Former executives from BlackRock and Element Capital Management are looking to mix computer programs and traditional money management for their new macro hedge fund.
Bloomberg News reports that Eric Pellicciaro, who ran global rates investments at BlackRock, and Matthew Goldman, a co-founder of Element, are planning a fund that uses public data compiled by computer programs to analyze economic news and trends, according to a person familiar with the matter.
Their new firm, High Tide Capital Management, is expected to start trading later this year, said the person, who asked not to be identified because the information is private.
Bloomberg also reports that State Street hired Ronald O’Hanley, who stepped down last year as head of Fidelity Investments’ asset management business, to run its $2.45tril asset management business, where asset growth has trailed some peers.
O’Hanley, 58, will replace Scott Powers, 56, as head of State Street Global Advisors, according to a statement Tuesday from the company. Powers will start transitioning responsibilities to O’Hanley in early April and retire later this year.
Finally, eFinancial News reports that UBS has big expectations for its asset management division, following a strategic review that laid out ambitions to more than double profits from the unit. Now, it’s hired a new head of European asset management from rival Pioneer Investments, based in London.
Oliver Bilal is to join UBS in May as head of asset management in Europe, Middle East and Africa, according to an internal memo by Ulrich Koerner, president of UBS Global Asset Management. Bilal will also join UBS’s global asset management executive committee.