Mariner Investment Group LLC, the $10 billion hedge-fund firm founded by William Michaelcheck, hired Eric Pellicciaro from BlackRock Inc. (BLK) to manage a global macro portfolio of a new multistrategy hedge fund.
Mariner plans to hire several managers to run various strategies for the Mariner Incubation Fund and will invest an initial $50 million to $100 million in each portfolio, according to a statement today from the New York-based firm.
The firm seeks to attract investment personnel who have left banks because of the so-called Volcker Rule, according to Bracebridge Young, Mariner’s chief executive officer. The provision, part of the 2010 Dodd-Frank Act named for former Federal Reserve Chairman Paul A. Volcker, set limits on risk- taking and caused some U.S. banks to shut down or spin off proprietary-trading units.
“There is currently a great deal of senior talent available in the market as a result of recent changes to the industry, specifically the effects of implementation of the Volcker Rule,” Young said in an e-mail.
Pellicciaro, 38, will manage Alarium Mariner Global Macro (BBHFUNDS), a portfolio within the Mariner Incubation Fund that will invest in assets based on macroeconomic themes, the firm said in the statement. Mariner may later start a standalone Alarium Global Macro Fund managed by Pellicciaro, it said.
Pellicciaro was formerly head of global rates investments at New York-based BlackRock, where he was responsible for macro and global interest rate strategy for the more than $600 billion fundamental fixed-income portfolios, Mariner said in the statement. He also co-managed fixed-income mutual funds and ran alternative investment and mortgage portfolios.
Mariner was started in 1992 and has 230 people working in offices from New York to Seoul.
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