Hedge funds from former Lehman managers buying up assets

June 19th, 2008
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Former Lehman Brothers trader Rick Rieder started his new hedge fund R3 Capital Partners. Lehman Brothers has invested in the fund as well as sold it about $5 billion in assets, 75 percent of which were corporate bonds and loans. R3 also bought about $100 million of Lehman's "Level 3 assets" which are mostly leveraged loans and mortgage backed securities. Before starting R3, Rieder headed the global principal strategies group, investing in credit arbitrage, aviation finance and private equity portion of Lehman. Another Lehman executive David Sherr also set up his own hedge fund One William Street Capital Management, and has bough assets from Lehman.


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