Hedge Funds

Breeden activist fund to leverage governance


It is not yet clear how much capital Former U.S. Securities and Exchange Commission Chairman Richard Breeden will pull in for the January 1 launch of his first hedge fund.

Breeden has no money management experience, but in marketing his new Breeden Partners to investors, he has been arguing that he and his cofounders' experience in buyouts, workouts and investment banking make them well-prepared for their task.

Breeden's own workout experience includes serving as corporate monitor at the now-defunct WorldCom and bankruptcy trustee for Bennett Funding.

Breeden will concentrate on six to 12 long-only investments, putting up to