Hedge Funds

Island Drive to follow Levin to new firm


John Levin's Island Drive Offshore Fund will follow him to his new advisory group, Levin Capital Strategies, at the turn of the year.

In October Levin was ousted from the firm he founded, John A. Levin & Co., after a bitter proxy battle led by rival hedge fund manager Warren Lichtenstein of Steel Partners. Lichtenstein was one of several hedge fund manager shareholders in John A. Levin & Co.'s publicly traded parent, BKF Capital Group.

For investors, the administrative change will be largely superficial. Other than the switch in advisors, no changes are planned for the fund's terms. And