Bloomberg reports that Joel Ehrenkranz, who co-founded a tax and estate legal practice with his brother Sanford in 1966, joined forces with Mack to start fund-of-funds manager E&M Advisors LLC, according to a registration filing last month with the U.S. Securities and Exchange Commission. E&M expects to raise $500m this quarter to invest in outside hedge funds and private-equity deals, the firm said in the filing.
Mack, a onetime bond salesman and trader, could help E&M Advisors attract assets from corporate executives and private-banking contacts cultivated during the course of his 35-year career at Morgan Stanley (MS), said Brad Hintz, a bank and brokerage analyst at Sanford C. Bernstein & Co. Since leaving as Morgan Stanley’s chairman at the end of last year, Mack has become an adviser to companies including buyout firm KKR & Co., where he signed on in March.
'John’s Rolodex would be mammoth', said Hintz, who worked for Morgan Stanley from 1986 to 1996 as a managing director and treasurer. 'The classic model of Goldman Sachs and Morgan Stanley was you had the relationship with the company and the executive'.
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