New York-headquartered hedge fund BlueMountain Capital Management has announced the hire of Sanket Patel to manage energy investments.
Patel joins from Chicago-based hedge fund Alyestka where he spent six years as a money manager focused on energy.
BlueMountain has been revamping its equity line. Last year, it shut down its dedicated long-short fund last year, having returned around $600m to investors, and is building a stock business with multiple sector-focused portfolio managers.
Other hires included that of Lance Rosen as head of Equities joining from Kinrose Capital Management to oversee equities and it is understood two analysts reporting to Patel and a senior manager focused on the financial sector will further join the hedge fund.
BlueMoutain oversees $21bn in assets across products, of which $9.5bn are in collateralized loan obligations.