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.


In Depth

Exotic Assets: Investing In Rare Violins

Jan 17 2017 | 4:43pm ET

By definition, alternative investments include exotic assets far beyond your typical...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

The Trump Administration: What It Could Mean for Carried Interest

Jan 19 2017 | 5:25pm ET

The arrival of the Trump administration brings the potential for a repeal of the...

 

From the current issue of

The healthcare sector went on a tear beginning in 2011, thanks in large part to the passage of the Affordable Care Act and its impending implementat