It's no news that alternatives are popular, and three mutual fund firms are eager to have a go at them.
], Gabelli Securities
] (which operates as Franklin Templeton Investments
) are the latest firms to boost their alternatives offerings, whether through new hires or, in Franklin's case, buying a fund shop
AllianceBernstein stocked up on veterans in the alternatives space, bringing George Yepes
and Jeff Saltzman
on board. Meanwhile, Gabelli managing director Michael Gabelli
recently hired Joel Torrance
to contribute his hedge fund expertise to the firm's alternative investment fund business.
reported yesterday on press release
that his firm has seen "increasing demand" from clients around the world.
"With our firm's size and scope, we can deliver both significant risk management resources and innovative and tailored investment solutions," Stevens added. "George and Jeff, with their extensive experience and proven track records, are great additions to our team and will play an important role in our efforts to develop a deeper client engagement framework around alternatives."
Yepes and Saltzman both report to Stevens and fellow senior VP Chris Bricker
, who is head of the firm's alternatives business strategy.
Gabelli also noted in a release
that his firm is in a "major growth phase" in its alternatives business. The firm is approaching $1 billion in AUM.
Yepes is Financial Risk Management
's former head of North American distribution and relationship management. The 25-year industry veteran will work primarily with AllianceBernstein's large-market advisors and consultant relations team.
Saltzman executed alternatives transactions for institutional clients and family offices for Bank of America Merrill Lynch's cross asset solutions and strategies group.
Torrance has spent the last six years at Graystone Research
and Alternative Investment Partners
, two alternatives entities acquired by Morgan Stanley. Before that, he worked at CMS Companies
, a fund of hedge fund platform, and Global Asset Management
while it was under UBS ownership.
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