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Paamco hires veteran investment professional Peter Stein

Pacific Alternative Asset Management Company, a USD9bn fund of hedge funds company, has hired Peter D. A. Stein to chair its Strategy Allocation Committee, effective 1 August.

Based in Irvine, Stein (pictured) will take on a role in the senior management of the firm.

He was previously the chief investment officer at the University of Chicago, responsible for the management of the university's USD4.9bn endowment and its 20-person investment office.

Jane Buchan, chief executive of Paamco, says: "Not only is Peter one of the top investors in the world, but he is also an outstanding leader of people. Peter's skills as an investor will further help ensure we continue to deliver world-class investment solutions to our institutional clients as we embark on our tenth year of investing in hedge fund strategies for institutional investors."

In addition, Stein will work in and have oversight of less liquid strategies such as direct lending, workouts and control, and longer term event driven workouts. He will take a central role in managing these strategies going forward.

Stein joined the University of Chicago in July 2005 from Princeton University Investment Company. At Princeton, he was a managing director, focused on investments in hedge funds, domestic equities and fixed income, as well as broader portfolio functions. Prior to his five years at Princeton, he spent approximately 15 years in a variety of fund management and trading roles at hedge funds and investment banks.

Based in Irvine, California, Paamco was started in March 2000, and currently has approximately USD9bn under direct management.

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