mint Investment Management in 1983, and the business, under the name AHL, grew under Mr Fink’s leadership to have assets under management of over $21 billion by 2007, the report says.