Jabre Capital Partners SA | Philippe Jabre | Hedge Fund Notes

Jabre Capital Partners SA

Jabre Capital Partners SA | Philippe Jabre

The following piece on Jabre Capital Partners SA is being published as part of our Hedge Fund Tracker Tool, our daily effort to track hedge funds in the industry.

Resource #1: Swiss hedge fund manager Jabre Capital has appointed Citigroup as a fourth prime broker and custodian in the latest sign of universal banks encroaching on the territory of the former broker dealers.

Jabre Capital said in a statement to the Irish stock exchange, where its fund is listed as an open-ended vehicle, that "the appointment of Citigroup will be in addition to the existing prime brokers and custodians, namely UBS, Morgan Stanley and Merrill Lynch".

The Geneva-based manager is well-regarded in the hedge fund industry and a good name for Citigroup to have as a client, according to an investment consultant: "Philippe Jabre is legendary in the hedge fund industry." Source

Resource #2: Another hedge fund is laying off staff: With the horrendous state of the convertible bond market, Philippe Jabre's Jabre Capital has cut nine employees in Geneva and shuttered its Singapore office:

The hedge fund firm is offering the six employees in Singapore jobs if they relocate, said the people, who declined to be identified because the company is closely held. Jabre left GLG Partners Inc. during a Financial Services Authority probe and raised almost $3 billion to start his own firm last year, hiring as many as 65 people, for Europe's largest hedge fund start-up of 2007.

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