From Businessweek: ...The first idea that Tim Harrington, Brian Tomeo, and Spencer
Deering had for a business was to gather up brand-new hedge funds and nurture
them. They’d invite them to make use of their office in Miami Beach, where they
could get advice, legal help, expensive software, and eventually an
introduction to investors, with the three benefactors collecting a fee. The
second idea, the one the trio went with, was the exact opposite. They would
assemble the hedge funds and make them fight.
....A trial tournament in July proved that the mechanics of the
concept worked. It also demonstrated how difficult it was to win: Tomeo entered
and finished fifth out of six. For the next tournament, which they considered
their real debut, the three men secured $10 million in money to manage from a
capital provider in New York named Liquid Holdings Group. Winners would be
chosen in three divisions. The “elite” category was for managers who were
already running other people’s money. The winner here would run $5 million of
the prize capital. The “professional” division was for entrants risking any
amount of their own money. The winner would run $3 million. And the “launch”
division was for contestants trading only on paper. There would be two winners
in this division, each to be allocated $1 million....
Read all about it at http://www.businessweek.com/articles/2012-12-20/the-hedge-fund-hunger-games
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