Dow Kim cancels launch of Diamond Lake
|August 6th, 2008||
|Dow Kim, the former head of trading and investment banking, left Merrill Lynch to start Diamond Lake, a multi-strategy hedge fund. The fund would receive significant backing from his former employer. Institutions had planned to invest about $1 billion with Diamond Lake; however investors changed their minds after the troubles in the market.|
Diamond Lake had hired 30 people based on the expected financial backing including David Milch the former head of prime-brokerage services at Merrill Lynch, Karl Wachter the former general counsel at Amaranth Advisors LLC, as general counsel; and Bernd Wuebben, the former head of fixed income trading strategies at Bear Stearns. Mr. Kim currently has no plans to start another fund.
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