Michael Gelband spent much of his career playing second fiddle to Wall Street chieftains. Now he’s stepping to the fore with the biggest hedge fund startup ever.
His firm is expected to start next month with $8 billion, according to people with knowledge of the matter. In the uneasy atmosphere of hedge funds, it’s a staggering amount. Not to mention that Gelband’s investors are paying through the nose to park money with him as other hedge funds cut fees, see assets shrink or shut altogether.