SANTA MONICA, Calif. (HedgeWorld.com)–Jeremy Hale will join Big Sky Capital on March 1, opening the hedge fund firm’s new London office.
He will be Big Sky’s head of European strategy, taking over a role held by Philippe Peress, who was a Geneva-based employee who left some time before the firm began actively marketing a revamped risk management strategy.
Mr. Hale is a Tiger-cub–a former Tiger Management employee–as is Big Sky’s chief investment officer, Peter Early. Mr. Early was in charge of managing Tiger Management’s Asian trading desk, a tenure that briefly overlapped with Mr. Hale’s Tiger career in 1997, when the firm’s assets were about US$20 billion.
After working at Tiger and at BNP Paribas, Mr. Hale was part of the fixed-income portfolio management team at Gartmore, a post he left a few months ago. According to a Gartmore spokesman, Mr. Hale wasn’t directly replaced, as the team has continued to grow over the last year or so.
“We are pleased to have hired someone with Jeremy’s experience and reputation,” Mr. Early said in a statement. “His 20 years of financial market experience and proven track record in strategic analysis will help us immensely.”
Mr. Hale will be the firm’s research strategist focusing on European markets, a job that will eventually evolve into a portfolio management role, said Chris Gaughan, president of Big Sky.
In the last three months, the firm has started marketing itself again, after a large drawdown in 2002 that resulted in a series of risk management changes implemented in October 2002. Big Sky’s risk management program significantly decreased the global macro fund’s volatility by changing the way capital is allocated, the sizing of those positions and the way risk is measured, Mr. Gaughan said. Stop losses also were implemented.
Big Sky officials see many opportunities in global macro in the coming year, with potential to capitalize on economic policy errors worldwide. The firm’s Global Vision funds invest in a variety of macro strategies across all major asset classes. Big Sky assets under management totals US$200 million.