Cadogan to buy back business from Fortis-WSJ

Oct 15 (Reuters) - The founder and other senior officers of hedge fund Cadogan Management LLC, who quit the firm two weeks ago, have now agreed to buy back the business from Fortis Bank, the Wall Street Journal said, citing people familiar with the matter.

Earlier in October several Cadogan executives, including founder and Chief Executive Stuart Leaf, left the fund after talk to make the firm independent fell through over terms of the deal, the paper said.

The people told the paper that terms of the management-led buyout are not expected to be disclosed.

Cadogan, a New York based $3.5 billion hedge fund, is part of the investment management arm of Fortis Bank, which will come under BNP Paribas's (BNPP.PA) control around year end, when the French bank is due to complete its acquisition of Fortis assets.

BNP Paribas could not immediately be reached for a comment by Reuters.

The people told the paper that Leaf as well as Chief Investment Officer Paul Isaac were planning to return to the hedge fund. (Reporting by Sakthi Prasad in Bangalore; Editing by Greg Mahlich)