Charlie McCarthy, a senior v.p. at Putnam Investments, has resigned and plans to join an equity hedge fund. McCarthy, who traded and researched high-yield bonds in the gaming, lodging and homebuilding sectors, starts next week at Prides Capital Partners Fund, a Boston hedge fund that will start accumulating assets this month. The firm, which includes four other partners, plans to focus on investing in small and micro capitalization companies. McCarthy says his role will be analytical and that he will focus on distressed debt and equity offerings from all leveraged companies. Prior to his seven-year career at Putnam, McCarthy worked at Colonial Investments.
Kevin Richardson, another founder of Prides Capital, says there is a "huge synergy" between high yield and equity pros, and states that McCarthy's high-yield experience will be a great asset to the firm. So far, it has raised $100 million.