DE Shaw Group | David Shaw | Hedge Fund Notes

DE Shaw Group

DE Shaw Group | Hedge Fund Notes


The following piece on D.E. Shaw Group is being published as part of our daily effort to track hedge funds in the industry. To review other hedge fund research notes please see our Hedge Fund Tracker Tool.
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Resource #1 (2.2.09) D.E. Shaw plans to appoint independent administrators to carry out third-party checks on the existence of its investments, The Financial Times said.

The move by one of the largest U.S. hedge funds comes as Bernard L. Madoff’s alleged $50 billion Ponzi scheme has raised questions about hedge funds’ internal controls.

Some hedge funds that placed money with Mr. Madoff have seen their investments wiped out, causing general concern among hedge fund investors. source

Resource #2: (11.26.08) In 2006, Lawrence Summers resigned as president of Harvard University and took a position as a part-time managing director with D.E. Shaw Group, a New York hedge fund with a reputation as one of the most secretive trading outfits in the world.

D.E. Shaw is known for using sophisticated computer-based quantitative strategies to make money on fleeting movements in the stock and bond markets. The fund has been a top performer, returning 15% to 20% a year over the long term, and in two decades has grown into a global powerhouse. But like many funds, it has taken hits in the credit crisis.

During his time at D.E. Shaw, Mr. Summers came into its midtown Manhattan office once a week, usually Wednesdays. He consulted with its executive committee and gave advice about his views on macroeconomic trends. He didn't make specific investment decisions or meet with clients, according to a person familiar with the firm.

Mr. Summers declined to comment for this article.

The hedge fund was founded in a small office over a communist bookstore in New York's Greenwich Village in 1988, with $28 million of seed capital. Today, it manages roughly $36 billion and has offices in the U.S., Europe and Asia, employing about 1,600 people. Source

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