London Diversified Fund Management | David Gordon | Hedge Fund Notes

London Diversified Fund Management

London Fund Management

See below for the Hedge Fund Tracker Profile for London Diversified Fund Management:

Resource #1: THREE directors of a discreet hedge fund have banked one of the biggest one-off payments made by a British company. The trio, who own London Diversified Fund Management, have shared in a £55m payout.

According to accounts filed at Companies House for the year to August 2003, the company had only been in existence for 14 months. The three — Rob Standing, Mark Corbett and David Gorton — are all former fixed-income and foreign-exchange traders at JP Morgan.

Corbett said: “We are just a humble hedge fund that had a good run. We are a very prosaic, mundane business.” He would not be drawn on how the profit was distributed to members. He said: “I will have to leave that to your imagination.”
The payouts to strongly performing hedge funds dwarf the salary and bonuses earned by executives running Britain’s public companies. They are forced to reveal full details of their remuneration in companies’ annual reports at this time of year. source

Resource #2: Hedge funds have been hit by a fresh wave of withdrawals as investors search for cash, prompting more funds to impose emergency measures to block repayments.

London Diversified Fund Management, one of Britain’s best-known fixed- income managers, on Friday suspended both its hedge funds as trading conditions in the derivatives markets created valuation difficulties ahead of redemptions.

LDFM, founded by former JPMorgan bankers David Gorton and Rob Standing, manages close to $3bn (£1.9bn), down from a peak of $8bn after its main fund fell 23 per cent this year and investors pulled out. LDFM is joining a roster of hundreds of hedge funds in restricting withdrawals, with investors and prime brokers estimating as many as a fifth have suspended or limited what investors can get back as they have their worst year on record. source

Resource #3: As hundreds of hedge funds put up defences to stop investors pulling out their money, some are betting that they will be better off in the long term if they let clients leave.

Well-known hedge funds including New York's Cantillon Capital and London's Marshall Wace and Winton Capital are making a virtue out of losing customers and their fat fees in the hope that allowing withdrawals will make them more attractive in future.
However, the approach is leading to hefty losses of assets and surprising some in the industry, who argue that restrictions on redemptions are now so common that they carry no stigma. source

Resource #4: A London-based hedge fund manager is weathering the credit crunch - and has scooped a $90 million paycheck.

The anonymous City worker, who is one of the three managers at London Diversified Fund Management, drew the payment from the firm's pot of $150 million - for which just 24 people qualify.

London Diversified specialises in bond market investment, and was set up in 2002 by partner-managers Rob Standing, David Gorton and Mark Corbett.

The previous financial year, the top check drawn by a manager at the firm was worth just over $40 million. source

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