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                                                                  Still No Letup in Zwirn’s Staffing Shuffle
                                                     More staffers are moving through D.B. Zwirn’s employee                     at Paloma Partners, where Wilk reported to him.
                                                 turnstile, with at least four executives departing in the last two                  Gintas Karpavicius, formerly of the real estate group at
                                                 months and 62 new hires arriving so far this year.                             Harbert Management, has replaced Benkirane in Zwirn’s real
                                                     The moves compound turnover that has been taking place                     estate unit. Within the past five weeks, Zwirn has also hired:
                                                 following the New York multi-strategy                                               Steve Greenwood, Brad Flood and Qi Li in various controller
                                                 shop’s discovery late last year that it had                                                                            positions.
                                                 made a slew of accounting errors. They                                                                                 Ty Oyer as a compliance officer.
                                                 also come after the awarding of annual                                                                                Blaine Hurty and Kate Leonard in
                                                 bonuses.                                                                                                              investor-relations roles.
                                                     But the turbulence apparently hasn’t                     MAY 23, 2007
                                                                                                                                                                       Margaret Chu, who invests in struc-
                                                                                                                    Departures Take
                                                 affected the outfit’s fund-raising abili-                     3 Event-Driven
                                                                                                                              Shop Adds Japan
                                                                                                              3 Ionic’s Hush-Hush
                                                                                                                                      Offit Out of Offit
                                                                                                                                                 Fund     Hall        tured debt of media and entertain-
                                                                                                                                                                   A father and two
                                                                                                                                                                Capital are splitting sons who make up a big chunk

                                                 ties, as its assets under management                                                                                 ment companies.
                                                                                                                                    Plan Moves Ahead                                   off from the $22                  of the
                                                                                                              3 Scotia’s Securities
                                                                                                                                                                venture.                                 billion investment leadership at Offit Hall
                                                                                                                                    Lending Spreads                Morris Offit, the                                          shop to form their
                                                                                                                                                                                                                                                  own
                                                                                                             3 Researcher Packages                             and Ned Offit — operation’s New York-based co-chief
                                                                                                                                                                                  both
                                                 have swelled by $3 billion since Jan. 1,                                                                             Reddy Vaishnavi as a structured-
                                                                                                                                                               summer. Their new managing directors — are expected
                                                                                                                                       Peers’ Services                                                                      executive, and sons
                                                                                                                                                                                     firm, based in New                                         Daniel
                                                                                                                                                                                                                              to
                                                                                                             4 Rating Agency
                                                                                                                              Making Inroads                   ment business.                              York, will operate make their exits this
                                                                                                                                                                  According to SEC                                            in the wealth-manage-
                                                                                                            4 South Africa                                                           documents, each

                                                 to $8 billion.                                                                                                      debt specialist in New Delhi, India.
                                                                                                                            Boutique Adds Vehicle             chief executive                          of the Offits owns
                                                                                                                                                                                Kathryn Hall,                               10-25% of Offit
                                                                                                                                                              Francisco-based                  who
                                                                                                                                                                                 operation as well. is staying, holds a 10-25% stake Hall. Co-
                                                                                                            4 Planned Asia
                                                                                                                            Vehicle Moves Forward
                                                                                                                                                                 Also remaining                                                           in the San
                                                                                                           5 New Equity Shop                                                       in San Francisco

                                                     Among the latest to leave is Shahid                                                                                 After learning of its accounting
                                                                                                                                                             John Buoymaster,
                                                                                                                                Enters the Market                                 who controls 5-10%is director of investment-advi
                                                                                                           7 Italy’s Regs Under                              research team.                            of the shop, and                sory services
                                                                                                                                 Review                                       The outfit will                            a 24-member investment-
                                                                                                                                                                                               be renamed to
                                                                                                                                                                                                                reflect the Offits’
                                                                                                          7 Para Ups Leverage                                                                                                       departure. The

                                                 Ramzan, who headed trading of illiq-                                                                               mistakes, Zwirn launched a $20 mil-
                                                                                                                                 for New Offering
                                                                                                                 Still No Letup
                                                                                                          6 CALENDAR
                                                                                                                                                                                                                                    See OFFIT on Page
                                                                                                                                                                                                                                                         7
                                                                                                                                 in Zwirn’s Staffing
                                                                                                          7 LATEST LAUNCHES                          Shuffle     More staffers are

                                                 uid instruments worldwide. He                                                                                      lion investigation that uncovered
                                                                                                                                                             four executives        moving through
                                                                                                                                                                              departing in the        D.B. Zwirn’s employee
                                                                                                                                                             this year.                         last two months               turnstile,
                                                                                                                                                                                                                   and 62 new hires with at least
                                                                                                                                                                The moves compound                                                     arriving so far

                                                 departed earlier this month. So did                                                                               numerous instances where its activi-
                                                                                                                                                            York multi-strategy          turnover that has
                                                                                                                                                                                                             been taking place
                                                                                                                                                            accounting errors. shop’s discovery late last year                   following
                                                                                                                                                                                They                                 that it had made the New
                                                                                                                                                               But the turbulence also come after the awarding                             a
                                                                                                                                                                                   apparently hasn’t                  of annual bonuses. slew of

                                                 Rob Levinson, who presided over pri-                                                                              ties were booked incorrectly and assets
                                                                                                                                                           its assets under                           affected the outfit’s
                                                                                                                                                                            management have
                                                                                                                                                               Among the latest                  swelled by $3 billion fund-raising abilities, as
                                                                                                                                                                                  to
                                                                                                                                                          instruments worldwide. leave is Shahid Ramzan,               since Jan. 1, to $8
                                                                                                                                                                                                                  who                      billion.
                                                                                                                                                         presided over private He departed earlier this month.headed trading of illiquid
                                                 vate investments in public entities.                 THE GRAPEVINE
                                                                                                      Satellite Asset
                                                                                                                      Management
                                                                                                                                                                  were improperly shifted among its
                                                                                                                                                         who quit in April
                                                                                                                                                         uct investments
                                                                                                                                                                                  investments in
                                                                                                                                                                           in the U.S. And        responsible for
                                                                                                                                                                                                                        So did Rob Levinson,
                                                                                                                                                                             as a vice president public entities. Also gone is Driss
                                                                                                                                                                                                                                        Benkirane,
                                                                                                                                                                                             global director of real estate-related credit-prod-
                                                                                                                                                                                                                                                who



                                                 Also gone is Driss Benkirane, who                     Hong as a technology-com hired Sonny
                                                                                                                                                                  accounts. The firm, headed by Dan
                                                                                                                                                                                                                operations Jim Wilk
                                                                                                                                  pany analyst                                                                                        recently left
                                                                                                      earlier this month.
                                                                                                               Profitable Artis
                                                                                                      served as an analystHong previously
                                                                                                                                                                                                                               See ZWIRN on
                                                                                                                                                                                                                                              Page 6
                                                                                                                                Ratchets Up Investor
                                                                                                                            at Sandell Asset

                                                 quit in April as a vice president                                                                                Zwirn, then told investors in March that
                                                                                                      Management.
                                                                                                                     He reports to Tim
                                                                                                     who came on board                  Egan,
                                                                                                                           from BNP Paribas
                                                                                                                                                         Terms
                                                                                                                                                         Following in the
                                                                                                                                                      Capital is revising    footsteps of other
                                                                                                                                                                                                  highly profitable
                                                                                                     in March as the                                                      the
                                                                                                                      portfolio manager                 Effective July 1, terms of its vehicles to make them hedge fund shops, Artis
                                                                                                    charge of technology                  in         nullify a “key-man” the $2.25 billion technology-stock          less favorable to
                                                 responsible for real estate-related                Satellite, based        investments.
                                                                                                                     in New York, is
                                                                                                    Soros Fund Management             run by
                                                                                                                               alumnus Lief
                                                                                                                                                                 the missteps would result in only minor
                                                                                                                                                     some management provision, begin locking up new
                                                                                                                                                        All indications
                                                                                                                                                                          fees and take steps
                                                                                                                                                                                                                 firm will, among investors.
                                                                                                                                                                                                             investors for three other things,
                                                                                                                                                                                              to insulate itself                 years, increase
                                                                                                   Rosenblat. It runs                               don’t can withdraware that investors will go along, from shareholder lawsuits.
                                                 credit-product investments in the                 though its hedge roughly $6 billion

                                                                                                   London-based Ecofin
                                                                                                                      funds.
                                                                                                                                                                 changes to its returns dating back to
                                                                                                                                                       Artis, led by Stuart
                                                                                                                                                    18 months. It is
                                                                                                                                                                           without penalties.

                                                                                                                                                                        able
                                                                                                                                                                              Peterson, updates
                                                                                                                                                                                                  the terms of
                                                                                                                                                                                                               albeit grudgingly.

                                                                                                                                                   because those vehicles to get away with the stricter its three hedge funds every
                                                                                                                                                                                                                                    Those who



                                                 U.S. And global director of opera-                                                                             2004, but that the SEC had commenced
                                                                                                   and prospective      informed existing                                    have been putting                  covenants this
                                                                                                                   investors earlier               them a hit with                              up dazzling performance time around
                                                                                                                                     this                            new investors.
                                                                                                                  See   GRAPEVINE on                  Indeed, the firm’s                                                      figures, making
                                                                                                                                       Back Page                           Artis Partners vehicle
                                                                                                                                                                                                    gained 20% last
                                                 tions Jim Wilk recently left to take                                                                           its own probe.                                           year, while its Artis
                                                                                                                                                                                                                           See ARTIS on
                                                                                                                                                                                                                                          Page 5



                                                 on the same role at Carlyle Blue                                                                                    Zwirn has tried to pin much of the
                                                 Wave, the multi-strategy venture started                                                                      blame on former chief financial officer
                                                 by Carlyle Group last year.                                                                                   Perry Gruss, who left in October.
                                                     Some employees who have left in recent months may set up                        Separately from the accounting blunders, notable departures
                                                 their own fund shop that would focus on real estate, corporate                 this year have included operations executive Harold Kahn and
                                                 lending and illiquid securities, much like Zwirn. It’s unclear                 general counsel David Proshan in January. Suzanne Kelley, a
                                                 which of them are involved, or how far the plans have advanced.                managing director who worked above Benkirane as head of U.S.
                                                     Some of Zwirn’s new hires, meanwhile, have filled the                      real estate credit investments, resigned in March. She has not
                                                 recently vacated positions. Ted Hagan, for example, has taken                  been replaced yet, but Zwirn has filled a number of other vacan-
                                                 over for Wilk as operations chief. Hagan previously was a man-                 cies, both by elevating existing employees and bringing in out-
                                                 aging director at J.P. Morgan Chase and once headed operations                 siders. ❖




                                                        HEDGE FUND ALERT: May 23, 2007, 5 Marine View Plaza, Suite 400, Hoboken NJ 07030. 201-659-1700




CONTACT: Mary Romano / Tel: (201) 234-3968 / Fax: (201) 659-4141 / 5 Marine View Plaza, Ste. 400, Hoboken, NJ 07030 / mromano@hspnews.com
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                   Advertiser and/or Agent agree to the accompanying “Terms and Conditions.”


                   __________________________________________________________                            __________
                   Authorized Signature                                                                        Date




CONTACT: Mary Romano / Tel: (201) 234-3968 / Fax: (201) 659-4141 / 5 Marine View Plaza, Ste. 400, Hoboken, NJ 07030 / mromano@hspnews.com
TERMS & CONDITIONS


                   The Advertiser, Agency (if any) and Publisher hereby agree to be governed by the following conditions:

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                   Color: 10 days prior issue date.
                   B&W: 7 days prior issue date.
                   (Earlier during holiday weeks.)

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                   Advertiser or Agency may cancel an order for advertising prior to the material due date. The cancel-
                   lation must be confirmed by the Publisher.

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                   Contract space must be used within one year of the first insertion. If there are fewer insertions during
                   that period than the number upon which the rate is based, Advertiser or Agency will be required to
                   pay the rate based upon the actual insertions.

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                   The Advertiser and Agency are liable for payment for all published advertisements. Invoices are
                   payable within 30 days of publication. In the event that the Publisher is not paid in full for an adver-
                   tisement as due, Advertiser and Agency agree to pay the sum of one and one-half percent (1.5%) per
                   month as interest on the unpaid balance, until paid, and all costs of collection incurred by the
                   Publisher, including attorney’s fees and costs.

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                   The Publisher shall not be liable for any failure to publish all or any portion of the issue in which an
                   advertisement is contained if such failure is due to occurrences beyond the Publisher’s control. Failure
                   by Publisher to insert an advertisement invalidates this order but shall not constitute a breach of con-
                   tract. Advertisements omitted from any particular issue or issues shall be compensated for either
                   through make-ups or rate adjustments.

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                   The Advertiser and Agency shall indemnify and hold harmless the Publisher, its officers, agents and
                   employees against claims, suits, expenses (including legal fees) and losses resulting from the publi-
                   cation of the contents of the advertisement, including (without limitation) claims or suits for libel, vio-
                   lation of right of privacy, copyright infringement or plagiarism.

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                   The Advertiser and Agency hereby acknowledge that they have received and read the Publisher’s
                   “Advertising Rate Card.” To the extent not inconsistent with the terms and conditions herein, the terms
                   and conditions on the “Advertising Rate Card” in effect on the contract’s signature date are hereby
                   incorporated into these conditions.

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                   a. The Publisher shall not be bound by any condition, printed or otherwise, appearing on order
                       blanks or copy instructions when such conditions conflict with the provisions set forth herein.
                   b. All advertisements are published by the Publisher on the representation of the Advertiser or Agency
                       that both are authorized to publish the entire content and subject matter of the advertisement.
                   c. The Advertiser and Agency agree not to make promotional reference to the Publisher or any of its
                       publications in any way without first obtaining the prior written permission of the Publisher for each
                       such use.
                   d. Publisher reserves the right to insert the caption “Advertisement” above any advertisement that sim-
                       ulates editorial content.
                   e. This contract contains the entire agreement between the parties relating to the subject matter here-
                       in contained, and no change or modification of any of its terms and provisions shall be effective
                       unless made in writing and signed by both parties.




CONTACT: Mary Romano / Tel: (201) 234-3968 / Fax: (201) 659-4141 / 5 Marine View Plaza, Ste. 400, Hoboken, NJ 07030 / mromano@hspnews.com

								
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