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Dan Zwirn's Attempt To Join The Lazarus Line

Tyler Durden's picture




 

Meriwether, Zimmerman, Gendell, Weinstein... Seems hedge fund managers really have no transferable skills as all they can do is beg for more money to burn. However, it really starts to hurt when you realize that not only can you not raise a new fund, but you very well have to jump from interview to interview and wait for that 3rd round call back late into the night and, (if lucky) work for some other portfolio manager (or heaven forbid trader).

Such is the fate of former distressed debt god Dan Zwirn, who was one of the more impressive flame outs of early 2008, at a time when the credit crisis was only in its warm up acts. According to today's Hedge Fund Alert, Dan Zwirn, whose DB Zwirn Co. fund was a $10 billion heap of toxic 2nd lien assets at is peak, has "updated his resume and is looking for fund management work. He already has held discussions with several firms." Looks like his attempt to raise a new fund, ZLC, has met with spectacular failure. What is appalling is that he is trying to leave DB Zwirn at a time when the fund is only about 20% done with unwinding its ultra illiquid assets, and "is talking to investors about installing new management to oversee the liquidation of D.B. Zwirn funds, a process that could take four years." Nothing like leaving your existing employees to sort out the mess you created.

The 37 year old, who is clearly missing the glory days of corporate jetdom, was last seen waiting to hear back from headhunters if they had any medium-level analyst openings.

 

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