EIM’s Prestandrea Is Said to Join Hedge Fund Element Capital

Sept. 7 (Bloomberg) -- Adam Prestandrea has stepped down as co-head of investments at Arpad Busson’s EIM SA to join hedge fund Element Capital Management LLC, according to two people familiar with the matter.

Prestandrea, who was based in EIM’s New York office, also served as director of research, said the people, who asked not to be identified because the firm is private. Element Capital is a New York-based fixed income firm led by Jeffrey Talpins.

Prestandrea joined EIM in 2004 and was named co-head of investments last year, according to the website of the New York Society of Security Analysts. Assets at EIM have fallen by about two-thirds to less than $5 billion since 2008. Busson, 49, said in a July 30 interview he’s held talks about combining Nyon, Switzerland-based EIM with a rival, though he hasn’t hired lawyers or bankers to work on a merger.

Prestandrea declined to comment when reached by telephone at Element Capital. His departure from EIM was reported yesterday by HFMweek.

“He decided to switch to the other side of the business and we support him in that decision,” Davidson Goldin, a spokesman for EIM, said in an e-mailed statement.

EIM’s website lists Marc Albertelli as co-head of investments. The firm in June appointed Robert Phillips from Geneva-based Union Bancaire Privee as global head of research for equity long-short hedge funds.

Busson started EIM, which charges fees to pick hedge funds for clients such as pension funds and insurance companies, in 1992.

To contact the reporter on this story: Jesse Westbrook in London at jwestbrook1@bloomberg.net

To contact the editors responsible for this story: Christian Baumgaertel at cbaumgaertel@bloomberg.net; Edward Evans at eevans3@bloomberg.net