Kurt Silberstein Opalesque Industry Update Ultra high net worth individuals represent a significant asset pool and newly formed Ascent Private Capital Management intends to offer their investor clients top tier sourcing of these and other alternatives managers, that much is evident with their Thursday announcement that Kurt Silberstein, formerly Senior Portfolio Manager for global equities at California Public Employees Retirement System (CalPERS), has joined the firm as Managing Director and head of alternative investments. Silberstein will focus on providing ultra high net worth clients with oversight (due diligence, sourcing, researching, etc) of hedge funds, private equity funds, and other alternatives vehicles.
Silbersteins previous role at CalPERS had him overseeing a $25bn portfolio, which included relationships with multiple hedge funds, long-only funds and corporate governance funds. His hedge fund background also extends to designing and managing CalPERS $5.5bn multi-strategy hedge fund portfolio.
"Kurt's experience as an institutional investor makes him well suited for this position, which will have a distinctly institutional orientation," said Dan Rauchle, Chief Investment Officer at Ascent. "Kurt is recognized as an industry leader in institutional portfolio design and implementation, as well as in manager-relationship innovation. Additionally, he has significant experience in building and managing investment teams."
Silberstein is to start at Ascent in early August and will source vehicles on a world-wide basis, providing the firms clients with insight, education and advice on alternative investment vehicles.
Ascent was formed earlier in 2011, and was created to service US Banks ultra high net worth clients and give them additional expertise on alternative investments. Ultra high net worth clients represent a significant asset pool for hedge funds and the firm expects to begin opening Ascent Capital offices in select cities this year.