SkyBridge Hires Carey From NY Pension Plan

Peter Carey, the architect of New York Common Fund's $4 billion hedge fund portfolio, is leaving the pension to join SkyBridge Capital.

SkyBridge, a $7.4 billion fund-of-funds and seeding business led by Anthony Scaramucci, recruited Carey to oversee a unit that customizes hedge fund portfolios for institutional investors. He starts at the New York firm on Nov. 8.

Carey, who joined New York Common Fund in 2007 from Bear Stearns, is credited with revamping the pension's hedge fund portfolio amid the market meltdown of 2008. Among other things, Carey cut fee expenses by withdrawing from a number of funds of funds and investing directly in hedge funds. He also helped the pension navigate the pay-to-play scandal that led former state comptroller Alan Hevesi to plead guilty last month to a federal corruption charge.

The retirement system, which currently manages $126 billion of assets, was named the top large pension fund of the year for 2010 by Institutional Investor.

Carey joins SkyBridge at a time of rapid growth. Earlier this year, the firm acquired a $4 billion fund-of-funds business from Citigroup. In addition to running multi-manager vehicles, SkyBridge makes seed investments in startup fund managers and advises sovereign-wealth funds, pension plans, insurance companies and other large investors.

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