Pharos Financial Group portfolio manager Kevin Dougherty is quitting the Moscow-based hedge fund to set up his own firm, according to e-mail sent to colleagues.
Dougherty and a team will start a global emerging-markets hedge fund in 2011, he said in the e-mail. The fund will be based in London, Dougherty said in a separate interview.
“Even as I will be focusing more on the other emerging markets, I remain a big believer in the value and investment potential in the Russian market,” Dougherty said.
Pharos Financial, founded in 1997 with seed capital from Soros Fund Management and Credit Suisse First Boston, has about $40 million in funds under management. The group is run by Chief Executive Officer Peter Halloran, who previously served as director of equities at Credit Suisse First Boston in Moscow.
Pharos’s flagship Russia fund has delivered more than a 10- fold return in the last decade, twice that of the MSCI Russia Index, according to the firm’s website.
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