NEW YORK (HedgeWorld.com)–One of the hedge fund firms in the FrontPoint Partners LLC multi-strategy group has cut ties there, following industry rumors of an impending breakup.
Ivory Investment Management LP announced that it has reached an agreement with FrontPoint to end a collaboration that began in mid-2003.
According to a press release, the firms agreed to a separation plan transferring services like accounting and marketing from FrontPoint to Ivory, which is taking over these functions for itself and expects no interruption in its operations.
Ivory, a Los Angeles-based long/short manager with a fundamental value approach to equity and debt markets, is led by Curtis Macnguyen. It recently opened a New York office, headed by Chris Fox. Ivory managed close to US$2 billion of assets according to a regulatory filing in February 2005.
The various managers affiliated with FrontPoint in combination managed US$6 billion as of late last year. The firm finds capital for new funds and performs back-office, risk control and other services, leaving the managers to focus on investing.