Wale brought in to launch latest Cardinal fund

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...