Navigant Consulting Taps Hedge Fund Veteran
The hedge fund restructuring firm positions itself for a wave of new business.
December 18, 2008
Hedge fund advisory Navigant Capital Advisors hired industry veteran Robert Picard as a senior advisor. Picard, who was previously chief investment officer at Optima Fund Management, where he managed $6.5 billion in assets under management, was brought on to advise stressed and distressed financial institutions as part of Navigant’s financial institutions restructuring solutions team.
Picard's jump to advisory work may represent a shift in the hedge fund industry where investment professionals may opt to leave investment management due to the condition of the financial markets and instead work towards developing what the future of the industry is moving towards, sources say.
“Given the volume of hedge fund closures and parties impacted by this trend, Mr. Picard’s unique background will be invaluable to clients in providing real-life hedge fund solutions to deal with the major challenges facing hedge fund and financial institutions during this economic crisis,” said Edward Casas, senior managing director and head of Navigant Capital Advisors Restructuring and Investment Banking, in a statement.
Prior to Optima, Picard created and managed the hedge fund business at The Carlyle Group. Before that, he was with RBC Capital Risk Advisors as part of the global equity derivatives group.
"My goal is to provide...advisory services and liquidity solutions to both hedge funds and hedge fund of funds globally," Picard said in a statement.
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