LONDON (HedgeWorld.com)–io Alternative Strategies has partnered with sister company PSolve Asset Solutions to create PSolve Alternative Investments, which will manage io Investors’ funds of hedge funds.
According to a statement, PSolve, a U.K. investment consultant group, saw greater demand for hedge funds and anticipated that a greater portion of returns from the hedge fund sector will come from strategy allocation, which is io’s specialty.
The move coincides with the departure of former io Chief Investment Officer for alternative strategies Chris Jones, who will leave on Jan. 1, 2005, to become chief investment officer at Key Asset Management.
At Key, Mr. Jones will work with other io staffers who are making the transition to Key in coming months (see ).
Mr. Jones decided to seek a pure investment role rather than one with management responsibilities, io officials said in a news release.
Mr. Jones’ duties will be assumed by Soondra Appavoo, who is now managing director of PSolve Alternative Investments. Mr. Appavoo is the only member of the core io Investors alternative investment strategies team that has stayed. He joined io Investors in 2003 to focus on alternative asset product development.