Weiss Hedge Fund Hires Cadian’s Schubak to Make Consumer Betsby
Firm’s multi-strategy fund has returned 5.2% this year
Schubak will be portfolio manager at $1.1 billion firm
Ross Schubak, former consumer sector head at hedge fund Cadian Capital Management, has joined $1.1 billion Weiss Multi-Strategy Advisers as a portfolio manager.
Schubak moved to Weiss in mid-May, where he will focus on the U.S. consumer discretionary sector, after working at the hedge fund from 2008 to 2013. Most recently he spent three years as a money manager at Cadian, he said.
Chief Executive Officer George Weiss started the firm, which runs two hedge funds, in 2006. Weiss Multi-Strategy Partners, the firm’s main fund, gained 0.9 percent in May, bringing returns for the year to 5.2 percent, according to a person familiar with the matter.
Cadian Capital, the New York-based hedge fund run by former Perry Capital portfolio manager Eric Bannasch, invests in media, technology, consumer and other sectors, according to regulatory filings. The firm, which was formed in 2007, managed about $2.3 billion as of year-end, according to the filings.
Paul Merchan, senior manager at Peppercomm, which handles public relations for Weiss, confirmed Schubak’s move and declined to comment on the returns. Cadian Capital didn’t return calls for comment.