Douglas Sherman joined Westrock Group Inc. as head of the company’s newly established institutional arm, Westrock Institutional Group, said Donald H. Hunter Jr., Westrock Group’s president and CEO.
In addition, Paul Krake joined as head of the institutional group’s money management arm, Westrock Asset Management.
Mr. Sherman previously oversaw trading at hedge fund Aeneas Capital Management. Mr. Krake comes to Westrock Asset Management from Corus Capital Management, a multistrategy hedge fund he founded in 2005 and led as managing partner. Corus Capital has been closed.
In an interview, Mr. Hunter said the firm is poised to hire its first of many portfolio management teams. He declined to identify the team before contracts have been signed, but said the financial professionals coming on board are well known in the industry. A joint venture between the team and Westrock will be established, with majority partner Westrock providing sales and marketing expertise for the team’s strategies — a market neutral equity strategy and a secondary high-yield strategy.
Westrock will look to add a range of different investment strategies, with the goal of building a strong “midtier” competitor over the next five to seven years, Mr. Hunter said.