08/09/2010 Author: Elana Margulies

Merrill veterans set to launch new hedge fund

A group of industry veterans from Merrill Lynch have reunited to launch their maiden hedge fund, HFMWeek has learned.

Kirk Donaldson, James Winder and Michael Oberdorf have set up Quidnet Capital Partners and soft-launched their maiden global macro strategy this month.

According to a source familiar with Quidnet’s plans, the New York- and London-based manager will hard-launch next month with approximately $40m from global high-net-worth individuals and family offices. The fund, which has a $2bn capacity, will invest in predominantly large-cap equities and derivatives.

Winder and Oberdorf are the fund’s portfolio managers. At Merrill Lynch, Winder, an economist, was the bank’s former manager of global economics, while Oberdorf was part of a team running $6bn in global equities in multiple portfolios and mutual funds.

Donaldson, managing partner, was previously head of the private wealth management group within Merrill Lynch’s Global Private Client division.

Quidnet has also employed Mark Varacchi as chief operating officer. He previously held positions at Tiger Management and Diamondback Capital Management.

Charles Auster has recently joined their board. He is a former chairman of Polaroid, current Chairman of Global Pack (NYSE) and the founder of Auster Capital Partners.

The fund has a $500,000 investment minimum with 2/20 fees and 30-day liquidity. Investors can redeem with 10 days’ notice. Goldman Sachs is the prime broker.