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Financial Software - Wednesday, August 8, 2007

Investment Social Network Cake Financial Launches

Hedge fund clones and investible hedge fund indices are the talk of wall street. That's because they give investors a way to potentially earn hedge find like returns without having to pay the high fees demanded by the industry, typically a 2% annual fee and a 20% performance fee.” Dow Jones and Goldman Sachs have both launched such funds.

Now a Web site called Cake Financial is jumping into the action by creating a social network to allow investors to watch and match what their peers are doing. For some time we have been following the San Francisco-based company which has been in stealth mode as Portfolia and before that was known as Project Hi-fi.

The startup is led by Steven A. Carpenter who was with Real Networks and before that was with MyCFO.

A mess of wealth individual investors are backing Cake:
+ Ron Conway's Baseline Ventures
+ Fred M. Gibbons, Professor at Stanford Graduate School of Engineering and Founder and CEO of Software Publishing
+ Thomas Eisenmann, Professor at Harvard Business School
+ Geoff Ralston, Former Chief Product Officer at Yahoo!
+ Aydin Senkut, early Google employee
+ Godel Capital, early PayPal backers
+ Nick Zaharias, Founder of The Field Check Group
+ Bonnie Cohen, Board Member at mutual fund company, Cohen & Steers

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