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Top 2009 Hedge Fund Firm Spin-Offs and Fund of Funds Launched with $14.4 billion

HedgeTracker’s Top Hedge Fund Firm Launches list profiled the industry’s largest independent hedge fund startups in 2009. Some other newly launched firms, such as those spun-off from other major hedge fund firms and a large fund of fund managers, were excluded from the list. Combined, the four major hedged fund firm launches featured in today's article were launched with $14,400 million in aum.

The largest overall hedge fund firm launch of 2009 was C12 Capital Management, launching with over $13 billion in assets under management. The firm was spun-off from Barclays with a team of 45 bankers to manage Barclays' toxic assets. The firm is run by former Barclays Capital veterans Stephen King and Michael Keeley. and manages the Protium Finance LP hedge fund, which has launched with $12.6 billion in assets from Barclays and $450 million from C12 Capital's partners.

The second largest hedge fund launch that did not make the top list is Orchard Capital, which launched with $1.5 billion. The firm was founded in 2009 by Teall Edds and Stu Wilson in a spin-off from parent company Stark Investments. Stark Investments contributed $1 billion of the firm's initial capital, while new investors provided the rest.

The next hedge fund manager on the list is Lucidus Capital Partners, which successfully raised $500 million. The firm was co-founded by Darryl Green and Geoffrey Sherry, current CEO of Caxton Europe Asset Management and portfolio manager for Caxton Associates LLC, respectively. Bruce Kovner's Caxton Associates LLC retains a 25% interest in Lucidus Capital, with the remainder being owned by Green, Sherry, and other Lucidus employees.

Frey Quantitative Strategy is the last featured hedge fund having launched with $350 million in assets under management. The hedge fund of funds manager was founded by Executive Manager Roger Frey, a former managing director at Renaissance Technologies Corporation. While at Renaissance, he helped develop the high frequency trading Renaissance Nova hedge fund. Since retiring, he has been a research professor of Quantitative Finance at Stony Brook University. The firm's flagship Multi-Strategy hedge fund uses a proprietary computer-driven trading model to invest in a portfolio of hedge funds.

To view HedgeTracker’s complete list of 2009 hedge fund firm launches, please click here.

Disclosure: No Positions