Hedge fund Magnetar Capital has added former Cooper Neff Group CEO Andrew Sterge to head up its reinsurance business, continuing hedge funds' march into that industry. The $3 billion Evanston, Ill.-based Magnetar founded a reinsurer in Bermuda, Pulsar Re, earlier this year.
"Andy is a pioneer in quantitative investment strategies," Magnetar co-founder Alec Litowitz said. "I am confident Andy can build an advantaged reinsurance platform that will serve as an important part of a diversified mix for our investors. Sterge, who will work out of Magnetar's Philadelphia-area office, is also the founder of AJ Sterge Investment Strategies, and he'll be joined at Magnetar by a team from that firm.