Ex-Merrill exec’s hedge fund nipped in bud

Dow Kim, former head of trading and investment banking, has shelved plans to launch a hedge fund, says Bloomberg.
AUG 05, 2008
The former head of trading and investment banking at Merrill Lynch & Co. Inc. has shelved plans to launch a hedge fund, after investors backed out, according to Bloomberg. Dow Kim had been in discussions with institutions that had agreed to invest a combined $1 billion in his Diamond Lake Investment Group LP of New York. The evaporation of credit and declines in the stock market caused investors to change their minds, sources told Bloomberg. Mr. Kim had planned a multistrategy hedge fund that would trade equities, bonds and currencies. After joining New York-based Merrill in 1994, Mr. Kim was promoted to co-head of trading and investment banking in 2003. In 2006, he oversaw the $1.3 billion acquisition of First Franklin Financial that made Merrill one of the biggest underwriters of subprime mortgages. Mr. Kim declined to comment on the Bloomberg report.

Latest News

People moves: RBC taps Raymond James veteran for Texas complex
People moves: RBC taps Raymond James veteran for Texas complex

Meanwhile, DPL Financial Partners adds two annuity executives and Prime Capital Financial hires a Mid-Atlantic retirement plan consultant

Ex-LPL, special needs advisor pleads guilty in fraud case
Ex-LPL, special needs advisor pleads guilty in fraud case

Andrew Komarow pleaded guilty Thursday in federal court in Hartford to defrauding three financial services companies of close to $3.3 million.

Advisor moves: Raymond James lands $700M Truist team in Naples
Advisor moves: Raymond James lands $700M Truist team in Naples

Elsewhere, Cetera picks up a $210 million Connecticut team from MML, while Wells Fargo FiNet adds a San Diego family practice from LPL

Investor accuses Lasater Capital of hiding $100M in fund defaults
Investor accuses Lasater Capital of hiding $100M in fund defaults

Celebrity endorsements, $500M in claimed assets, and a state regulator stepping in.

American Express to make job cuts as AI revolution ramps up
American Express to make job cuts as AI revolution ramps up

“We needed to become a more agile and efficient organization,” said American Express CEO Stephen Squeri.

SPONSORED Built on insurance experience to deliver on long-term promises

Knighthead Life entered the market with a competitive MYGA. A strong launch earned advisor confidence and paved the way for FIAs.

SPONSORED In the Age of AI, Trust Becomes the Advisor's Greatest Asset

As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor