Hedge Funds

HBK founder Korenvaes retires


The industry will experience a rare test of manager succession at a hedge fund when Harlan B. Korenvaes retires from HBK Investments, the Dallas-based multi-strategy fund that bears his initials. For now, the $5 billion fund will be run by his nine remaining partners. Korenvaes, who formerly headed convertible bond arbitrage at Merrill Lynch, founded HBK in 1991 with backing from Richard Rainwater, the Texas financier.