A $10 billion hedge fund investor is backing a new launch
- QVR has hired staff from Uber and Wells Fargo.
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A $10 billion hedge fund investor is backing a new launch.
PAAMCO, the Irvine, California-based fund of funds firm, is backing QVR Advisors, a new alternative asset management firm, according to a person familiar with the situation.
The amount PAAMCO is investing was not available. PAAMCO managed about $10 billion at the end of last year, per its Form ADV filing.
Benn Eifert, who previously was a co-portfolio manager at relative value fund Mariner Coria, is launching San Francisco-based QVR in mid-August with $75 million, the person said.
Eifert was previously the head of quantitative research at investment firm Overland Advisors.
QVR is not technically a commingled hedge fund, and instead will run several strategy sleeves and build customized separately managed accounts for investors.
A media representative for PAAMCO didn't immediately comment.
QVR has hired:
- Tae Hong as a senior quantitative trader. Hong most recently worked as a data scientist at Uber, and previously worked at the Cutler Group and PEAK6 Investments, per his LinkedIn page.
- Scott Toyama, head of operations, who most recently worked as a business analyst manager at Wells Fargo Securities and was director of operations at Overland, per his LinkedIn page.
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