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New PwC Head Sees Growth in Hedge Funds

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NEW YORK (–PricewaterhouseCoopers will promote Martin J. Jennings to the role of managing partner of the firm’s New York investment management industry group, replacing Philip P. Mannino, who will retire in June.

Mr. Jennings has worked with hedge funds in his current role as a risk management partner and has experience in structuring new funds, funds of funds and due diligence reviews during mergers. Mr. Jennings said his replacement would be named later in the month. Mr. Jennings will report to Lloyd E. “Chip” Voneiff, head of the investment management group for the Americas at PricewaterhouseCoopers. Mr. Mannino will retire after 35 years with the company.

Hedge funds are a growth area for PricewaterhouseCoopers’ investment management practice, even among funds that are registered with the Securities and Exchange Commission, which is in the middle of a drive to revamp how hedge funds are regulated. “We haven’t seen it taper off,” he said.

Investors want hedge funds, and the industry is trying to meet that demand. “There aren’t a lot of products you can get people interested in (other than hedge funds),” he said.

Mr. Jennings and his wife Kathleen are the parents to 10 children and live in Connecticut, according to a PwC statement.

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