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Bailey McCann, Opalesque New York: Sagewood Asset Management, which has been operating within Stifel Financial Corp. since 2015, is officially launching as an independent $1.2 billion asset manager focused on volatility strategies. The New York firm's spin-out was announced in an investor letter obtained by Opalesque.
Sagewood will retain and manage its flagship Volatility Yield Strategy and will manage money for new institutional and high net worth clients in addition to Stifel clients. The firm's volatility strategy captures volatility risk premium - the gap between implied and realized volatility in the S&P 500 index options market. The strategy can be run as an overlay, typically generating a 2-4 percent additional income return, or as standalone. The historical annualized return of the standalone strategy is approximately 7.5 percent.
As an independent, employee-owned entity, Sagewood will be managed by the same team- CEO Bill Belleville, CIO Defina Maluki and senior portfolio manager Hsiaolin Chang.
Belleville and Maluki first began working together at Credit Suisse. Maluki launched Credit Suisse's Volatility Income Strategy which was seeded by Belleville's team within the private bank. Maluki was the head portfolio manager for the strategy at Credit Suisse from 2007-2012. In 2012, the team launched its Volatility Yield Strategy at Barclays, which continues to be Sagewood's flagship approach.
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