Duet hires Macquarie pair to manage new hedge fund

Manager starts hedge fund focusing on emerging markets

David Dali was named chief investment officer of the Duet Emerging Markets Macro fund, a macro hedge fund created by Duet Asset Management, that will seek opportunities in emerging markets.

Mr. Dali was managing director at Macquarie Investment Management, where he led the emerging markets team.

Macro hedge funds that primarily invest in developing markets such as Latin America and Asia have outperformed those focused on developed markets this year, as volatility spurred by Europe’s sovereign debt crisis has tripped up traders. Emerging markets macro funds rose 5.2% on average through July, compared with a 1.1% gain for all macro funds, according to data provider Eurekahedge.

The Duet fund will make wagers on credit spreads, interest rates, currencies and stocks. Jack Janasiewicz, who is also joining Duet from Macquarie Investment, will serve as chief strategist of the fund, while Brian Hassett will be head of operations. Mr. Hassett joins Duet from KPMG. He previously worked at Macquarie Investment.