Bruce S. MacDonald is forming Crayna Capital, a mission-based hedge fund-of-funds manager and investment consulting firm.
Crayna opens Tuesday and will introduce a commingled mission-based hedge fund in the first quarter of 2014, Mr. MacDonald said.
In addition to the commingled fund, Crayna plans to offer customized strategies, serving as either a manager or consultant depending on the client, based on client social and governance objectives and environmental constraints, Mr. MacDonald said.
He said in prelaunch marketing, some institutional investors expressed interest in the firm.
Mr. MacDonald was a managing partner at Simple Alternatives and a manager of its long-short equity hedge fund mutual fund; his last day was Monday. He was a co-chief investment officer and co-manager of the Simple Alternatives long-short equity absolute-return mutual fund with James K. Dilworth, CEO, co-CIO, managing partner and founder of the firm.
Mr. Dilworth will continue to manage the fund, and Mr. MacDonald won't be replaced, spokesman Bill Conboy said.
