Arden Armstrong and Steve Chulik, portfolio managers of the long-short all-cap equity fund Redstone Investors, will join AlphaOne Capital Partners, the money management firm launched by former Gartmore CEO Paul Hondros.
Effective Jan. 1, Ms. Armstrong and Mr. Chulik will be managing the Redstone Investors fund at AlphaOne, and Redstone Investment Management, the fund’s manager, will be closed, Ms. Armstrong said in a telephone interview.
In a separate interview, Mr. Hondros said Ms. Armstrong and Mr. Chulik will be the fourth team to join AlphaOne since he launched his new “specialty equity” money management firm earlier this year.
A team led by Daniel Niles that had managed the Satori megacap equity long-short fund at Lehman Brothers joined AlphaOne at the end of March. John Herlin, who had been a top energy analyst at Merrill Lynch, started a second equity long-short fund at AlphaOne in July, focused on areas such as energy, agriculture, basic materials and metals and mining, Mr. Hondros said.
On Sept. 1, a long-only microcap and small-cap team from OFI Institutional Asset Management, led by Daniel Goldfarb, joined AlphaOne in a “friendly liftout,” said Mr. Hondros.
In a separate interview, Mr. Goldfarb said parent company OppenheimerFunds allowed his six-member, Boston-based team to keep its track record, after the firm decided to focus more on its retail business in New York. He said the team was attracted to Mr. Hondros’ plan to build a boutique focused on limited capacity, high-margin strategies.
Mr. Hondros, while not ruling out adding further teams in the future, said “for now, the plate’s full,” and the task at hand is to build on the strengths of the firm’s existing teams and focus on delivering investment results for clients.
By the start of the year, the four investment teams should be managing combined assets of more than $400 million, he said.