A couple of former Alliance Capital Management fixed-income professionals have resurfaced at Lee Munder Capital Group, an alternative investor with offices in Boston and Palm Beach, Fla. Wayne Lyski, who at one time was cio of fixed income for Alliance Capital, joined the new firm earlier this year and launched a fixed-income hedge fund last month. Joining Lyski is Tim Bacik, who had been a senior fixed-income official at Alliance and started at Lee Munder last week. The two will manage the fixed-income hedge fund and Lyski said the firm's goal is to create additional fixed-income oriented alternative products.
Lyski said the hedge fund will be a moderately leveraged, broad-based vehicle that invests in fixed-income markets around the globe by employing credit- and yield curve-arbitrage methods. He added it will look for opportunities by investing in cash and synthetic instruments, for example. "It does not take rate bets, we're not trying to get long and short the market from a rate point of view," he said. The fund began trading last month and the firm plans to set up an office soon in Montebello, N.Y., outside of New York, from where the fixed-income side will be managed.
John Meyers, spokesman at Alliance, could not provide more information on Bacik's duties at Alliance or whether he will be replaced.