What's ARDEN??? WHo is behind them?
The Securities and Exchange Commission is investigating the missing amounts in a New York-based hedge fund.
The question of what happened to the funds of Arden Capital Management, a hedge fund founded by Francis Saldutti, a L.F. Rothschild & Co. former analyst, is still veiled in obscurity. In April 2003 NorthShore Asset Management, a Chicago investment company, bought the fund from Mr. Saldutti who had at least 80% of the fund’s holdings in cash.
Hedge funds usually invest in money-market funds or other short-term investments, and the investors can easily get it out of the fund when investment opportunities come up. But some investors found their money inaccessible as Mr. Saldutti insists that money was stolen.
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Francis J. Saldutti has served as a Director of the Corporation sinceNovember 1990. Mr. Saldutti has been a general partner of Ardent ResearchPartners, L.P., a technology focused money management partnership, since
April 1992 and was a senior technology analyst at Amerindo Investment Advisors,an investment firm, from October 1989 through February 1995. Prior to
October 1989, Mr. Saldutti was Senior Vice President and Director of Research
for Gartner Securities, Director of Technology Research for LF Rothschild,
Unterberg, Towbin, an investment banking firm, and senior technology analyst for
Merrill Lynch Asset Management’s Science/Technology Fund.