US - Financial solutions provider XL Capital in Bermuda is acquiring a minority stake in FrontPoint Partners, a US-based alternative investments firm founded by former seniors at Tiger Management and Soros Fund Management.
In addition to the undisclosed equity shareholding, XL will commit $500m in FrontPoint Partners investment products over time. XL will also receive three seats on the board of FrontPoint.
Brian O'Hara, XL’s president and chief executive officer, said: We believe FrontPoint has developed a new approach to alternative asset management that will provide us with a range of opportunities to further diversify our financial products and services business.
XL's executive vice president and chief information officer, Christopher Greetham, added that the firm would continue to seek opportunities to acquire shareholdings across different sectors.
FrontPoint was founded last year by Philip Duff, the former chief operating officer at hedge fund Tiger Management and a former chief financial officer of Morgan Stanley; Gil Caffray, former head trader at Tiger Management and the former global trading MD at Weiss International Management, and Paul Ghaffari, former portfolio manager at Soros Fund Management and MD at Morgan Stanley Asset Management.
By Janet Du Chenne
PP has analysed the accounts of the biggest pension consulting firms and recorded the turnover (revenue) in their most recent accounts. The full leaderboard is below…
UK defined benefit (DB) schemes have increasingly undertaken benefit reviews over the last four years resulting in an acceleration of scheme closures, Aon research finds.
Contributions are no longer sufficient to meet regular payments for three-quarters of small- to medium- sized defined benefit (DB) schemes, Buck analysis finds.