Ackman Backs Launch by Ex-Pershing Analyst · 2017. 3. 27. · See GRAPEVINE on Back Page Ackman Backs Launch by Ex-Pershing Analyst Scott Ferguson, who left Pershing Square last

See GRAPEVINE on Back Page

Ackman Backs Launch by Ex-Pershing AnalystScott Ferguson, who left Pershing Square last year to launch his own hedge fund,

is set to begin investing on July 1 with $100 million — including a chunk from Per-shing founder William Ackman.

Like Pershing, Ferguson’s Sachem Head Capital will pursue activist investments, primarily in U.S. companies. Indeed, in some cases Sachem Head will co-invest with Pershing, while in others it will target smaller companies beneath Ackman’s radar.

Ferguson plans to invest about $50 million of his own money in the Sachem Head Capital fund. The rest of the day-one capital will come from Ackman and others close to Ferguson. Ackman’s endorsement means the New York operation should have little trouble attracting additional investors, market professionals said.

Ferguson was the first analyst Ackman hired at Pershing. He was a partner and senior research executive when he left the $12 billion firm last July.

In addition to teaming up with Pershing on some deals, Sachem Head may investSee LAUNCH on Page 6

Michael Dell’s Fund Shop Maps Hiring SpreeThe hedge fund arm of Michael Dell’s family office is expanding its staff just as Dell

is trying to orchestrate a $24 billion buyout of the computer company he founded.MSDC Management plans to hire at least five analysts for the multi-strategy oper-

ation. Last week, the New York firm tapped headhunter Glocap Search to help fill the positions, either by recruiting junior analysts from rival shops or by hiring from bank training programs.

“MSDC hasn’t hired many junior people in the past few years, so the team has matured and become more senior-heavy,” a source said.

It’s unclear if the hiring push is connected with Dell’s efforts to take Dell Inc. pri-vate. What’s known is that he plans to capitalize the buyout deal in part by withdraw-ing funds from his family office, MSD Capital, which in turn is the largest investor in MSDC’s vehicles. It’s possible that MSDC wants to raise fresh capital to offset any

See SPREE on Page 6

Fortress Pressure Prompts Recruiter’s OusterExecutive-search firm iFind Group has dropped one of its three partners to sal-

vage its relationship with Fortress Investment.The former partner, Craig Tisdale, was shown the door in the past few weeks

after Fortress executive Louis Thorne made it clear that the $52 billion fund operator wouldn’t do business with iFind if Tisdale continued to work there, sources said. In the wake of Tisdale’s departure, the New York search firm continues to field assign-ments from Fortress.

The trouble began when Tisdale last year approached another Fortress executive, Dov Eisner, about working on a hiring mandate, one source said. Specifically, Tisdale expressed an interest in helping to line up a replacement for Thorne, who had been offered a job by another investment manager. The problem was that at the time of Tisdale’s conversation with Eisner, Thorne hadn’t yet given notice at Fortress.

As it turned out, Fortress convinced Thorne to stay, then promoted him to aSee FORTRESS on Page 4

2 Law Firm Starts Compliance Business

2 US Partner Leaving Asia-Based Shop

2 JAT Alum Launches With $60 Million

2 Ex-BlueGold Trader Preps for Launch

3 Startups Pitched on Turnkey Package

3 Pollack Vehicle Gaining Traction

3 Teicher Proteges Prep Multi-Strat Fund

4 QFS Closes Volatility-Overlay Book

4 Wells Offers Trade-Tracking System

6 CALENDAR

7 LATEST LAUNCHES

Portfolio manager Rick Shobin and ana-lyst Peter Kreisler left GLG Partners’ U.S. office two weeks ago. There’s no word on their next moves. Together, they oversaw energy stocks and other investments for a $1.7 billion unit that manages a hedge fund, a UCITS vehicle and a separate account.

More details are emerging about the staff of Reef Road Capital, the startup credit-product shop led by Eric Rosen. The latest names to emerge are analysts Craig Foun-tain and Matt Dratch. Fountain had been a vice president on a special investment team at J.P. Morgan. Dratch spent the past two years as a senior analyst at Diamond-back Capital affiliate Harbor Watch Capital. Rosen still is looking for more analysts. He also has picked up Marc Eldridge as

THE GRAPEVINE

FEBRUARY 27, 2013

Law Firm Starts Compliance BusinessA law firm specializing in hedge fund work has formed a

separate unit to help managers run compliance programs.Orical of New York, which has about 30 fund clients, started

a business called Reliance Hub last month. The unit’s three-per-son staff is tasked with helping clients implement compliance programs that have been designed by Orical’s legal team. The group has picked up five clients so far. Fees are about $2,500 per month.

At the same time, Reliance Hub is marketing a software package designed to automate most compliance functions, including regulatory filings, document maintenance, tracking staffers’ personal trades, forensic portfolio analysis and flag-ging potential conflicts of interest. The product, called Reliance Hub Compliance Software, is available for $25 per month, plus set-up and maintenance fees.

Leading the initiative is Romulad Beneche, who joined Ori-cal last month as a director in charge of Reliance Hub’s opera-tions. He previously worked at Citigroup’s fund-administration business.

Orical was founded in 2010 by Greg Florio, the former chief compliance officer at Marathon Asset Management, and Michael Scally, whose resume includes an in-house counsel post at alternative asset manager Investcorp. Orical’s team of six lawyers provides fund-formation services and helps clients register with the SEC and prepare for periodic examinations, in addition to developing compliance programs.

US Partner Leaving Asia-Based ShopMCP Asset Management, a large Asia-focused fund-of-

funds operator, is losing its point man in the U.S.Ben King, a principal who ran MCP’s Chicago office, will

soon leave the $6 billion firm after agreeing to sell his stake to his Tokyo-based partners, Tetsuo Ochi and Tetsuya Tanaka. King appears to be departing on good terms.

The move leaves some market players wondering whether MCP will maintain its Chicago outpost, which has a staff of nine. One source said the office likely will remain open in part because it oversees investments with about 10 hedge fund managers in the U.S. and Europe.

King apparently oversaw due-diligence reviews that MCP conducted on managers globally. Much of his time was spent shuttling between Chicago and the firm’s offices in Hong Kong and Tokyo.

MCP mainly invests in Asia. It caters to banks and insur-ance companies including Dai-ichi Life, Mizuho Bank and Norinchukin Bank. The firm was founded in 2000 by Ochi, for-merly a managing director at Credit Suisse in Tokyo.

MCP joined the ranks of the largest alternative-asset man-agers in Asia via its 2010 acquisition of Sparx Group’s hedge fund business in Hong Kong. In addition to funds of funds, MCP runs a program that makes seed investments in startup fund operators. In April 2012, the vehicle invested 3 billion

yen ($36.5 million) with Terra Grove, a quantitative-equity shop founded by a team of former Millennium Management traders.

JAT Alum Launches With $60 MillionFormer JAT Capital researcher Jonathan Lennon’s business

is up and running.Working via his New York-based Pleasant Lake Partners,

Lennon started trading a long/short equity vehicle called Pleasant Lake Onshore Feeder Fund last month with $60 mil-lion. A source said the money includes capital from Lennon and his colleagues, and likely some outside backing that the firm lined up during a low-key marketing campaign in recent months.

Lennon has been planning the launch since leaving JAT in January 2012 to set up Pleasant Lake. He’s taking a concentrated approach to investing in stocks worldwide, with a focus on con-sumer, industrial/natural resources and media companies.

Lennon spent three-and-a-half years as a general stock analyst at JAT, John Thaler’s $2 billion hedge fund operation. Before that, Lennon was an investment-banking analyst at Goldman Sachs.

He is joined at Pleasant Lake by analyst Ryan Parks, for-merly of Orange Capital; marketing head Brock Saunders, formerly of Citigroup; and chief financial officer Spencer Ray-mond, previously of Garrison Investment.

Ex-BlueGold Trader Preps for LaunchAn energy-stock portfolio manager who previously worked

at Pierre Andurand’s BlueGold Capital will soon begin trading a hedge fund with backing from his former boss.

Pascal Forest will invest in commodity-related companies via his newly formed Forest Investments of San Juan, Puerto Rico. He is joined by his wife, former Credit Suisse lawyer Joselyn Chico-Martinez de Forest, a native of Puerto Rico who persuaded the French-born Forest to set up shop there.

Forest worked at London-based BlueGold until last May, shortly after Andurand announced he would return $1 bil-lion of investor capital following a 34% loss in 2011. Andurand has agreed to invest an undisclosed amount of money in the planned Forest Offshore Partners fund. The vehicle is set to launch on April 1.

Forest joined BlueGold in 2009. Prior to the 2011 loss, the firm had posted impressive returns, including a gain of more than 200% in 2008 and about 55% in 2009. Previously, For-est worked as a managing director at Tremblant Capital, a New York equity manager.

Forest and Chico plan to focus their fund-raising efforts on wealthy Puerto Ricans who until now have had to travel to the States to meet with hedge fund managers. Only one other fund shop, San Juan Asset Management, is based in Puerto Rico, according to Hedge Fund Alert’s Manager Database, which tracks firms registered with the SEC.

February 27, 2013 2Hedge FundALERT

Startups Pitched on Turnkey PackageAn affiliate of fund administrator Apex Fund Services is mar-

keting a package of back-office functions designed to reduce the amount of time and money required to launch a hedge fund in the U.S.

The affiliate, Emerging Asset Management, has offered a similar suite of services to non-U.S. managers since 2008. Last month, the firm formed a Delaware-domiciled master fund to accommodate startup managers in the U.S. that might lack the resources to launch their own vehicles from scratch. In addition to fund formation, Emerging Asset supports most other non-investment operations, including compliance, accounting, risk management and administration. The idea is to allow managers to focus on trading and marketing their strategies.

Clients will manage their portfolios via sub-funds of the master vehicle. Emerging Asset has tapped law firm Bingham McCutchen to handle fund formation and compliance, while Deloitte will be responsible for accounting and auditing functions. But the pro-gram isn’t a “hedge fund hotel.” Managers have to provide their own office space, trading programs and computer systems. They’re also on their own when it comes to raising capital.

Still, the arrangement can mean significant savings compared to a stand-alone operation. A U.S. manager without offshore investors, for example, would see start-up costs cut from perhaps $50,000 to $10,000 or less, while reducing the timetable for a launch from six months or more to just a few weeks.

For legal, accounting and most other support services, Emerging Asset charges an annual fee equal to 25 bp of a man-ager’s assets. For fund administration, clients are required to use Apex, which charges up to $2,000 a month for managers with less than $10 million of assets, and 10 bp per month for larger portfolios. Clients face additional charges for annual auditing and tax-reporting services.

“The idea is to allow guys who are just starting out to get their fund launched with best-in-class service providers,” said Chris-topher Buchan, who oversees Emerging Asset from an office in Redding, Conn. “Initially, they have a very limited number of investors, and they are looking to make their strategy work over a 2-3 year period to give themselves a track record and allow them to go to a family office or institutional investors.”

At the same time, the firm has opened a U.S.-domiciled feeder fund for its offshore program in Bermuda that will allow manag-ers in the States to raise capital from tax-exempt investors.

Since Buchan joined Emerging Asset in 2011, the number of offshore clients has grown to 70, from about 30. They range in size from $25 million under management to less than $1 million.

Buchan so far has enlisted one client for the U.S.-domiciled version, but is talking to 4-5 other managers who are likely to sign on. His goal is to add clients at a rate of roughly one per month. Most are likely to trade stocks and bonds, but the turnkey opera-tion can accommodate a range of strategies, including commodi-ties, litigation financing, tax receivables and real estate.

Emerging Asset is an independent operation owned by Apex principals John Bohan and Peter Hughes. Apex, which was founded in Bermuda in 2003, has $25 billion under administration.

Pollack Vehicle Gaining TractionThere appears to be strong investor interest in Michael Pol-

lack’s new hedge fund firm, Destrier Capital.During Goldman Sachs’ Emerging Managers Conference in

Orlando this month, Destrier representatives met with 80-90 investors over a three-day period. That left Pollack and his team confident about meeting their fund-raising goals — including $75 million for a so-called founders’ share class.

The Destrier fund, also called Destrier Capital, is a short-biased equity vehicle that launched in October with $20 mil-lion of Pollack’s own money. It has since brought in another $20 million. Pollack plans to cap the vehicle at $500 million.

The fund returned 2% in the fourth quarter and is up about 5% year-to-date. It takes a bottom-up approach to investing in small- and mid-cap stocks, relying heavily on industry contacts in four main sectors: business services, consumer, healthcare and technology, media and telecommunications. Marketing materials emphasize that Destrier’s investment team doesn’t rely on expert networks.

Pollack is best known for his years as a partner at Glenhill Capital, where he worked from 2001 to 2008. For the next four years, he mostly invested his own money via a family office called Pollack Holdings. He now runs his money through Des-trier, which has a staff of five.

Before Glenhill, Pollack worked briefly at Reservoir Capital and Colony Capital.

Teicher Proteges Prep Multi-Strat FundTwo staffers at a family office are leaving to open a hedge

fund shop.Aasim Khwaja and Jung Lee have worked together for sev-

eral years at former money manager Victor Teicher’s Ithaca Partners. They are forming KL Investment Partners in Green-wich, Conn., and plan to launch a multi-strategy fund on April 1 with $5 million, some of that from Teicher.

Teicher was convicted of insider trading in 1990. He also is known for having been an advisor to Ezra Merkin — and warn-ing Merkin against investing with Bernie Madoff. The warning went unheeded, and Merkin lost $1.2 billion of client assets to Madoff ’s Ponzi scheme.

Khwaja has been at Ithaca since 2005, most recently as a part-ner. The family office has put up strong numbers, consistently outperforming the market even during the mayhem of 2008. Before joining Teicher, Khwaja was a senior auditor and con-sultant at Arthur Andersen. Lee joined Ithaca in 2008 and has worked as an analyst.

Their new offering, KL Investment Partners Fund, will maintain 15-30 positions. In marketing documents, Khwaja and Lee cite profitable investments made by Ithaca in Herbalife, Facebook and Trip Advisors.

The founders are marketing their fund to wealthy individuals. First-day investors will pay a 1.5% management fee and 15% of profits. Subsequent investors will pay 1.75% and 20%, but with discounts for investors willing to commit $5 million or more.

February 27, 2013 3Hedge FundALERT

QFS Closes Volatility-Overlay BookQFS Asset Management has nixed its volatility-focused

investment service — marking the latest pullback in what has been a tumultuous stretch for the firm.

The so-called targeted beta options overlay program sought to help clients manage exposures to volatility in broad markets, such as S&P 500 stocks, by taking positions in options linked to indexes and exchange-traded funds on a non-discretionary basis. QFS was running less than $200 million through the ini-tiative, which it unwound in January and February.

One of the executives running the program, Arnold DiLaura, already has departed QFS. Another, Stephen Van Besien, is expected to leave. They both joined QFS via the New York firm’s April 2011 purchase of Cenario Capital — a move that saw Cenario chief executive Karlheinz Muhr take the same post at QFS.

The Cenario acquisition also brought with it a hedge fund called Cenario Volatility Fund that employed the same volatil-ity-focused strategy. QFS shut down that $60 million vehicle about a year ago.

The end of the non-discretionary volatility program comes at a time of substantial change for QFS. Last year, the firm wound down two of its three discretionary investment services — one employing a global-macro strategy and the other taking a fixed-income approach. And when founder Sandy Grossman followed through with plans to step down as chairman at year-end, he made the unexpected move of withdrawing all of his money from the shop’s funds.

QFS also lost money last year, and saw several staffers head for the doors.

Meanwhile, fund-of-funds manager GAM said on Jan. 14 that it would buy a 30% stake in the firm. QFS runs a little more than $1 billion, down from some $3.6 billion prior to the financial crisis. About half of the money is in the operation’s remaining discretionary fund, QFS Currency Program. The rest is mainly in a non-discretionary overlay-advisory service.

Wells Offers Trade-Tracking SystemWells Fargo’s fund-services business is introducing a feature

that allows portfolio managers to better monitor the status of transactions during the trading day.

Many fund operators currently wait until the end of the trading day or even the next day to learn whether certain trades had been executed or had failed. Wells’ new service, dubbed RealSTP, provides intraday updates on the status of trades, as well as timely information on cash and collateral activity, profits and losses, and asset servicing. The bank’s Wells Fargo Global Fund Services unit plans to announce the enhancement later this week and roll it out on March 4.

“Many hedge funds [track] this for themselves but don’t necessarily have a system that’s capable of collecting and reporting the information,” said Stuart Feffer, co-head of the fund-services unit, which counts $27 billion of assets under

administration.While some competitors offer order-tracking systems, “the

feedback we are getting from the market is that what we are rolling out here is pretty unique,” Feffer said.

The web-based RealSTP initially will be available to fund managers that outsource a range of back-office and middle-office functions to Wells. Clients that use Wells for plain-vanilla administration services — such as net asset valuations, inves-tor reporting and subscriptions and redemptions — will have to wait until June to access the new service. Wells is making it available to existing clients free of charge.

The trade-tracking system is designed to work for all asset classes, including derivatives and distressed debt. The program is based on a model Wells already uses to monitor the status of home loans.

Fortress ... From Page 1

position over Eisner. When Eisner subsequently gave notice that he was leaving, Tisdale approached Thorne about working on that assignment. That’s when Thorne delivered his ultima-tum to iFind.

It’s unclear whether Tisdale knew that Thorne hadn’t yet given notice when he approached Eisner about the assignment.

Both Tisdale and one of the two remaining iFind partners, Rene Letendre, denied that Tisdale was fired or that the Fortress incident occurred. The two joined iFind together in January 2012 from rival recruitment firm Atlantic Group. iFind’s other remaining partner is Jodi Wechsler, who co-founded the firm in 2007.

“We signed a one-year deal and decided to part on good terms,” Tisdale said. “We are going in different directions.”

But one industry source said the split should be a cautionary tale for recruiters. “It’s kind of like recruiter code — you don’t do that,” he said. “I think there’s an ethical code you have with candidates and clients that anything you learn clandestinely be kept between the two parties.”

Another source said he was surprised that iFind gave in to Thorne’s demand. “That’s pretty rare,” he said. “If someone told me that, I’d say I’m keeping my person. People’s lives are at stake — plus what kind of message does that send your staff? Everyone makes mistakes.”

Thorne is now chief operating officer of Fortress’ $4.4 billion liquid-markets hedge fund business. Eisner, a regional chief financial officer in Thorne’s group, hasn’t left Fortress yet and currently is interviewing candidates to fill his own position.

February 27, 2013 4Hedge FundALERT

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Launch ... From Page 1

alongside other activist managers including Marcato Capital, led by Pershing alumnus Mick McGuire, and Corvex Capital, headed by Carl Icahn protege Keith Meister.

Several senior executives hired by Ferguson also will contrib-ute capital to the Sachem Head fund. Among those who have joined the firm are analyst Geoffrey Hamilton, whose resume includes positions at Bain Capital and Conatus Capital.

Spree ... From Page 1

withdrawals by its founder, and expanding staff could help that effort.

Sources said the firm expects inflows to pick up in any case thanks to strong returns. The newest vehicle, MSD Torchlight, has taken in around $30 million in the past six months or so. The planned hiring “is simply being driven by organic growth,”

one source said.MSD Capital, which Dell founded in 1998, is led by former

Goldman Sachs executives Glenn Fuhrman and John Phelan. In July 2009, the duo set up MSDC to manage some of Dell’s money as well as capital from outside investors. Overall, the two units run about $14 billion.

CorrectionsA Feb. 20 article, “Grosvenor Still Pitching Seed Vehicle,” incor-rectly reported that Grosvenor Capital hired Climbing Tiger Con-sulting to help market a hedge fund-seeding vehicle. Grosvenor recently extended the marketing period for Grosvenor Emerg-ing Manager Fund and is working with a large financial institu-tion to raise additional capital.

A Feb. 20 article, “Delta Adds Covered-Call Offering,” gave the wrong first name for Coastal Capital partner Rob Henrich.

February 27, 2013 6Hedge FundALERT

CALENDAR

CALENDAR Main Events Dates Event Location Sponsor Information March 21 Absolute Return Spring Symposium 2013 New York Hedge Fund Intell. www.hedgefundintelligence.com

May 7-10 SALT 2013 Las Vegas SkyBridge Capital www.saltconference.com

May 22-23 EuroHedge Summit 2013 Paris Hedge Fund Intel. www.hedgefundintelligence.com

June 17-19 GAIM International 2013 Monte Carlo, Monaco ICBI www.icbi-events.com

June 20 Forum 2013 Chicago MFA www.managedfunds.org

June 25-27 Fund Forum International 2013 Monte Carlo, Monaco ICBI www.fundforuminternational.com

Sept. 15-17 Alpha Hedge West Conference San Francisco Institutional Investor www.alpha-hedge.com

Oct. 17-18 Outlook 2013 New York MFA www.managedfunds.org

Oct. 28-31 Fund Forum USA 2013 Boston ICBI www.fundforumusa.com

Events in US Dates Event Location Sponsor Information March 3-5 Wealth Management & Trust Conference New Orleans ABA www.aba.com

March 3-6 Southern States Alternative Investment Symposium Birmingham, Ala. SSBC www.ssais2013.com

March 4 Family Office Winter Forum New York Opal www.opalgroup.net

March 4 Investment Consultants Forum New York Opal www.opalgroup.net

March 5-6 Risk Management for Non-Quants New York FMW www.fmwonline.com

March 6 Hedge Fund Enforcement & Regulatory Dev. Winter 2013 New York PLI www.pli.edu

March 6 Real Estate Private Equity Summit New York IGlobal Forum www.iglobalforum.com

March 7 Mountain States Institutional Investor Forum Denver US Markets usmarkets.org

March 11 Institutional Investor Life Settlement Conference New York LISA www.lisa.org

March 13-15 Foreign Exchange Workshop Miami Euromoney Training www.euromoneytraining.com

March 14 Morning Seminar New York Infovest 21 www.infovest21.com

March 14-15 Foundations & Endowments Summit Huntington Beach, Calif. IMN www.imn.org

March 14-15 Impact Investing Summit Huntington Beach, Calif. IMN www.imn.org

March 18-19 Hedge Fund Due Diligence Master Class New York FRA www.frallc.com

March 20 FXIC 2013 New York Shift Forex www.forexindustryconference.com

March 20-21 Risk Management for Non-Quants Chicago FMW www.fmwonline.com

To view the complete conference calendar, visit The Marketplace section of HFAlert.com

February 27, 2013 7Hedge FundALERT

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LATEST LAUNCHESLATEST LAUNCHES

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Equity Feb. 1 $5

Forest Offshore Partners Domicile: British Virgin Islands See Page 2

Pascal Forest Forest Investments, San Juan, Puerto Rico 787-368-8850

Equity: long/short

Prime broker: Jefferies Law firm: Proskauer Rose Administrator: SS&C GlobeOp

Apr. 1

Pleasant Lake Onshore Feeder Fund Domicile: U.S. See Page 2

Jonathan Lennon Pleasant Lake Partners, New York 212-610-2635

Equity: long/short

Prime brokers: Goldman Sachs and Credit Suisse

Jan. $60

To view all past Latest Launches entries, visit The Subscribers section of HFAlert.com

TO SUBSCRIBE HEDGE FUND ALERT www.HFAlert.com

... From Page 1

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February 27, 2013 8Hedge FundALERT

director of operations. Eldridge previ-ously was at the now-shuttered Bell Point Capital — the former employer of a few other Reef Road recruits. Rosen, for-merly of UBS and J.P. Morgan, has been adding staff as he prepares to launch a fund in April or May with more than $300 million from Paloma Partners and probably other backers.

JAT Capital has parted ways with equity trader Paul Covello. He left John Thaler’s $2 billion fund shop to join New York wealth manager Cramer Rosenthal McGlynn this month. Covello had worked at New York-based JAT since 2011. Before that, he worked briefly at RBC Capital and spent five years at Pequot Capital.

Israel Englander’s Millennium Manage-ment hired another former Diamond-back Capital portfolio manager in recent weeks as Diamondback shut its doors for good. The latest Diamond-back alumnus to join New York-based

Millennium: consumer-stock specialist David Kim. He joins healthcare-stock portfolio managers Michael Chiou and Nadav Hazan, who made the move around the same time. Diamondback, a once-$6 billion fund manager, lost investors after the Stamford, Conn., firm was tarnished by the federal insider-trading probe.

EACM Partners has switched market-ing heads. Daved Langguth left the BNY Mellon unit last month, destination unknown. Taking his place as director of marketing is John Imbriglia, who joined EACM last year from Probitas Partners. Imbriglia also has worked at Barclays and Lehman Brothers. Langguth had been on board since 2005. EACM runs $5 billion via multi-manager hedge fund vehicles and long-only products.

Senior healthcare-stock analyst Alex Gleser left Conatus Capital of Greenwich, Conn., in the last few weeks to join the San Francisco office of TPG. He is being replaced by new hire Justin Galen, most recently of Cadian Capital. Conatus was managing $2.6 billion of net assets as of January 2012. The equity-focused

firm was founded by former Lone Pine Capital executive David Stemerman in July 2007.

Matt Milim is leaving his post as an ana-lyst at Seneca Capital for a similar posi-tion with Citadel’s global equity group. The exact timing of the move is unclear. Milim joined New York-based Seneca in 2005. Citadel is based in Chicago but has major operations in New York.

Man Group is seeking a head of sales for the Eastern U.S. The recruit would pitch institutional investors on the entire suite of Man Group funds, including its FRM funds of funds, GLG vehicles and AHL quantitative offerings. London-based Man runs $60 billion overall. Candidates can email resumes to [email protected].

Equity shop Ascend Capital has added a consumer-stock analyst. Mike Napoli-tano joined the San Francisco firm this month. He previously worked at Weintraub Capital, a $1 billion equity-focused manager that shut down at yearend after founder Jerry Weintraub decided to retire.