Bear Stearns Asset Management CEO Richard Marin is taking a stronger role in managing its two troubled hedge funds and tapped Thomas Marano, head of its mortgage unit, to save one of the funds, said two sources familiar with the decision.
Marin appointed Marano last week to help with the funds managed by Ralph R. Cioffi, who retains his current role as portfolio manager for both funds, said one source.
Company spokesman Russell Sherman declined to comment.
Bear Stearns said on Tuesday it would not provide financing to the risky hedge fund it managed, the High-Grade Structured Credit Strategies Enhanced Leverage Fund.
Instead it will provide $1.6 billion of financing to save its High-Grade Structured Credit Strategies Fund. Days earlier the bank had said it would provide up to $3.2 billion in financing.
Marano is a longtime Bear Stearns banker who joined the firm in the 1980s and rose through the ranks to become head of the company's mortgages and asset-backed securities business.
source:www.reuters.com
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