Ex-PAAMCo Compliance Head Founds Risk Management Biz.

Mar 30 2009 | 1:00am ET

The former compliance chief at Pacific Alternative Asset Management Co. is going into business for herself.

Patricia Watters has founded Catalina Partners, a risk management firm, aiming to capitalize on an increasingly important area for the hedge fund industry, HedgeFund.net. Watters is no stranger to the area, having spent the past seven years as chief operating officer and chief compliance officer at PAAMCo. She’s joined at the new venture by co-founder Mason Snyer, a former director with Deloitte & Touche’s regulatory and capital markets consultancy.

“Operational due diligence used to be a ‘nice to have,’” Snyder told HFN. “We submit it’s now a ‘have to have.’”

“We’re going to be in the sweet spot for institutional investors who want to have the assurance that they’re investing in the right business,” Watters added.

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