Lehman backs new investment house
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Lehman backs new investment house

Fund management

Lehman Brothers is taking a new step into fund management through its backing of start-up firm Edgeworth Capital.

Wesley Paul

Edgeworth, led by Wesley Paul, ex-global head of investments at JPMorgan Asset Management, will focus on hedge funds for institutions and high-net-worth individuals.

Lehman is majority owner of Edgeworth and believes it can exploit a gap in the market. Paul says consolidation in the industry, together with market volatility, makes it a good time to launch the business. He believes many people working for global firms want to move to small organizations.

Paul says that as traditional investment houses move into the alternative investment market, there will be more staff defections. "We will look to cherry-pick the best people from the best firms," he says. "They find it hard to keep people happy because they want equity in the business.

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