P-Solve Alternative Investments reappoints quantitative risk manager

Date: Tuesday, July 31, 2007
Author: Hedgeweek.com

P-Solve Alternative Investments, a USD375m fund of hedge funds manager, has announced the return of Dr Lee McCulloch-James as quantitative risk manager, reporting to chief investment officer Jabir Sardharwalla.

McCulloch-James first joined PAI in December 2004 as quantitative risk manager, having previously been a risk software consultant at Barra International (later MSCIBarra).

PAI has three funds of hedge funds listed on the Irish Stock Exchange and one fund of hedge funds listed on the London Stock Exchange for institutional investors and high net worth individuals. Each fund has performed well this year, with the io Defensive Equity Fund and the Select Opportunities Fund in particular making strong returns.

Estimates show the io Defensive Equity Fund has returned 9.29 per cent in the first six months of this year and 18.5 per cent over 12 months with volatility of 4.13 per cent. The fund has experienced an unbroken 12-month period of positive growth.

The GBP II class of PAI's Select Opportunities Fund has returned 10.86 per cent in the first six months of the year and 19.68 per cent over the past 12 months with volatility of 5.68 per cent. The London-listed PSolve Niche Opportunities Fund has returned 8.70 per cent so far in 2007 and13.23 per cent over the past 12 months with volatility of 4.74 per cent.

Says Sardharwalla: 'I am very pleased to welcome Lee back to the PAI team. His risk modelling expertise will be invaluable and his familiarity with our strategies and systems will ensure his seamless reintegration. Our funds have performed very strongly over the past 12 months and Lee's return will help PAI remain a top performing fund of hedge fund manager.'

P-Solve Alternative Investments, formerly io Alternative Investment Strategies, was formed in February 2001 and currently manages some USD375m on behalf of corporate pension schemes and wealth managers.