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Strategies & Market Trends : Anthony @ Equity Investigations, Dear Anthony,

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From: scion5/13/2010 4:22:03 PM
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Hedge Fund Assembles Dream Team Advisory Council

May 13, 2010

MIllennium Management, the hedge fund whose former portfolio manager, Renato Negrin, is still awaiting the jury’s verdict in the SEC’s case against him concering alleged insider trading in credit default swaps, recently decided to create a new independent Regulatory and Compliance Advisory Council to help advise the firm. In a letter to investors two weeks ago, Millennium founder Israel Englander said the council “will help us see the forest, and not just the trees.”

And if any group can successfully see the forest, it is likely to be the one assembled thus far by Millennium. Check out the current members of the council:

Louis Freeh, the director of the FBI from 1993 until 2001
Harvey Pitt, chairman of the SEC from 2001 until 2003
Former SEC commissioner Aulana Peters
Former SEC commissioner Joseph Grundfest
Former federal judge and SEC Enforcement Division chief Stanley Sporkin
Former TIAA-CREF chief investment counsel Peter Clapman

Top that!

Reuters reports that only a few hedge funds, including $5.5 billion Pershing Square Capital Management, have similar advisory boards, but they may become more popular as a way to provide comfort to large institutional investors.
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