Fri, 27/08/2004 - 09:00
Cardinal Asset Management, the ISIS-partnered alternative asset investment firm, has appointed Phillip Wale to launch its multi-strategy equity hedge fund.
Wale was formerly Global Head of Proprietary Trading at Commerzbank and is a veteran of Goldman Sachs where he was Head of European Equity Trading. Wale, with over twenty years market experience, has a record of consistent profitability over a range of market cycles and conditions. Cardinal intends to announce further senior appointments to augment Wale in the development of this fund. The fund, which is subject to regulatory approval, is expected to have an initial capacity of five hundred million dollars.
Cardinal is the exclusive provider of hedge fund product to ISIS Asset Management. This role has now been expanded following the Howard Carter led ISIS merger with F&C and the subsequent creation of one of the UK's biggest asset managers with over USD 220 billion dollars of traditional assets under management. ISIS has a 15% interest in Cardinal with Carter retaining a seat on the Cardinal board.
Phillip Wale said: "I am excited to be joining Cardinal at this stage. I believe the market will provide significant trading opportunities to those with the experience and confidence of trading through the cycles. Market conditions are optimal and this is the right time in my career to launch this fund. Cardinal, with the experience and track record of its principals and its global partnerships, is the ideal institution within which to develop my strategies."
Cardinal Asset Management was founded by Nick Corcoran and Nigel McDermott. It is based in London & Dublin and manages alternative investment products based on hedge funds, private-equity and fund of hedge funds. It is in the process of augmenting its team of highly regarded single strategy hedge fund managers and, subject to regulatory approval, intends to develop a leading hedge fund capability.
Cardinal stated it "believes that the alternative asset industry is moving beyond its pioneering and fragmented phase. There will be a continuing trend towards consolidation and the company sees asset growth being fuelled less by wealthy private investors and more by institutions with a resultant change in the delivery and management of these products".
Nick Corcoran is a Former Executive Vice President and Board Director of Zurich Capital Markets where his key responsibilities included the development of the business in Asia and Europe. Over a period of five years the company grew to become one of the worlds leading alternative asset managers and provider of innovative structured product with alternative asset exposure in excess of USD10 billion.
Nigel McDermott is a former founder director of International Investments & Underwriting (IIU), an alternative asset management, private equity and investment underwriting boutique. IIU pursued aggressive absolute return strategies, combining in-house trading talent with the best of breed external managers, complementing this with a diverse private equity program.
Phillip Wale spent five years at Commerzbank, joining as Global Head of Trading. Before that he was at Goldman Sachs for 10 years, becoming Head of European Equity Trading.
Howard Carter is chief executive officer of ISIS Asset Management and a main board director of Friends Provident plc. Prior to working in the City he was an academic economist. Following the merger of ISIS and F&C, Carter will be chief executive officer of the enlarged group.
ISIS Asset Management was created in 2002 by the merger of Friends Ivory & Sime and Royal & SunAlliance Investments. ISIS is a quoted company on the London Stock Exchange and one of UK's largest fund managers with over GBP 63.8bn in assets under management as at 31st March 2004.
On 2nd July 2004 the Boards of ISIS and F&C Management announced a conditional agreement to merge the two companies to create the UK's fourth largest asset manager. The combined business, to be branded F&C, will be a pan-European asset manager with approximately GBP 120 billion under management. The merger, which is subject to shareholder and regulatory approval, is expected to complete in October.
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