WESTPORT, Conn. (HedgeWorld.com)–Weston Capital Management hired Mark Szycher as chief risk officer for the hedge fund of funds firm.
Mr. Szycher joined Weston in November to work in investment and research in the company’s asset allocation group, with a focus on risk management and quantitative analysis. He previously worked for Alpha Investment Management LLC, New York, where he was a managing director of risk management, according to a Weston statement. Officials at Alpha couldn’t be reached to say whether he had been replaced yet or not.
The move follows losses taken by Weston in a failed mortgage-backed fund. A Weston hedge fund of funds, Wimbledon Fund Ltd., was an investor in a hard-hit mortgage-backed securities hedge fund managed by Beacon Hill Asset Management, Summit, N.J. Beacon Hill managed mortgage-backed funds that restated performance on the negative side last year and subsequently was sued by the Securities and Exchange Commission, Washington, in November for allegedly misrepresenting its fund values.
Weston officials couldn’t be reached for comment on whether Mr. Szycher’s hiring was related to its investment with Beacon Hill.
Weston manages US$1 billion in single strategy and multiple investment styles.