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Text size [+][-]  Saturday November 7 2009GLOBAL EDITION

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05 Aug 2008 19:36

Just gimme a (second) chance



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Dow Kim, Merrill Lynch’s former co-head of trading and investment banking has dropped plans to start a hedge fund, Diamond Lake Investment Group, after prospective investors backed out of $1bn of commitments.

Kim left Merrill in May 2007. Merrill initially planned to invest in Kim’s fund, but dropped these plans in October.

Failure may be the best teacher, but willingness to grant second chances is a cyclical phenomenon in finance. Poor returns across the hedge fund spectrum left the ground infertile for a new fund led by tarnished Merrill star Dow Kim.

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