Ex-Mellon Global Heads Found Fund Of Hedge Funds

Jul 26 2010 | 1:41pm ET

Times are tough for funds of hedge funds, but a couple of industry veterans are launching a new one, anyway.

Derek Stewart and Scott MacDonald have founded Carduus Capital. The new firm will begin fundraising for its maiden fund of funds later this year, Financial News reports.

Stewart and MacDonald formerly led Bank of New York Mellon’s Mellon Global Alternative Investments, one of the three funds of funds owned by that firm. Both left BNY Mellon in May, four months after the firm announced it would consolidate its three fund of funds businesses under its EACM Advisors. The two had joined BNY Mellon in 2001, and before that had founded Liberty Ermitage’s hedge fund business.

London-based Carduus will focus on event-driven and relative value funds. It will also offer manager selection and strategy selection services to investors considering advisory mandates, according to FN.

The new firm is currently awaiting approval from the U.K. Financial Services Authority.

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