ROD Barker, partner at International Standard Asset Management, is leaving the firm to head up a new hedge fund business at Pacific Investments, the private investment vehicle of Sir John Beckwith.
The business, which will be launched early next month, has attracted the backing of ICAP founder Michael Spencer’s private investment fund IPGL and Jim Pettigrew, chief operating officer of Ashmore. Between them, Barker and Pacific will have a majority stake in the business, with Spencer and Pettigrew as minority shareholders.
Barker told City A.M.: “The pedigree of the people involved as shareholders gives you an idea of the scale we’re thinking about.” The business will initially focus on offshore hedge funds, before moving into UCITS-regulated funds further down the line.
Pettigrew is expected to take an active interest in the day-to-day running of the business.