Bloomberg – Mariner Investment Group LLC, the $10 billion hedge-fund firm founded by William Michaelcheck, hired Eric Pellicciaro from BlackRock Inc. (BLK) to manage a global macro portfolio of a new multistrategy hedge fund.
Mariner plans to hire several managers to run various strategies for the Mariner Incubation Fund and will invest an initial $50 million to $100 million in each portfolio, according to a statement today from the New York-based firm.
The firm seeks to attract investment personnel who have left banks because of the so-called Volcker Rule, according to Bracebridge Young, Mariner’s chief executive officer. The provision, part of the 2010 Dodd-Frank Act named for former Federal Reserve Chairman Paul A. Volcker, set limits on risk- taking and caused some U.S. banks to shut down or spin off proprietary-trading units.
“There is currently a great deal of senior talent available in the market as a result of recent changes to the industry, specifically the effects of implementation of the Volcker Rule,” Young said in an e-mail.