Antarctica Snags Latest Ivy Refugee

May 16 2007 | 6:46pm ET

One of the latest to abandon ship at Ivy Asset Management has landed on solid ground at Antarctica Asset Management.

Alan Chuang, who departed from the $16 billion fund of hedge funds last week, joined Antarctica on Monday as a principal in charge of research.

“We think very highly of Alan and we are very excited to have him here,” said Francisco Salonia-Ruzo, principal of New York-based Antarctica. Salonia-Ruzo explained that the firm’s six principals, including Chuang, all know each other from their days at JP Morgan.

“We are very excited about our returns and we continue to look for niche [hedge funds],” said Salonia-Ruzo, who co-founded the fund of funds shop in 2001.

Meanwhile, Chuang’s departure from Ivy last week, along with that of Alexander
Rabinovich, brings the number of high-level executives fleeing the Bank of New York’s fund of funds unit to at least ten this year. The exodus began in December when chief investment officer Adam Geiger stepped down.

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