Dow Kim, former co-president of global markets and investment banking at Merrill Lynch, has finally abandoned plans to launch hedge fund firm Diamond Lake Investment Group. Kim’s decision follows months of uncertainty, in which expected anchor investors and others rescinded commitments amid the difficult fundraising environment.
Kim, 45, was believed to have found Asian financial-institution backing for his New York-based Diamond Lake after his former employer, Merrill, backed out (as first reported in Absolute Return). Kim’s backers had agreed to invest about $1 billion and the firm had hired 30 people based on these pledges.
The launch of Diamond Lake’s