January 24, 2007

Unlikely Hedge Fund Managers

-- Pushpa Sathish, Staff Writer

It’s akin to law-enforcers setting up their own crime shops – with all the fuss that the U.S. Securities and Exchange Commission has been making recently about bringing hedge funds under their eagle eye, you’d expect that a former chairman would be the last person to float one of his own. But that’s exactly what’s happened – Richard Breeden, erstwhile chairman of the SEC, has crossed over and set up a $500 million hedge fund registered in the Cayman Islands.

Another surprise startup emerged from the shadows of the Clinton administration – news of former Secretary of State Madeleine Albright’s hedge fund raised more than an eyebrow or two. The Albright Capital Management fund, which will focus on emerging markets, has been built with $329 million from Dutch pension unit PGGM.

I’m curious - Will the former SEC chairman toe the line with current SEC rules relating to hedge funds, or, now that he’s on the other side, will he flout them?

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