Hedge Funds

Pequot and Chilton start asset raising

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Chilton Investment and Pequot Capital are the latest big name groups to hire CSFB's "alternative capital division" to raise long-term, institutional money for them.

Moore Capital pioneered the strategy when it hired the CSFB team, Alex Moomjy and Joe Hill, to raise $500 million of three-year capital.

Typically, the banks are charging a 2% to 3% upfront fee for any money they raise.

Merrill Lynch is the next bank to start capital-raising for a fee and recently hired Dave Barrett, formerly head of capital introduction for Morgan Stanley prime brokerage, to spearhead the capital raising move.