Cardinal Asset Management has hired Phillip Wale to launch its multi-strategy equity hedge fund wh...
Cardinal Asset Management has hired Phillip Wale to launch its multi-strategy equity hedge fund which will be worth at least $500m.
Wale, the former trading head of Commerzbank, is expected to recruit a number of senior executives to help develop the fund over the coming weeks.
Industry observers are expecting the new product, which will be subject to regulatory approval, to be launched later this year.
Wale, who also spent 10 years at Goldman Sachs where he rose to become head of European equity trading, said he was excited about his prospects.
"Market conditions are optimal and this is the right time in my career to launch this fund," he said. "I believe the market will provide significant trading opportunities to those with the experience and confidence of trading through the cycles."
A spokesman for Cardinal said it was too early to say when the fund would be launched or to give any further details.
Cardinal, which is based in London and Dublin, is the exclusive provider of hedge fund products to ISIS Asset Management. It was founded by Nick Corcoran, the former executive vice president of Zurich Capital Markets, and Nigel McDermot, the former founder director of International Investments & Underwriting.
Isis, which was created in 2002 by the merger of Friends Ivory & Sime and Royal SunAlliance Investments, is quoted on the London Stock Exchange with over £63.8bn in assets under management.
Back in July the boards of Isis and F&C Management announced a conditional agreement to merge the companies and create the UK's fourth-largest asset manager.
The tie-up is subject to shareholder approval and is expected to be completed by October this year.
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