Key Takeaways
- • Matteo Dante Perruccio is stepping down as chief executive of Hermes BPK Partners, a fund of hedge funds business he founded four years prior, departing at the end of 2017.
- • Hermes BPK Partners manages $2.3 billion in assets under a structure where Hermes Fund Managers owns 60% and management retains 40% ownership.
- • Perruccio built the fund of hedge funds business during a challenging period for hedge fund performance and market conditions following the credit crisis.
Summary
Matteo Dante Perruccio is exiting his role as chief executive of Hermes BPK Partners, the fund of hedge funds platform he established approximately four years prior. According to Financial News London, Perruccio will depart at the end of 2017 after successfully building the business to $2.3 billion in assets under management.
The ownership structure reflects a joint venture arrangement, with Hermes Fund Managers controlling 60% of Hermes BPK Partners and management retaining a 40% stake. This significant management ownership stake underscores the entrepreneurial nature of Perruccio's role in establishing and scaling the platform.
Perruccio's tenure as CEO occurred during a difficult operating environment for hedge fund managers. Following the 2008 credit crisis, hedge fund performance deteriorated materially, creating headwinds for fund of funds strategies that depend on underlying manager returns. Despite these challenging market conditions, Perruccio grew Hermes BPK into a sizable platform, demonstrating operational execution in a competitive and performance-sensitive segment of the alternative investment industry.
The departure marks a leadership transition at a critical juncture for hedge fund investing, as the industry continued to navigate post-financial crisis dynamics and institutional investor reassessment of hedge fund value propositions. No successor or strategic rationale for Perruccio's exit was disclosed in available reporting.
The ownership structure reflects a joint venture arrangement, with Hermes Fund Managers controlling 60% of Hermes BPK Partners and management retaining a 40% stake. This significant management ownership stake underscores the entrepreneurial nature of Perruccio's role in establishing and scaling the platform.
Perruccio's tenure as CEO occurred during a difficult operating environment for hedge fund managers. Following the 2008 credit crisis, hedge fund performance deteriorated materially, creating headwinds for fund of funds strategies that depend on underlying manager returns. Despite these challenging market conditions, Perruccio grew Hermes BPK into a sizable platform, demonstrating operational execution in a competitive and performance-sensitive segment of the alternative investment industry.
The departure marks a leadership transition at a critical juncture for hedge fund investing, as the industry continued to navigate post-financial crisis dynamics and institutional investor reassessment of hedge fund value propositions. No successor or strategic rationale for Perruccio's exit was disclosed in available reporting.
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