The non-compete from GLG is over. With his personal scandal is more or less behind him and Philippe Jabre is getting back on the horse. Jabre has opened Jabre Financial Services in Switzerland and is building up his initial staff with some notable friends and family, including former GLGers, James Saltissi and Daniel Horsely and former Morgan Stanley head of risk management (as well as brother in law), Philippe Riachi. $2.5 billion is the year one target for assets under management.

Jabre had previously opened a firm called Ballena Captial, which was a vehicle for managing his own substantial wealth. The launch of Jabre Financial Services marks his return to managing other peoples money.

-- MDT

Labels: Ballena Capital, FSA, GLG, hedge fund, Jabre Financial Service, Morgan Stanley, Philippw Jabre