Cardinal Asset Management has appointed ex-Soros partner Andrew Switajewski to launch and develop its active-value hedge fund capabilities.
Switajewski said: "I am excited to be joining Cardinal at this stage…This is a tremendous opportunity to work outside the strictures of traditional private equity, applying private equity investment principles to the public markets. Traditional institutional investors are increasingly seeking to extract value by pushing for strategic change in publicly quoted investments rather than facilitating a take-private. These are significant developments which can be enhanced by the willingness and ability to complete an ultimate take-private if the incumbent management and minority shareholding does not deliver returns and value at the pace demanded."
Cardinal stated: "The (active-value) fund is pioneering in its combination of a private equity capability with concentrated stake-holding. The fund will have the flexibility to trade in public and private companies, both as a minority or majority equity holder and will be focused on a deep-value/pre-event investment approach. Unique among concentrated equity funds, the fund will also have the mandate to take public investment targets private if so required in order to deliver significant value to investors."
Switajewski was formerly a Partner with Soros Private Equity Partners, where he helped develop the European operations, identifying and executing private equity investment opportunities. Prior to that he spent 8 years with Morgan Stanley where he helped develop the European arm of Morgan Stanley Capital Partners; Morgan Stanley's Private Equity division, working within their $1.875 billion buyout fund.
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.
Background Note: Cardinal Asset Management was founded by Nick Corcoran and Nigel McDermott. It is based in London & Dublin and states it "is strongly capitalised and financed to build a significant alternative asset management institution." Cardinal 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 single strategy hedge fund managers and, subject to regulatory approval, intends to develop a leading hedge fund capability.