JERSEY-based fund of hedge funds firm Ermitage Group is opening an office in New York and has appointed a new London-based executive director.
The new US operation, Ermitage Americas, will provide hedge fund manager research and services to clients. Two members of staff are being transferred from the Jersey office and the firm will also be recruiting US-based staff.
A key focus of the work in New York will be North American pension funds and endowments. Ermitage was appointed two years ago to run a major European fund of hedge fund mandate by one of the largest US pension funds and this area of business is set to expand.
Chief executive Ian Cadby (pictured) said: ‘Our knowledge and track record within the European hedge fund space remains one of the main attractions to American institutions.