Page 94

Sussman describes his role as "chief opportunistic officer"—he is looking for the overall opportunities. Once he finds them, he then hires the person to execute the strategy. Sussman also serves as the risk manager—independent from the managers to whom he allocates assets.

In other cases, the coordinator/overseer role is done in conjunction with being active in the portfolio. Och, Rajaratnam, Stark, and Wilcox are cases in point.

Och is very involved in portfolio decisions and is focused on the investment process. He leads the arbitrage/restructuring unit. As managing member, he is also involved in broader issues such as capacity and the firm's capabilities.

Rajaratnam is the managing general partner and portfolio manager. He describes himself as the quarterback of the team. He is involved with everything in the firm and often accompanies the analysts to their company meetings. He meets with two or three companies a week. One week out of the month, he visits about 25 companies in California. He also meets personally with investors.

Stark heads up the convertible arbitrage area. For 80 to 85 percent of the time he is an investment manager. In addition, he along with his partner are responsible for overall allocation of assets. They are also sounding boards for the portfolio managers.

Wilcox estimates that he spends about 60 percent of his time interacting with management of companies, analysts, and other industry participants in carrying out his portfolio management duties. Another 20 percent is spent on management.

Cooperman's interest is more in being an investor. He is actively involved in stock selection; he is hands-on. Since Steven Einhorn had been hired as vice chairman in May 1999, Cooperman says he can delegate more to Einhorn, which allows Cooperman to visit more companies.

Tepper is also actively involved and is the key decision maker when it comes to positions of size.

Henry, who describes himself as semiretired since 1986, meaning he hasn't run the day-to-day business, spends a great deal of time researching the markets.

Many of these managers take on the role of mentor as well. This appears to be the case with Singer and Kingdon. In trying to groom their people, they delegate responsibility and decision making. Their