BOSTON (Reuters) - Silver Creek Capital Management, which invests in alternative assets like hedge funds for clients, on Tuesday said it hired a portfolio manager from alternative asset management giant GCM Grosvenor.
Brendan Connor has joined Seattle-headquartered Silver Creek Capital as a managing director and will be a portfolio manager for some of the firm's hedge fund strategies.
Connor had worked at GCM Grosvenor for five years and most recently oversaw relative value, macro and quantitative investment strategies there. At Silver Creek, he will report to Art Zaske, the firm's deputy chief investment officer.
Silver Creek invests $7 billion in capital.
While hedge funds have been widely criticized for lagging returns during the booming markets and for high fees, they have found new favor recently with some clients.
During the first six months of 2021, they posted their best first half year returns in more than two decades. Managers on average earned gains of 10.03%, fueled by expectations of strong economic growth after the pandemic, data from Hedge Fund Research shows.
Hedge fund industry assets totaled $3.8 trillion at the end of the first quarter as investors added roughly $6.1 billion in new capital during the first three months of the year, HFR data shows.