Tuesday, 31 May 2016
Last updated 3 days ago
May 12 2011 | 12:31pm ET
A hedge fund founded by a Moore Capital Management veteran has seen a major management shakeup.
Pia Capital Management's CEO since its founding more than two years ago, Joseph Niciforo, left the firm in March. Firm namesake Christopher Pia, who has served as chief operating officer since the firm's debut in February 2009, takes his place.
In addition, Pia named John Fallon, director of commodities, president of the firm and hired Jonathan Williams from Barclays Capital to serve as chief credit officer. And the firm moved to rebrand its funds, renaming the 1X and 3X funds Unity and Trinity.
"The past two years in the macro space proved how difficult the investment environment can be," Pia told HFMWeek. "Not preparing for a future of ‘more of the same’ would have been irresponsible. Approaching our second anniversary no longer makes us a start-up. Being that the skills needed to launch in 2009 are no longer applicable to our future, and with the pending SEC regulatory oversight expected in 2012, we had to re-focus our business."
Pia, which manages $400 million, is actively fundraising for its two funds and hopes to add managed accounts.
Niciforo's departure was due to personal reasons, HFMWeek reports.