Gary Knapp was named a managing director of portfolio management at Hedge Fund Research. He will work to build the fund-of-funds business of HFRs asset management arm. HFR Asset Management already has $300 million under management, and commitments for another $200 million in the next few months, said Joseph Nicholas, chairman and CEO of HFR.
HFR Assets fund-of-funds strategy allows investors to choose from among 85 managers in HFRs manager database, based on risk tolerance and desired returns. The average institutional portfolio will generate annual returns in the low- to mid-teens, with volatility around 5%, Mr. Knapp said.
Mr. Knapp worked at General Motors Asset Management, where as an investment analyst he traded futures and options and oversaw a managed commodity index portfolio.