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Alternative Market Briefing

Mitch Petrick leaves Carlyle as his hedge fund unit suffers losses while assets expand

Monday, May 23, 2016

Komfie Manalo, Opalesque Asia:

Mitch Petrick will be leaving Carlyle Group as head of its hedge funds unit overseeing about $34bn as of March 31, after several funds under his management suffered losses while assets expanded, various media reported. Petrick joined Carlyle in 2010 and was a former trader at Morgan Stanley.

A report by Bloomberg said that Carlyle deputy chief investment officer for private equity, Kewson Lee, will be replacing Petrick to oversee the firm’s credit and hedge fund group called GMS or global market strategies. Petrick, the report said, will be starting his own investment firm and will become a senior adviser.

Petrick is leaving Carlyle after two of its largest hedge fund companies, Claren Road Asset Management and Vermillion Asset Management generated losses over the last 18 months and were hit by heavy redemptions from clients, amounting to billions of dollars.

David Rubenstein and Bill Conway, Carlyle’s co-chief executive officers, said in a statement, "Mitch and his team have grown the GMS platform, developing numerous scalable investment strategies. Carlyle intends to continue to invest in and build out the GMS platform."

In the first quarter, Carlyle returned $1.8bn to its hedge fund investors and is expected to return between $1bn and $2bn over the next several quarters. In the first quarte......................

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