Seagate Duo Spin Off Global Macro Hedge Fund

Oct 2 2009 | 2:30am ET

A pair of Seagate Global Advisors hedge fund managers, including one of the firm’s founders, have struck out on their own, and taken their $50 million hedge fund with them.

R. Michael Reveley and Toby Chandler have founded SEAL Capital, which is based in the Cayman Islands with an office in Los Angeles. The new firm manages their old hedge fund, the three-and-a-half-year-old SEAL Capital Global Strategy, a liquid global macro fund on the HFR Manager Select platform. The fund focuses on directional and relative-value strategies in fixed-income, foreign exchange, credit, commodity and equities markets. It offers weekly liquidity and features no redemption gate provisions.

The SEAL fund returned some 17.6% last year, while the average hedge fund lost double digits. It has continued its winning streak this year with a 7.22% return through August.

Reveley co-founded and served as deputy chief investment officer of Los Angeles-based Seagate for 13 years before leaving to found SEAL, where he is CEO. Prior to setting up Seagate, Reveley headed the syndicate and derivates group at SBC Warburg. He has also served as vice president of the global derivatives group at Swiss Bank and at First Interstate Bank.

Chandler, chief investment officer of SEAL, joined Seagate just last year as a portfolio manager. He worked at Morgan Stanley before entering the hedge fund world, running its global specialist macro desk.

The two managing partners are joined at their new venture by John Koval as chief operating officer, Wei Liu as associate director of systems and quantitative analysis and Robin Kim as associate director of business development and investor relations. Koval joined SEAL from hedge fund Cliffwood Partners, where he was director of finance and operations, while Liu worked at Trust Company of the West and Kim at ZNO Inc., with an earlier stint at Morgan Stanley Dean Witter.

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