* Taps Sang Lee as president, chief compliance officer
* Hires outsider as president
By Svea Herbst-Bayliss
BOSTON, Oct 18 Touradji Capital Management, one
of the world's largest commodities-oriented hedge funds, has
revamped its management ranks by hiring an outsider as its
first-ever president, the firm told its investors.
Paul Touradji's $2.5 billion firm appointed Sang Lee as
president and chief compliance officer, and said that Gil
Caffray, who joined as CEO last year year, will be a special
adviser, according to a letter obtained by Reuters on Monday.
The letter was written on Friday.
Lee, a lawyer, will be responsible for non-investment
activities at the firm while Caffray will concentrate more
fully on planning, the firm said.
The news comes as a handful of prominent hedge fund
managers launch their own firms and established firms are
initiating changes. It has been a tough year for the secretive
$1.9 trillion industry as managers faced volatile markets,
fears about slow growth and a wave of new regulations.
Touradji's most recent letter sounds a distinctly different
tone from the exuberance expressed by its founder a year ago
when he told investors about plans to reunite with Caffray.
Touradji and Caffray trace their roots to working together
at industry luminary Julian Robertson's Tiger Management where
Touradji credited Caffray with teaching him about the "trading,
operations and business elements of a well run hedge fund."
"With no exaggeration, this is the most important event in
our firm's history," Touradji wrote to clients on January 26,
2009, according to another letter obtained by Reuters. Caffray,
Touradji said, would "stand beside me in running the business,
thus allowing me to concentrate fulltime on running our
After Tiger, Caffray co-founded hedge fund firm FrontPoint
Partners, and after selling the firm to Morgan Stanley, he
became vice chairman in Morgan Stanley's Investment Management
Lee was chief operating officer at hedge fund Duma Capital
Partners and before that he was chief operating officer at
Claiborne Capital Management.
For Touradji, performance has been mixed this year, people
familiar with his numbers said, pointing to losses in August
after a strong July.
(Editing by Robert MacMillan)