Hedge Fund firm Magnetar Capital has hired Michael Gross as a senior partner and co-chairman of the firm's investment committee. Gross, founder and former partner of private equity firm Apollo Management, will also serve as chief investment officer for the $3 billion firm's credit and private investment businesses. He will be based in New York. In addition to hiring Gross, earlier this week Magnetar 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, Illinois-based Magnetar founded a reinsurer in Bermuda, Pulsar Re, earlier this year.