Ex-Ivy Chief Joins Ex-Janus Chief's Hedge, Mutual Fund Firm

Former Ivy Asset Management CEO Sean Simon has been named president of Black Capital Management.

Simon "will be responsible for business strategy, marketing and operations" at the firm, founder Gary Black wrote in an e-mail to his contacts, according to Pensions & Investments. Black founded the firm, which plans to offer a suite of products including hedge funds, mutual funds, separately managed accounts and exchange-traded funds beginning next year.

Simon is Black's first president. He left Ivy last January, just before the fund of hedge funds' parent, Bank of New York Mellon, chose to shutter it as part of a consolidation of its three funds of funds. Ivy, which was founded by Simon's father, was battered by the Bernard Madoff scandal, which cost its investors more than $100 million.

Black is the former CEO of mutual fund giant Janus Capital Group.