Soros Helping to Turn Back Tide of Hedge-Fund Outflows in Europe
- Former Highbridge, BlueCrest money managers start funds
- Soros, Paloma Partners among backers of European managers
George Soros.
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As hedge funds hemorrhage cash at the fastest pace since the financial crisis, a new crop of money managers is starting to buck the trend in Europe with backing from some of the industry’s biggest names, including George Soros and Donald Sussman at Paloma Partners LLC.
The new funds are being started by traders who have built reputations at some of the best-known investment firms. Former BlueBay Asset Management managers Neil Phillips and Jonathan Fayman have raised almost $2 billion including money from Soros, according to people familiar with the matter. Former Highbridge Capital Management’s John Aylward, 37, has received about $300 million from Paloma to start a credit fund.