WEST PALM BEACH, FL (www.hedgeco.net) – John Mack, a former Credit Suisse First Boston Chief Executive and a longtime Wall Street money manager has defected to a hedge fund company. Mack has beennamed to the post of Chairman of Pequot Capital Management according to released statements. Mack, a 30-year veteran of traditional money manager, Morgan Stanley will aid Pequot CEO, Art Samberg inexploring new strategies as well as in the expansion of the firms operations into the international investment arena according to released information.
Mack was widely credited for helping in the turnaround of Credit Suisse First Boston. He was instrumental in helping the parent company, Credit Suisse Group recover from record losses. He was formerly the Chief Operating Officer as well as director at Morgan Stanley. Mack was not immediately available for comments on the reports.
At some point, Mack was speculated to be the choice to replace embattled Morgan Stanley CEO Phil Purcell. Mr. Purcell faced shareholder revolts earlier in 2005, but Mack said he was not interested in the job. Although the trend has slackened in recent years, many traditional money managers have crossed over to the hedge fund management arena, following massive asset inflows to the hedge fund sector. Hedge funds offer more compensation packages to its managers that traditional assets managers, like mutual funds. Such pay also includes performance fees which generally hover around 20 percent of the total returns to the investors. Pequot Capital Management oversees a total of $6.5 billion in investor assets.
Paul Oranika
Editor-in-Chief
HedgeCo.Net
Email: Editor@hedgeco.net
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