Recall that Ray Iwanowski co-managed Goldman Sachs' one-time flagship Global Alpha hedge fund, which in its heyday was a high-flyer. It earned a terrific reputation, one of the early quant successes. But then came the credit crunch, and investors turned on the fund harshly. Iwanowski and co-manager Mark Carhart left Goldman in March 2009.

Now comes word from AR that Iwanowski has been meeting with prime brokers and may be plotting a return to the hedge fund industry. Carhart already has returned to the game. He has founded Kepos Capital, which should be up and running soon.

The return of these guys is yet another example of hedge fund managers who ran into trouble in the credit crunch now making a comeback. It's a lot easier when you do not have to deal with legacy funds. In such cases, managers may have to make some concession on performance fees. It's a lot easier to make a fresh start with new investors who aren't demanding much, except perhaps an explanation of what when on in 2008 and 2009.

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- here's the article

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