Auda Hedge is merging the $200 million hedge fund and fund-of-funds business of Kite Partners into its $1.5 billion fund-of-funds operation.
As part of the move, Kite founder George Chacko was appointed Auda Hedges first CIO, said Douglas Kiker, an Auda spokesman. Mr. Chacko served as managing partner and CIO at Kite. Also joining Auda is another Kite employee, portfolio manager Karl Neumar, who was named vice president.
For the time being, Kites investment strategies will be managed separately from Auda hedge fund of funds by Messrs. Chacko and Neumar.
Separately, Auda International, Auda Hedges parent company, moved B. Scott Reid, managing director, to the new post of global head of investor relations for the firms hedge fund and private equity fund of funds. Mr. Reid was head of Audas hedge fund-of-funds unit until late 2007 when Ernest Boles was named CEO.