AARP Getting Started in Hedge Funds by Daniel A. Strachman

Author:Daniel A. Strachman
Language: eng
Format: epub
ISBN: 9781118241721
Publisher: Wiley
Published: 2011-11-08T16:00:00+00:00

Bill Michaelcheck—Mariner Investment Group

On Wall Street, there are stock guys and bond guys.

The stock guys can name all 30 Dow Jones Industrial Average stocks and at what level they opened and closed. The bond guys hang on Ben Bernanke and the Federal Reserve board's every word and laugh when the popular press reminds their readers and viewers that yield moves in the opposite direction of price.

I am a bond guy. All of my formal Wall Street training was at a bond house, and for awhile it was the way I made the bulk of my living.

So naturally, when I saw Bill Michaelcheck on one of the cable news channels talking about the Treasury market and his hedge fund, I became interested in learning more about him and his operation. This was more than 10 years ago, and as I have developed to learn more and more about the equity markets, he has continued to evolve his firm to include equities as well.

Michaelcheck is a bond guy. Since the early 1970s, after earning an MBA at Harvard, he has been trading Treasuries. He spent the early part of his career at J. F. Eckstein and Co. and the World Bank before finding a home at Bear Stearns & Co. Inc., where he built the Wall Street powerhouse's bond department. Working alongside Wall Street legend Alan “Ace” Greenberg, Michaelcheck created a significant business at Bear Stearns and, as a partner in the private firm that eventually went public, was rewarded handsomely.

In 1992, Michaelcheck launched Mariner Investment Group, a traditional hedge fund, in order to have a safe vehicle to manage his money. At the time we met in the spring of 2010, the organization had around $11 billion in assets under management with more than 165 employees.

“Over the past few years, our organization has evolved into what I would call a professional manager,” he says. “That means we manage money in-house and that we also allocate money to other fund managers.”

fund of funds

an investment vehicle that invests in other hedge funds.

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