Ted Seides, president of the $2 billion Protege Partners, is leaving the firm he co-founded to create a hedge fund at Credit Suisse Asset Management.
Seides, who was also co-chief investment officer, will develop an equity fund at the Swiss money manager, according to an investor letter obtained by Bloomberg. Protege, which started in 2002 and invests in smaller hedge funds and emerging managers, appointed John Mackin as president. Jeffrey Tarrant, the chief executive officer, will be sole CIO.
“Ted is a talented individual who made many contributions to Protege’s success,” Tarrant wrote in the letter. “With the depth and breadth of our experienced and tenured investment team, I believe we’re strongly positioned to bring our clients exceptional investment opportunities and to enhance performance.”
Protege at the start of 2008 bet against Warren Buffett that a portfolio of hedge funds would outperform an index fund tracking the Standard & Poor’s 500 over the next 10 years. The winner’s charity of choice will get $1 million when the bet ends on Dec. 31, 2017. Buffett said in May that, seven years into the wager, the index fund he had bet on returned about 63 percent, compared with about 20 percent for the selection of hedge funds.
Seides, who will remain a non-voting member of the Protege’s investment committee, declined to comment on his move, as did Nicole Sharp, a spokeswoman for Credit Suisse in New York.