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Derivatives

Pandit's Fund Biz Nears Launch

The private equity and hedge fund business led by ex- Morgan Stanley bigwigs is readying for an April launch.

The private equity and hedge fund business led by ex- Morgan Stanley bigwigs Vikram Pandit, John Havens and Guru Ramakrishnan is readying for an April launch. Two other senior Morgan staffers, George James, global head of derivatives and government bonds, and Sutesh Sharma, global head of equity proprietary trading, are also joining the group, dubbed Old Lane Mangement. Sharma, who will reportedly be heading the European business, declined comment when reached on his cell phone. The operation will have offices in New York, London, Philadelphia and India, according to an official close to the launch. It will initially consist of an Indian-focused private equity fund and a multi-strategy hedge fund. The reason for the title and likely launch size could not be determined. It is also unclear whether Morgan Stanley itself will be providing seed capital to the group. All together, 10-15 people are said to be on board, with more hires on the way.

As first reported by DW sister publication Alternative Investment News in the fall, the fund has been on the cards since Pandit, Havens and Ramakrishnan quit Morgan Stanley last spring.

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