Phil Duff Snares $1B Hedge Fund

Jul 2 2008 | 2:00am ET

Duff Capital Advisors, an institutional investment management firm set up by FrontPoint Partners founder Phil Duff, said yesterday that it is partnering up with North Sound Capital, a billion dollar global long/short equity shop. 

DCA will direct a significant, long-term investment to the North Sound strategy. Terms of the agreement were not disclosed.

North Sound founder Tom McAuley will serve as the portfolio manager of DCA-North Sound and will serve on the Duff Capital Advisors Investment Committee. The entire 38-person staff of North Sound will be offered the opportunity to join DCA, including its 13- person investment team.

“Phil is one of the true visionaries in the industry and the strong capital support he has received from Lindsay Goldberg is a testament to his ability to build an institutional money management firm,” said McAuley.

DCA was launched in March with up to $500 million of equity capital support from private equity firm Lindsay Goldberg.

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