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COOs speak up . . .
Steering firms through the market crisis, they ponder the permanent capital question, among others
By Michelle Celarier
The stars in the hedge fund universe are clearly the managers. But with billions of dollars at risk for increasingly sophisticated investors, and the business more complex than ever, another source of high-voltage power is emerging: the chief operating officer.
These are the people responsible for making sure everything is running smoothly, in good times and bad. “In times of calm, you have to prepare and ensure that you are protected in times of crisis,” says Bob Caruso, COO of Highbridge Capital Management, one of the largest hedge fund firms. “It’s not just a question of having enough cash and liquidity to weather the storm, but also having enough capital to put to work at the right time because there are significant investment opportunities that follow market dislocations.”...