Launching your own hedge fund may be a rite of passage for the children of Wall Street's elite.
It's a trend the Wall Street Journal explored recently, citing as prime examples Andrew Marks, son of Oaktree Capital founder Howard Marks; and Jordan Moelis, son of investment banker Ken Moelis.
Andrew Marks' hedge fund, Anicca (named for the Buddhist doctrine of impermanence), is expected to launch later this year with as much as $200 million of his dad's money while Jordan Moelis plans to launch a Los Angeles-based fund in Q1 2015. A person familiar with the plans said his father will invest in the new fund but have no ownership stake.
The young Moelis and Marks join Schuster Tanger and Till Bechtolsheimer, both of whom have recently launched hedge funds with family money earned in the retail business—Tanger's family owns outlet malls while Bechtolsheimer's billionaire grandfather, Karl-Heinz Kipp, is the founder of the German department store change Massa.
The WSJ reports that Till Bechtolsheimer's New York-based hedge fund, Arosa Capital Management, has benefited from a $200 million, 10-year commitment from his granddad.
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