BERWYN, Pa. (HedgeWorld.com)–Millrace Asset Group has expanded its senior management roster with the addition of John Wartman as chief operating officer, a new position at the firm, which now has five members.

Millrace manages a three-year-old equity long/short fund with approximately US$45 million under management.

Mr. Wartman comes from Fairfield Greenwich Group, New York, where he held variety of responsibilities since 2002, including product manager for equity long/short funds. Mr. Wartman was part of the quantitative research team at Fairfield and worked with the risk management team. He also participated in the new manager review process.

“John has over 20 years of industry experience including risk management, trading, and operations,” said Bill Kitchel, co-founder and portfolio manager of Millrace Asset Group.

“Most recently, he brought several successful equity long/short managers to market. He knows the quantitative statistics and reporting requirements that sophisticated investors require. He will be a great addition to the infrastructure at Millrace and will lead our expansion into the institutional market as well as enhance our services to our existing investor base.”

Mr. Wartman, who also will serve as chief compliance officer at Millrace, said that his experience in bringing products to market would be helpful as the firm seeks to expand its fund. “We’re hoping to raise a lot of assets,” he said, noting that he also plans to scale up the company’s marketing effort. An offshore fund may be in the works, as well.

Contact Bob Keane with questions or comments at: bkeane@investmentadvisor.com.