Torrey Associates, an SEC-registered fund of hedge funds manager, has recruited John McClenahan as director of risk management from long/short equity manager North Sound Capital Management, where he was chief risk officer.
'John brings a wealth of knowledge and experience in the risk management area to our firm,' says James Torrey, chairman of the eponymous firm. 'Risk management is a vitally important part of our firm's investment process. John's outstanding background and depth of knowledge make him exceptionally well-qualified to lead this effort.'
Before joining North Sound, McClenahan was vice-president for risk management at Andor Capital Management, also a global long/short equity manager. At both firms he designed, implemented and maintained risk management processes, analytics, and frameworks.
He was previously director of product management at InvestorForce, an online consulting firm, and was active in the manager research and analysis area. Earlier, he was director of manager research for institutional investment consulting firm Ennis Knupp & Associates, where he developed a dedicated manager research capability formalising the research process and evaluation criteria.
McClenahan began his investment career with Arthur Andersen in Chicago, where he provided tax, performance reporting and investment accounting to hedge funds, funds of funds, investment partnerships, broker/dealers and other financial companies.
'Our firm has grown to the billion dollar-plus level in large part through strategic partnerships with selected global financial institutions,' says Ricardo Cortez, president of the private client group at Torrey Associates.
'We are continuing to enhance our risk management and operational due diligence infrastructure to expand our business in the institutional area. John will bring the depth of knowledge and expertise necessary to enhance this important effort.'
McClenahan says: 'I believe my background in the global long/short equity hedge fund space is an ideal fit with Torrey's philosophy of investing in long/short equity hedge funds both in the US and internationally. In addition, my background in institutional investment consulting and manager research will enhance our relationships with consultants and institutional investors.'
Torrey Associates, founded by James Torrey in 1990, manages funds of hedge funds that invest primarily in equity long/short hedge fund managers and has more than USD1bn in assets under management.