Via Yahoo Finance

Hedge fund tycoon Lord Fink has been named chairman of bank software start-up Bud, which is backed by HSBC and Goldman Sachs.

Fink, dubbed the “Godfather of hedge funds” for his role at Man Group, invested in the start-up last year.

The former Tory party treasurer made his millions in the early 2000s by turning Man into Europe’s largest listed hedge fund.

He was the best-paid FTSE 100 chief executive before he resigned in 2007, earning nearly £12 million in three years.

Bud raised $20 million (£15 million) from lenders such as HSBC, Goldman Sachs, ANZ and Investec last February.

The company, led by 30-year-old chief executive Ed Maslaveckas, makes software that lets customers see personal spending and investment data from different firms in one place.

Fink said: “Of course I’m looking for a financial return on my investments, but when I choose to invest my time in a company it’s because there is more than a financial return at stake.

“It’s no hyperbole in saying that our relationship with our personal data will be one of the great challenges of the next decade.”

Maslaveckas added: “Lord Fink’s experience building international financial companies and his deep expertise in the financial sector will be a huge asset to the team.”

READ ALSO  The Cooper Companies, Inc. (COO) CEO Al White on Q4 2020 Results - Earnings Call Transcript