61 notes &
Citigroup hedge fund spin-out hires Morgan Stanley veteran
The former head of Europe at Morgan Stanley Investment Management has emerged as chief executive at one of this year’s most hotly-anticipated hedge fund launches, Financial News has learned.
Andrew Mack, who left the US bank in June 2010, is chief executive and chief risk officer at Portman Square Capital, the imminent new hedge fund launch led by Sutesh Sharma, Citigroup’s former global head of proprietary trading. The hire reunites Mack and Sharma, who worked together at Morgan Stanley earlier this decade.
A spokeswoman for Portman Square confirmed the move.
According to two people familiar with the situation, Portman Square is planning to launch a hedge fund on November 1. The fund, which will likely to be one of the biggest launches in Europe this year, is expected to reach $500m within a few months, the sources said. It is understood Citigroup is not investing in the new fund.
One of the sources said that while at Citigroup, Sharma ran a $2bn portfolio that posted annualised returns of about 14%.
(Source: wantering)
