Alphatraxx departures as fund of funds launch is delayed

New fund-of-funds company plans to announce new hires as several partners contemplate returns to Wall Street firms.
Alphatraxx has announced that the launch date of its Asian fund of hedge funds is to be put back by three months.

The announcement coincides with news that four of the original partners have left the firm.

As entrepreneurs know in establishing an alternatives operation, in business you eat what you kill. That long process of setting up a cashflow positive venture reportedly put pressure on the finances of some of the partners.

COO Richard Norris, risk manager Michael Schulz, CIO Janice Chan and investment manager Sebastien Honniball have all resigned their Alphatraxx partnerships and are in the process of finding new positions.

Richard Norris is understood to be joining Lehman Brothers. Michael Schulz, the former head of Asian market risk management for Lehman Brothers, is finalising his future plans and an announcement should be made soon.

Janice Chan used to work at UBS. Both she and Sebastien Honniball are yet to determine where they are heading next.

Andrew Sinclair remains as CEO of Alphatraxx in Hong Kong and the firm says that it will announce new hires shortly.

ôThe Asian fund launch has been delayed by a quarter with investors fully aware and happy with progress to date,ö Sinclair says.

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