Hedge fund-of-funds firm PAAMCO Prisma unveiled a leadership change on Tuesday, announcing that co-CEOs Jane Buchan and Girish Reddy will transition to advisory roles. A team of longtime senior executives will take over day-to-day management of the firm.
PAAMCO Prisma formed one year ago from the merger of Pacific Alternative Asset Management and KKR’s Prisma fund-of-funds unit and now manages $30 billion. Starting on August 1, the team will be led by a six-person executive committee composed of leaders from each of the two original entities: Anne-Gaelle Carlton, Mayer Cherem, Vince Cuticello, Von Hughes, Paul Roberts, and Eric Wolfe, who will chair the committee.
“Having accomplished the launch of our new products and with strong year-to-date investment performance, now is the time to pass the torch, which has always been our dream,” said Buchan — who co-founded PAAMCO 18 years ago — in a statement. She will stay on in an advisory capacity through 2018 but plans to launch a quantitative fund in 2019.
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“With the combination of PAAMCO and Prisma, our vision was to create a world class alternatives business of significant scale, able to deliver exceptional performance and service to clients,” said Reddy, a former Goldman Sachs partner who co-founded Prisma in 2004. “Today, we feel the organization is ready to move to the next generation.”
Reddy plans to focus on investing and educational philanthropy through various university affiliations, according to the announcement.