Bass brothers benefit from the asset cuts

Sun May 1, 2005



A leaner, meaner BBT machine is now planning the next phase of restructuringThe Dallas-based BBT Partners hedge fund, owned by the billionaire brothers Sid and Lee Bass, has endured a fair bit of turmoil in recent years. The firm has seen the departure of some high profile figures like Tommy Taylor and his successor Herbert Hughes. It shut down a trading unit in 2003 and suffered from moderate returns in 2002, which contributed to a slide in assets from $2.3 billion in 2003 to $1.4 billion in 2004 - a nearly 40% decline. Today, all the talk is of a restructuring exercise, which ultimately may result in the firm simply managing Sid Bass' money. Already, some changes have been made, including the replacement of long-time utilities trader Evan Silverstein and energy trader Jon Olesky. The firm has hired new energy and utilities teams whose risk profiles are more closely aligned...

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