Max Holmes, who oversaw D. E. Shaw's stellar entry into distressed investing and its rescue of such companies as F.A.O. Schwarz over the last three years, has left to set up his own fund. The departure of such a senior manager from Shaw is relatively uncommon. But Holmes, a managing director, was outperforming an already extremely hot market, and is believed to be eager to run his own shop.
Holmes only left Shaw in February, so his Plainfield Asset Management is in the early stages of planning and is not expected to launch until