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BOSTON (Reuters) - Blackstone Group LP is backing a new hedge fund being run by former Eton Park partner Aaron Wertentheil with a $150 million commitment, two sources familiar with the matter said on Tuesday. Wertentheil is launching Jones Road Capital Management with roughly $300 million in assets, including the capital from Blackstone, plus money from Eric Mindich, his former boss at Eton Park, and an unidentified endowment, said one of the sources. New York-based Jones Road will concentrate on special situations investments in the corporate credit, government credit and equities markets, among others, the sources said.

Blackstone has already committed to also putting capital into a second portfolio that Wertentheil expects to raise after finishing fund raising for the first one, signalling the firm’s strong confidence in the manager, The sources could not speak publicly because the investment is private, Wertentheil could not be reached for comment, Blackstone, which invests $78 billion mont blanc cufflinks replica india in hedge funds, is making the investment with cash from its $1.5 billion Strategic Alliance Fund III, as it bets that new players can succeed in an industry that has struggled with poor returns and investor withdrawals in recent years, It has so far seeded six managers from this portfolio, including Tresidor Investment Management and Seiga Asset Management..

Blackstone’s seeders traditionally take a 15 to 25 percent cut of the fund’s business, people familiar with the terms have said. Wertentheil worked for years at Mindich’s multi-strategy fund Eton Park, which made industry history for hedge funds when it raised a record $3 billion in 2004. Wertentheil oversaw more than a billion in assets at Eton Park and stayed on to help close the firm. Wertentheil started generating buzz soon after Eton Park’s end in 2017 as someone who could start his own firm or join an existing one in a senior role.

James Connolly, who also worked at Eton Park, is a partner and senior managing director at Jones Road, Robert Renda is the firm’s chief financial officer, having previously worked at Folger Hill Asset Management, and Michael Adams is the chief operating officer and general counsel, Securing seed investments from Blackstone often helps the new managers establish credentials and get up and running while it allows Blackstone to get in mont blanc cufflinks replica india on the ground floor with promising newcomers, Competition for Blackstone’s seed money is always fierce, But some critics note that seeder funds’ records can be uneven no matter how thorough the due diligence..

DUESSELDORF, Germany (Reuters) - Labor leaders, who hold half the seats on Thyssenkrupp’s supervisory board, will not support a planned joint venture with Tata Steel if concessions in ongoing antitrust proceedings go too far, a union representative said. Thyssenkrupp and Tata Steel are planning to combine their European steel activities to create the continent’s No. 2 steelmaker after ArcelorMittal, raising concerns that far-reaching remedies are required to secure antitrust approval.

The European Commission is expected to outline its competitive concerns about the merger this week, calling on the two firms to offer compromises to avert a potential veto, “We won’t support a merger at any price,” Markus Grolms, vice chairman of Thyssenkrupp’s supervisory board and secretary at IG Metall, Germany’s biggest labor union, told Reuters on Wednesday, “We have always defined a red line with regard to the merger control proceedings, If this line is crossed we won’t give our support,” Grolms said, without saying where the line would mont blanc cufflinks replica india be drawn..

Shares in the group traded 3.2 percent lower at 1124 GMT, dropping to a fresh three-year low. Several brokerages cut their price targets following weak first-quarter results on Tuesday. Grolms said Thyssenkrupp’s supervisory board, where labor representatives hold 10 of the 20 seats, would have to vote on the outcome of remedy negotiations between the company and the Commission. They could be outvoted by Chairwoman Martina Merz, who has a casting vote in case of a draw, but this would be unprecedented and would go against Thyssenkrupp’s long-standing tradition of making large restructuring moves with labor support.

Thyssenkrupp mont blanc cufflinks replica india Chief Executive Guido Kerkhoff a day earlier said the Commission’s statement of objections, expected at the end of the week, was not unusual given the transaction’s size, He said it gave no reason for fresh concerns, The steel-to-submarines group is still confident it can complete the deal in early 2019, The European Commission will rule on the transaction by April 29, “We’ve always been straight about this and have already confronted (former CEO Heinrich) Hiesinger with our concern that the risks from merger control proceedings are either underestimated or deliberately downplayed by management,” Grolms said..