A Greenwich hedge fund manager who ran a multi-billion dollar fund is quitting trading to getting into the media business. Max Holmes of Plainfield Asset Management, who was widely reported for being under regulatory investigation, has called his new venture EcQuant. Holmes started winding down his asset-back fund a few years ago after gating his investors money during the financial crisis for over three years. Regulators were investigating the hedgie for charging excessive fees on overvalued assets but no charges have been brought so far.
Holmes, who is also a part time professor at NYU’s Stern School of Business, claims to have a nifty new software that will “change the face and bones of the News Media market”. But what this means is a mystery as the rest of the company description is a gobbly-guke of pr spin claiming EcQuant’s ’20 developers’ can create monetary value for media content–with out explaining how. They even claim to be hiring!
It’s unclear how Holmes little after-hedgie-life company was funded but I’ve previously reported for DealFlow Media that Holmes took home at least $50 million in fees while his fund was gated and his pension fund investors earned nothing. Hopefully he’ll be a little more diligent with his staff this time and not hold recorded town halls that teach his crew how to hide information from the SEC.
If your a new client of EcQuant we’d love to hear from you. Max wouldn’t return an email for comment but if you want to reach Holmes he’s now at: email@example.com or you can stop by his office at 60 Arch Street (2nd floor) in Greenwich.