LUXEMBOURG (HedgeWorld.com)–Capital Management Advisors Group, a fund of funds adviser, established a research subsidiary in New York, under the leadership of a former Salomon Brothers investment banker.

The subsidiary, Capital Management Advisors North America Inc., initially will service exclusively the CMA Group–it won’t be providing services to U.S. investors. It will focus on performing due diligence on U.S.-based hedge fund managers.

Angelos Metaxa, co-founder of the CMA Group, said in a statement that Matias Ringel would be its director of research. Mr. Ringel previously had worked in the Latin American corporate finance group and the equity capital markets division at Salomon Brothers from 1992 to 1996. Most recently, he was vice president of operations and investments in his family business in Puerto Rico and also taught finance and investment courses at the University of Puerto Rico.

“We are delighted Matias is joining us to head CMA North America. He brings a strong investment research background, as well as the managerial skills necessary to run a research team,” Mr. Metaxa added.

Mr. Ringel holds an M.A. in international economics and a B.A. in finance, both from Brandeis University, Waltham, Mass.

CFaille@HedgeWorld.com