SkyBridge Capital Nabs N.Y. Pension Manager

Nov 4 2010 | 8:18am ET

SkyBridge Capital has hired the New York State Common Retirement Fund’s hedge fund chief to lead its own institutional hedge fund business.

Peter Carey will assume his new post at the $7 billion alternative asset management firm on Nov. 8. He is charged with building customized hedge fund portfolios for institutional investors, working closely with chief investment officer Raymond Nolte. Nolte himself is new to SkyBridge, having come over from Citigroup when the former acquired the latter's three hedge fund businesses.

Carey has worked in the New York State comptroller’s office for three years. That office and the pension it oversees have been scarred by a pay-to-play scandal that recently led to a guilty plea on corruption charges from former Comptroller Alan Hevesi.

News of Carey’s exit comes just a day after his boss, Comptroller Thomas DiNapoli, narrowly won a bruising re-election campaign against former hedge fund manager Harry Wilson.

Carey oversaw the Common Retirement Fund’s move from funds of hedge funds into direct hedge fund investments. He joined the comptroller’s office from Bear Stearns.

News of Carey's move was first reported by Hedge Fund Alert.

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