Schwab Alts. Pointman Plans Hedge-Like Mutual Fund

Jun 16 2010 | 2:52am ET

Charles Schwab Corp.’s top alternative investments executive is leaving the firm to found a hedge-fund-like mutual fund.

Josh Kernan, who as director of alternative investments and managed accounts oversaw Schwab’s alternatives sales and the firm’s two alternatives platforms, worked his last day at Schwab Monday. He had been with the firm for 16 years.

Kernan is founding a money management shop with plans to launch an absolute-return mutual fund of funds in the fourth quarter, Investment News reports. Simple Alternatives will run multi-manager mutual funds featuring “leading hedged-equity managers,” he told clients and friends in a memo last week.

Simple Alternatives’ first offering will be called S1 Fund, according to the memo.

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