Hedge Funds

Sloan wins $4bn for financing saving service

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As it approaches just one year in business, Bob Sloan's S3 Asset Management has signed up a stable of hedge funds with a total of more than $4 billion under management.

The New York firm, which helps cut financing and administrative costs of its hedge fund clients by an average of about 75 basis points, was founded last June by Bob Sloan, formerly head of prime brokerage at Credit Suisse First Boston.

The firm's key product is negotiating sophisticated and low-cost financing terms normally offered only to the industry's biggest funds. It achieves this by aggregating the assets of several firms on its own platform, giving it