Hedge fund boss plugs into new venture

Pierre Lagrange, co-founder of the hedge fund group GLG, has taken a personal stake in Power Amp, a portfolio of British musicians run by industry guru Jazz Summers and Tom Bywater, a former Citigroup banker.

Mr Lagrange, a 44-year-old Belgian, hit the headlines last week when it was revealed that he and his GLG partner, Noam Gottesman, had paid themselves £400m each last year. He has made an undisclosed investment in the fund, which launches later in the year.

The fund plans to raise £10m, with a number of household names thought to be ready to quit their record labels for the new venture. " "Artists are dissatisfied with conditions in traditional record companies," said Summers. "We hope to tap into people's unhappiness – we've already spoken to some very big names keen to work with us."