Rising River

June 01, 2010  

Pine River Capital Management has grown from a $5 million fund operating out of a cabin in the woods to a $1.8 billion firm.

By Irwin Speizer

Photographs Michael Edwards

Brian Taylor had just launched Pine River Capital Management in 2002 and was pitching investors when Brett Barth came calling. A partner in BBR Partners, the New York asset management company that serves a group of wealthy families, Barth had watched Taylor in previous jobs and sized him up as a promising new face on the hedge fund scene.

Barth found Taylor operating out of a remote lake cabin about 150 miles north of Minneapolis, with his business set up in the basement. Because of an unusual noncompete clause from his previous employer, EBF & Associates, Taylor was barred from establishing his firm within 100 miles of his old firm in suburban Minneapolis.

The cabin was a perfect location for weekend hunting and fishing trips. But for a hedge fund firm with ambitions of becoming a global multistrategy operation?

"A group operating out of a...


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