Ex-Brevan Partner Melkman Hires Four for Macro Hedge FundBy
Ades, formerly at Bank of America, to be chief economist
Former Goldman Sachs partner Mauro to oversee markets
Ben Melkman, who left Brevan Howard Asset Management in May, made four hires for his new hedge fund, including Bank of America Corp.’s former global economics co-head Alberto Ades, according to a person with knowledge of the matter.
Ades, who left Bank of America in March after six years, will be chief economist for the fund, Light Sky Macro, said the person, who asked not to be identified because the matter is private. Former Goldman Sachs Group Inc.’s Joseph Mauro, who led the bank’s fixed income, currencies and commodities sales out of London for European hedge funds, will head up markets, according to the person.
Ades, Mauro and Rob White, a spokesman for Light Sky Macro, declined to comment
Melkman, who is planning to start trading in his new fund in the first quarter of 2017, helped oversee some assets in Brevan Howard’s main fund and was the senior trader for the company’s dedicated Argentina fund, which had more than $500 million under management before liquidating this year after the Argentina creditor dispute was resolved. It produced net returns of 18 percent since opening to outside investors in January 2015.
Melkman’s new fund will focus on macroeconomic trends and take concentrated, long-term positions. He is seeking $400 million at the outset and plans to cap assets at $1 billion during the first year, Bloomberg reported in June.
Ades was also head of emerging-markets fixed income strategy at Bank of America, where he joined in 2010 as part of an effort to bolster developing-nation research. During his tenure, Bank of America climbed in rankings for economic and fixed-income research in Latin America, Asia, Europe, the Middle East and Africa, according to Institutional Investor magazine polls.
New York-based Light Sky Macro also hired Barry Schachter as chief risk officer. Schachter held the same role at a number of other hedge funds, including SAC Capital Advisors, Balyasny Asset Management and most recently Josh Berkowitz’s Woodbine Capital Advisors, which decided to close down in 2014.
Doug Spiegel, who led finance and compliance for event-driven hedge fund Realm Partners from its inception in 2009 until its closure last year, has been appointed chief financial officer at Light Sky Macro.
Schachter and Spiegel couldn’t be reached for comment.