Former BlackRock Money Manager Nigel Hart to Start Hedge Fund

  • Hart helped run U.S., international mutual funds at BlackRock
  • The hedge fund will bet on and against equities globally

Nigel Hart, a former fund manager at BlackRock Inc., is starting a hedge fund that will bet on and against equities globally, according to a person with knowledge of the matter.

Advenio Capital Management, based in Greenwich, Connecticut, will launch the fund this month solely with money from Hart and his partner, Jeremy Brook, said the person, who asked not to be named because the information is private. Prior to Hart’s stint at BlackRock, which ended in 2014, he worked with Brook at ReachCapital LP, which ran a number of international hedge funds, including one for UBS AG.

Brook, who was previously a managing director at UBS, declined to comment on the fund start.

The new venture comes at a tumultuous time for hedge funds as China devalues its currency and oil prices plunge. The average hedge fund failed to beat the 1.4 percent rise of the Standard & Poor’s 500 Index last year, including reinvested dividends. The Bloomberg Global Aggregate Hedge Fund Index gained 0.6 percent in 2015.

Hart spent more than two years at BlackRock, where he helped manage three of the firm’s equity mutual funds: BlackRock International Opportunities, BlackRock Global Opportunities and BlackRock US Opportunities.

During Hart’s time at BlackRock, the firm’s international fund gained 36 percent from June 2012 to November 2014, falling behind the 40 percent return of the MSCI ACWI Index, excluding U.S., according to data compiled by Bloomberg. The U.S. opportunities fund rose 67 percent during the same period, returning less than the 70 percent gain in the Russell Midcap Index.

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