WEST PALM BEACH, FL (HEDGECO.NET) – Cardinal Asset Management has decided to plunge into the ever-growing world of hedge fund management, according to published reports. Cardinal has contractedPhillip Wale, a veteran hedge fund manager, to assist the firm to develop its multi-strategy equity hedge fund.
Mr. Wade has significant experience in the area of equity trading. He was formerly the global head of property trading at Commerzbank for a number of years, and also worked for Goldman Sachs, where he was made the head of European equity trading.
Speaking about the venture at Cardinal Asset Management, Mr. Wale said, “I believe the market will provide significant trading opportunities to those with the experience and confidence of trading through the cycles. Market conditions are optimal,” Wale commented.
According to the released statements from Cardinal Asset Management, the firm will be making additional appointments of other senior staff that will assist Mr. Wale in developing the firm�s hedge fund investment instruments. Further details about the fund, including fees, and minimum investment requirements were not immediately provided. The new hedge funds will also be subject to regulatory approval.
According to Cardinal, the new fund will have an initial capacity of US$500 million; further information on the planned strategy will be provided in due course.
Paul Oranika
Editor-in-Chief
HedgeCo.Net
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