ABN AMRO has set up a global marketing group for hedge funds and has moved Alistair Mullen, global head of structured credit marketing, to spearhead the effort. Mullen said ABN has the expertise in each asset class and this effort will allow the firm to draw the pieces together and build on them. The firm has historically been weaker in gaining market share for leveraged clients versus traditional corporate clients and Mullen believes that by offering the products from a centralized unit it will be able to increase the number of funds with which it deals. Over the coming weeks Mullen will formulate the market share and penetration goals of the group. As part of the effort the firm has significantly increased its risk limits to hedge funds, said Mullen.
The group, which will have staffers in New York, London, Tokyo and Sydney, sits in the Financial Markets division of the firm and will market cash and derivatives on foreign exchange, credit and interest rates. The group will start with 18 staffers brought in from other marketing groups, but Mullen said he plans to hire several more dedicated hedge fund marketers globally.
The move is designed to capitalize on the well-publicized growth of the alternative investment arena. Many of the firm's core clients are setting up internal hedge funds or allocating capital to hedge funds, according to Mullen. In addition, hedge funds are increasing their market share in both the primary and secondary market.
Mullen was chosen to lead the effort because of his experience across asset classes. Prior to joining ABN's credit derivatives team he worked for Barclays Capital's hedge fund sales and emerging markets desk.
ABN AMRO has not finalized how to fill Mullen's previous role. It will either hire a direct replacement or split the role regionally.
