BlueCrest loses founding partner of Alignment Investors to Aberdeen
BlueCrest Capital Management has lost Andrew McCaffery, one of three founding members of its fixed income unit Alignment Investors, as he is returning to Aberdeen Asset Management as head of institutional hedge funds.
McCaffery said Aberdeen taking its hedge fund expansion plans off ‘hold’ since the financial crisis spurred his about-face.
On 6 April, he will join a new triumvirate complementing Graham Duce and Aidan Kearney as senior managers of Aberdeen’s entire hedge fund and long-only multi-manager business.
Aberdeen’s hedge funds unit has about £4bn assets, built up by its buying the funds of hedge funds of Royal Bank of Scotland in 2010.
McCaffery resigned from Aberdeen early in 2008, after two years as its head of absolute return strategies, to found Alignment alongside George Cooper and Richard Williams that August.
Alignment Investors manages strategic absolute return strategies for institutional clients.
In his role back at Aberdeen, McCaffery will report to Anne Richards, Aberdeen’s chief investment officer and head of alternative investment strategies.
He said: “I am pleased to be returning to Aberdeen having enjoyed my previous time there. In 2008, the group understandably put on hold its expansion into alternatives given the market environment.
“However, it now has a fund of hedge funds business which is a hidden gem within the hedge fund sector and the broader asset management field.”
Richards said: “Andrew’s return will strengthen further our fund of hedge funds team as we look to build the business.”
Before leaving Aberdeen to join BlueCrest, McCaffery was chief executive of fund of hedge funds Attica Investments, and a managing director at UBS in London overseeing global coverage of hedge fund investors.
BlueCrest declined to comment.