A new leaf: why a hedge fund manager bought a bank

Andy Redleaf founded a $6 billion hedge fund. Now he runs a small community bank

Andy Redleaf
Andy Redleaf

In many ways, Andy Redleaf was a quintessential hedge fund manager. A Yale University maths graduate, he traded options at Gruntal & Co – alongside investing legend-to-be Steven Cohen – and in the Chicago options-trading pits before co-founding Deephaven Capital Management in 1994 and then Whitebox Advisors in 2000. At Whitebox, he predicted the subprime crisis and subsequent economic recovery. Then, he started to go off-script.

In 2015, Redleaf purchased Park State Bank, a small Minneapolis

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