| Diamond Lake, a new hedge fund set to be launched this year by Dow Kim
a former executive at Merrill Lynch is to be put on hold. When the
fund was announced it was reported to have close to $4 billion in
assets. However, after the credit crunch large backers have pulled out
of the deal. Credit Suisse pulled out of the deal, as did a Korean
bank which promised $200 million to the start up hedge fund. The fund
launch has been put on hold but all members of the team are working to
raise capital and go ahead with the launch. It is estimated that they
have $600 million in funds raised thus far. |
