NEW YORK (HedgeWorld.com)--Fund of funds manager Torrey Associates hired Paul Ferraro to help the firm build its business with financial advisers.
Mr. Ferraro previously was a partner in the alternative investments group at Evergreen Investments, a unit of Wachovia Corp., Charlotte, N.C. Evergreen officials couldn't be reached for comment on the name of his replacement.
At Torrey, Mr. Ferraro is a director in Torrey's private client group, taking a new marketing and sales position as part of a firm expansion, said Ricardo Cortez, president of Torrey's private client group. Mr. Cortez said that Mr. Ferraro has a strong understanding of hedge funds and their investment techniques and is able to explain them to financial advisers and their clients.
Mr. Cortez also said that Torrey is putting a lot of emphasis on gaining distribution through the major and regional brokerage firms with open architecture platforms for selling outside funds, and Mr. Ferraro will play a key role in that. He comes from "one of the finest and best managed alternative investments groups in the brokerage industry, and we are proud that we have the opportunity for Paul to join us," Mr. Cortez said in a statement.
Torrey manages US$410 million in hedge funds of funds. In March of last year, Torrey registered to sell three privately offered hedge funds with the U.S. Securities and Exchange Commission, Torrey US Strategy Partners LLC, Torrey International Strategy Partners LLC and Torrey Multi-Strategy Partners LLC Previous HedgeWorld Story.