Hedge Funds

Putnam starts seeding plan


Putnam Lovell NBF Securities is now getting into the hedge fund game with a new platform that will incubate hedge fund managers. The firm has been incubating a convertible bond and capital-structure arbitrage fund. The fund, called the Tenor Opportunity Fund, is being managed by Robin Shah and is being readied to open to outside investors in June, according to sources.

The firm has also taken a minority stake in Derivatives Portfolio Management, a hedge fund administrator, and is looking at service providers in the independent valuation and risk analytics areas, a further sign of its interest in