Each business day HedgeCo.Net keeps you informed with the top hedge fund industry news, opinion and insight from around the globe. From the latest hedge fund launches, to the impact of regulation, competition, and investor activism - we track the topics and people that make a difference to you.
New York (HedgeCo.net) – Ken Griebell has joined Ramius LLC, the global alternative investment management business of Cowen Group, Inc., in New York as a Director.
In this newly created role, Griebell will expand Ramius’ marketing and distribution activities for liquid alternative products to new and existing customers and grows the $11.2 billion hedge fund’s presence across distribution channels that focus on mass affluent retail investors.
“We are pleased to welcome Ken to our team,” Thomas W. Strauss, President and Chief Executive Officer of Ramius, said. “Ken’s extensive relationships and expertise in distributing liquid alternatives will be invaluable as we market our diverse portfolio of alternative investment products to investors, including financial advisors and their clients, many of whom have historically had limited access to these products and strategies. Ramius’ institutional caliber liquid alternative products allow access to an important asset class for the mass affluent retail client and we look forward to building upon Ken’s experience and relationships to offer these products to this clientele.”
Griebell spent more than 20 years in the financial services industry. He joins Ramius from Equinox Fund Management, where he most recently served as Managing Director of Strategic Accounts. Griebell received a Bachelor of Science in Business Administration from The University of Connecticut.
New York (HedgeCo.net) - $173 billion hedge fund GlobeOp Financial Services has appointed Tim Ridley to its Cayman Islands subsidiary board. Ridley, the former chairman of the Cayman Island Monetary Authority (CIMA) and a former senior partner of Maples and Calder, was appointed following the recent resignation of Gary Linford.
“I am pleased to join GlobeOp at a time of significant evolution in hedge fund transparency, reporting, and board oversight and responsibility,” Ridley said. “As an independent Tier 1 administrator, GlobeOp offers valuable industry leadership. Counterparty risk, asset verification and regulatory reporting services contribute to good fund governance.”
Ridley served as CIMA chairman from 2004-2008. He is a frequent speaker and writer on financial services and regulatory themes. Ridley is a graduate of Cambridge University (BA) and Harvard Law School (LLM), qualified as a solicitor in England and is an attorney-at-law in the Cayman Islands. For many years, he was a senior partner of the leading Cayman Islands law firm and from 1995 until 2000 headed up the Asia practice in Hong Kong. He specialized in a broad range of international financial transactions. He was made an Officer of the British Empire (OBE) in 1996 in recognition for his services to the financial services industry and the local community.
The Private Equity Growth Capital Council (PEGCC) today announced that Steve Judge has been appointed president and chief executive officer. Judge succeeds Douglas Lowenstein, who stepped down last year. Since August 2011, Judge served as interim president and chief executive officer, prior to that he served as the Council’s vice president for government relations. The appointment is effective immediately.
Mark B. Tresnowski, chairman of the PEGCC and managing director and general counsel of Madison Dearborn Partners, a PEGCC member firm, said, “After a search and several months of Steve’s leadership, it became clear that Steve’s effective advocacy during a challenging and dynamic time for our industry make him the right person for this important role. With the full support of the PEGCC membership, we are confident that Steve and his team will succeed in their mission.”
Mr. Judge said, “I am extremely proud of what we’ve accomplished in just a few years since the founding of the PEGCC and I look forward to building on that record of success. Our goal is to engage policymakers, the media, and the public in a national dialogue about how private equity and growth capital firms drive economic growth, strengthen and improve businesses, and provide financial security for millions of Americans. The year is already off to an exciting start, and the Council is ready for the challenges to come.”
Judge has a long and distinguished career in Washington. Before joining the Council in March 2007, Judge was Senior Vice President, Government Affairs and Head of the Washington Office for the Securities Industry Association (SIA), now the Securities Industry and Financial Markets Association (SIFMA). Judge also served as a member of several congressional staffs. From 1987 to 1991 he was Deputy Staff Director of the Committee on Banking, Finance and Urban Affairs of the U.S. House of Representatives. Judge came to Washington, D.C. in 1978 with Congressman Bruce Vento (DFL-MN), eventually becoming the Congressman’s Legislative Director. He began his legislative career in the Minnesota State Legislature as Staff Assistant with the Senate Committee on Education. Judge holds a Bachelor of Science degree in government from St. John’s University in Minnesota.
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New York (HedgeCo.net) – Senior hedge fund professional Steven Solmonson has joined $13.4 billion securities firm Spectrum Asset Management, Inc.
“Steven and I have known each other for more than 30 years, having worked together at Drexel Burnham Lambert where we launched DBL Preferred Advisory Management in 1982.” Mark Lieb, founder and CEO of Spectrum Asset Management, said. “Steven’s experience in the capital markets and, in particular, working with pensions, endowments and professional family offices globally, will make him a tremendous addition to Spectrum’s team.”
Solmonson joins Spectrum following his long-standing tenure as President of Park Place Capital Ltd., having merged the Park Place team into hedge fund Rab Capital last year.
After commuting between New York and London for the past 12 years, Solmonson is enthusiastic about focusing on US institutional investors and growing the breadth of Spectrum’s clients who use preferred securities to enhance their fixed income returns. “While I considered taking a short break, the opportunity to work with a global leader and one of the pioneers in managing preferred securities is exceptional,” Solmonson said. Solmonson started in the new position last week.
New York (HedgeCo.net) – In a move that turns the table on the hiring status quo, Strathclyde University has reached out into the world of hedge funds to access talent. In announcing that it has just appointed Daniel Broby as a Visiting Professor, it has shown that rocket scientists can go the other way in the war for talent.
Broby, based in London, hopes his appointment will prove invaluable in giving the department’s postgraduate students’ real life insights into the world of both hedge funds and traditional fund management. The visting position is a part time one and Broby continues in his day job as deputy chief executive of British based frontier absolute return manager SilkInvest.
Broby was elected an individual member of the London Stock Exchange in 1990; is a Fellow of Chartered Institute of Securities and Investment; a Fellow of CFA UK and a Visiting fellow at Durham University.
Daniel Broby, who launched Denmark’s first listed and regulated hedge fund said: “I will try to get across that alpha is out there for those that put in the effort, do their research and out think market rivals. For those that don’t, they may as well remain beta investor’s.”
Strathclyde Business School was ranked 1st in the UK for Accounting & Finance by The Sunday Times University Guide 2011.
Daniel Broby began his fund management career in 1985 and has witnessed the transformation of the industry from “pre big bang” to “post credit crisis”. Prior to specialising in alternative and frontier investment strategies, he was awarded the top rating of five morning stars for the performance of the flagship global fund that he ran for eight years whilst in Denmark.
Broby was recognized for his contribution to the industry by the CFA institute who awarded him its Society Leader Award. No doubt, his colleagues at “the Institute” and fellow “Hedgies” will be calling him the “Professor” from now on.
New York (HedgeCo.net) – Pluris Valuation Advisors LLC today announced that Kyle B. Vataha of Newport Beach, Calif., a nationally recognized expert in valuing alternative asset management firms, has joined the firm as Vice President.
Vataha, who will open an office in Newport Beach, Calif., previously served in the New York, N.Y., and Irvine, Calif., offices of FMV Opinions, Inc., and led FMV’s practice for valuing alternative asset management firms.
“Kyle’s expertise complements the strengths of our portfolio valuation group,” President Espen Robak said. “He brings Pluris substantial experience in valuing companies that manage hedge funds, private equity and venture capital funds, and funds of funds.”
Pluris’ clients, who already receive industry-leading portfolio valuation services, will now receive superior advice regarding the worth of their businesses. Firms that manage alternative investments often require valuations for corporate restructurings, granting of interests to new partners and estate planning.
In addition to heading the valuation of alternative asset management companies for Pluris, Vataha will open and manage an office in Newport Beach, Calif. The new office continues the firm’s West Coast expansion. Headquartered in New York City, Pluris opened an office in San Francisco in 2010.
“The key to valuing hedge funds and other alternative asset management firms is to understand the diverse and complex cash flow streams generated by their portfolios, and how those cash flows are allocated among a variety of interests, including capital interests, management fees, carried interests, incentive fees, management fee waivers and various other derivatives,” according to Robak. “As his past and current clients have experienced over many years now, Kyle just gets it.”
New York (HedgeCo.net) – AR Magazine reports that J.P. Morgan’s hedge fund, Highbridge Capital Management, has laid off three senior execs, including two portfolio managers, as its long/short fund continues to struggle.
The dismissals were confirmed by two people familiar with the firm who preferred to remain anonymous, AR said.
With its $1.8 billion long/short equity fund down 12.6% this year, $26.1 billion Highbridge has let go of three senior executives and at least three analysts and traders in its New York and Hong Kong offices.
In New York, Highbridge let go portfolio manager Jennifer Failla, who covered the retail sector for the long/short fund and previously worked for Bear Stearns; Chris Storey, an analyst covering financials, and Don Kuzoian, an analyst covering technology. They had reported to longtime Highbridge equities chief Alec McAree. Failla’s positions were quickly liquidated when she left last week.
Layoffs were not contained to New York. In Hong Kong, the firm dismissed portfolio manager Toby Bartlett, who covered the Asian consumer industry, as well as trader Kenson Lau, AR reported.
New York (HedgeCo.net) – Former GlobeOp Head of Sales, William Kelly, has joined Paladyne Systems as Global Head of Sales. The addition of Kelly is a strategic move to leverage the size, scale, and synergies that Broadridge brings to Paladyne through its recent acquisition, Paladyne says.
“I am excited to join the team at Paladyne at this moment in the company’s evolution,” Kelly said. “Paladyne has built a very powerful integrated front-, middle- and back-office platform that is a truly differentiated offering in the hedge fund industry. In the current regulatory and fiscal climate, this value proposition is extremely attractive.”
Kelly has held positions at AllianceBernstein, RogersCasey and Comdisco. He started his career at IBM.
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New York (HedgeCo.net) – Rothstein Kass announced that hedge fund specialist Meredith Jones has joined the firm as a Director.
In this newly created role, Meredith is responsible for generating research and content on the alternative investment industry by and on behalf of Rothstein Kass. She will provide strategic consulting services to Rothstein Kass clients and bring her business development skills to the firm.
“This is an exciting next step in my career,” says Ms. Jones. “I am very much looking forward to working with such a respected and forward-thinking company where I can directly contribute to growth and success of both the firm and its clients.”
Prior to joining Rothstein Kass, Meredith was a Director of the Strategic Consulting Group at Barclays Capital, where she provided thought-leadership, content and consulting services to hedge fund managers. She also previously served as Managing Director of PerTrac Financial Solutions, a provider of analytical software solutions for investment professionals, as well as Senior Vice President and Director of Research for Van Hedge Fund Advisors. Her experience in prior positions includes research, writing, consulting, marketing, due diligence, index construction, asset allocation, and more.
“We are delighted to have such a highly-regarded and experienced industry veteran such as Meredith joining our team,” said Todd Goldman, Principal of Rothstein Kass. “Her industry-leading research on topics such as emerging managers, women and minority owned funds, and the size of the universe, have made her an established regular in publications and on the conference circuit. The addition of her industry insight, consulting expertise and business development skills will allow Rothstein Kass to enhance our brand and suite of services, as well as provide significant value-add to our clients.”
Meredith will be based in Rothstein Kass’ Dallas office.
New York (HedgeCo.net) – Rick Bensignor has joined hedge fund tech and prime broker Merlin Securities as chief market strategist.
In this new position, Bensignor will produce behavioral market strategy research focused on a wide variety of asset classes and macro-economic commentary. Bensignor will report directly to Stephan Vermut, founder and managing partner of Merlin Securities, and will be based in the firm’s New York office.
“Rick’s insights into behavioral economics and his deep understanding of the macro issues which drive markets make him a valuable and welcome addition to our team,” said Stephan Vermut. “Fund managers benefitting from our powerful reporting systems, risk analysis, and comprehensive fund workflow solutions will now also be able to take advantage of Rick’s market analysis, trading strategies and investment acumen. Having this type of seasoned professional as a resource is an incredible value-add for our clients.”
Within Morgan Stanley’s Principal Strategies Group Bensignor was the group’s chief market strategist. Previously, he had been the firm’s Institutional Investor-ranked technical strategy analyst and oversaw its technical research product for four years. Bensignor also served as the head of technical analysis, futures and commodities at Bloomberg, managing product development, sales and marketing. Before that, he was Morgan Stanley’s commodities technical strategist and head of its institutional commodity futures sales desk, which followed his 12-year trading career as a broker and independent trader on the floor of several New York futures exchanges.
“I am thrilled to be joining Merlin Securities which has, since its inception, been dedicated to becoming the premier provider of products and services to the alternative asset management industry,” said Bensignor. “I look forward to adding my thinking to Merlin’s incredible suite of products and services that enable asset managers to better run their businesses and focus on generating alpha for their investors.”
New York (HedgeCo.net) – Trident Fund Services has appointed Brenda Mauro as Head of North American Business Development. Ms. Mauro will support the expansion of the Trident Fund Services business in the U.S. and abroad.
Mauro’s broad experience includes helping hedge and private equity fund managers and their advisors in the U.S. and abroad with the establishment and operation of domestic and foreign funds.
Mauro previously held positions at RK Consulting and J.P. Morgan Hedge Fund Services.
New York (HedgeCo.net) – $8 billion hedge fund investment firm SkyBridge Capital has hired Tatiana Segal as a managing director and head of risk management. Mrs. Segal was previously a managing director and chief risk officer at Cerberus Capital Management.
“Through thought leadership and deep knowledge of the financial industry and risk, Tatiana is uniquely positioned to broaden our investment oversight and make important strategic contributions as the firm continues to expand on a global scale,” said Anthony Scaramucci, managing partner of SkyBridge Capital. “Already familiar with our products and value proposition having previously worked with the team at Citi, Tatiana’s knowledge and expertise will be invaluable.”
Mrs. Segal has more than 18 years of experience with both buy-side and sell-side firms. Prior to joining Cerberus, she held a chief risk officer position with Diamond Lake Investment Group, where she implemented a risk management and portfolio construction framework for a global multi-strategy portfolio. Earlier, she was a director at Citigroup Alternative Investments, where she was responsible for independent risk oversight of a diversified hedge funds and fund of funds portfolio. During her tenure at Citi, she also served on Operational Risk Council, as well as various Fiduciary Committees. Mrs. Segal commenced her career at Blackrock Asset Management. She holds a B.A. in Economics from Columbia University.
Mrs. Segal will be reporting directly to SkyBridge Capital’s managing partners, and will be based in SkyBridge’s headquarters in New York.
Alex Akesson
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New York (HedgeCo.net) – Ken Griebell has joined Ramius LLC, the global alternative investment management business of Cowen Group, Inc., in New York as a Director.
