Key Takeaways
- • Ben Melkman, former partner at Brevan Howard, is launching Light Sky Macro, a macro hedge fund targeting $400 million in assets with a first-quarter 2017 launch date.
- • Melkman led Brevan Howard's $500 million Argentina fund, which generated an 18% return since inception, establishing his track record in macro investing.
- • Light Sky Macro has recruited four senior executives: Barry Schachter (Chief Risk Officer and Partner, previously at Caxton Associates, SAC Advisors, Balyasny Asset Management, and Moore Capital); Alberto Ades (Head of Research, formerly cohead of global economics at Bank of America Merrill Lynch); Douglas Spiegel (CFO and CCO, previously at Realm Partners and Sanno Point); and Joseph Mauro (joining October 1, former Goldman Sachs partner who headed European hedge fund coverage across multiple asset classes).
- • The fund is assembling a leadership team with deep macro and risk management expertise, drawing talent from established hedge funds and major financial institutions.
Summary
Ben Melkman is establishing Light Sky Macro, a New York-based hedge fund focused on macro strategies, with an ambitious capital target of $400 million and an anticipated launch in the first quarter of 2017. Melkman brings substantial credential to the venture from his tenure at Brevan Howard, where he led the $500 million Argentina fund to an 18% return since inception—a track record that underscores his expertise in complex macro environments.
The fund's leadership structure reflects a deliberate focus on risk management and research depth. Barry Schachter joins as Chief Risk Officer and Partner, bringing extensive experience across top-tier hedge funds including Caxton Associates, SAC Advisors, Balyasny Asset Management, and Moore Capital. Most recently, Schachter held a senior risk role at 40 North Management until the end of 2015, establishing a seamless transition into Light Sky Macro's leadership.
Alberto Ades takes the Head of Research position, leveraging a robust background in macro and fixed-income strategy. Until March 2016, Ades served as cohead of global economics and head of global emerging-markets fixed-income strategy at Bank of America Merrill Lynch, roles he held since 2010. His previous experience includes macro research positions at Citigroup and Goldman Sachs, positioning him to lead research efforts across emerging markets and global macro themes.
Douglas Spiegel assumes dual roles as CFO and CCO, having held identical positions at Realm Partners (an event-driven hedge fund) from 2009 through 2015 and previously at Sanno Point (a credit relative-value hedge fund) from 2004 through 2009. This background provides strong operational and compliance infrastructure for the fund's launch phase.
Completing the senior team is Joseph Mauro, a Goldman Sachs partner who officially joins on October 1. At Goldman, Mauro headed European hedge fund coverage across fixed income, emerging markets, FX, credit, and commodities—a role that positions him to contribute deep market relationships and product expertise to Light Sky Macro's macro investment thesis.
The fund's leadership structure reflects a deliberate focus on risk management and research depth. Barry Schachter joins as Chief Risk Officer and Partner, bringing extensive experience across top-tier hedge funds including Caxton Associates, SAC Advisors, Balyasny Asset Management, and Moore Capital. Most recently, Schachter held a senior risk role at 40 North Management until the end of 2015, establishing a seamless transition into Light Sky Macro's leadership.
Alberto Ades takes the Head of Research position, leveraging a robust background in macro and fixed-income strategy. Until March 2016, Ades served as cohead of global economics and head of global emerging-markets fixed-income strategy at Bank of America Merrill Lynch, roles he held since 2010. His previous experience includes macro research positions at Citigroup and Goldman Sachs, positioning him to lead research efforts across emerging markets and global macro themes.
Douglas Spiegel assumes dual roles as CFO and CCO, having held identical positions at Realm Partners (an event-driven hedge fund) from 2009 through 2015 and previously at Sanno Point (a credit relative-value hedge fund) from 2004 through 2009. This background provides strong operational and compliance infrastructure for the fund's launch phase.
Completing the senior team is Joseph Mauro, a Goldman Sachs partner who officially joins on October 1. At Goldman, Mauro headed European hedge fund coverage across fixed income, emerging markets, FX, credit, and commodities—a role that positions him to contribute deep market relationships and product expertise to Light Sky Macro's macro investment thesis.
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