2 Minutes by Reuters Staff Read (Reuters) – BOSTON, July 13 (Reuters) – Silver Creek Capital Management, which advises clients on alternative assets such as hedge funds, announced on Tuesday that it had hired a portfolio manager from GCM Grosvenor. Brendan Connor, a managing director at Seattle-based Silver Creek Capital, will be a portfolio manager for several of the firm’s hedge fund strategies. Connor had spent the previous five years at GCM Grosvenor, where he most recently handled relative value, macro, and quantitative investment strategies. He will report to Art Zaske, the firm’s deputy chief investment officer, at Silver Creek. Silver Creek makes a $7 billion investment. While hedge funds have been regularly chastised for underperforming returns during bull markets and charging exorbitant fees, they have recently gained favor with some clients. They had their best first half-year results in more than two decades during the first six months of 2021. According to data from Hedge Fund Research, managers achieved an average return of 10.03 percent, fuelled by anticipation of strong economic growth following the pandemic. Hedge fund assets totaled $3.8 trillion at the end of the first quarter, according to HFR statistics, with investors injecting $6.1 billion in fresh capital over the first three months of the year. Svea Herbst-Bayliss contributed reporting, and Steve Orlofsky edited the piece./n
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