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| Harold Ornberg
and his team lead a new breed of hedge
fund |
LAST YEAR BOUTIQUE hedge
fund Orn Capital created a European distressed-debt hedge fund, the
only one active that is purely dedicated to Europe. The fund is Orn
Capital's third, and fund of funds managers are singing its
praises. Other funds include its core merger arbitrage strategy and
a value event (long/short equity) fund.
Swede Harald Orneberg created Orn Capital in 1999. Since then,
the total size of assets under management has grown to $324.5
million. Orneberg, now aged 40, resigned as vice-president in
equity risk arbitrage at Salomon Smith Barney in London four years
ago and started Orn initially as an account manager on behalf of
hedge fund Paloma Partners.
By March 2000 Orneberg had created an $80 million offshore
merger arbitrage fund and it was run alongside the managed account
until the end of 2001. "I was...
