Lyxor Exec Quits for Hedge Fund Start-Up

Funds-of-funds and indexing firm Lyxor has lost its head of North American business development, CIO has learned. 

Managing Director Michael Bernstein resigned to become head of investor relations for start-up hedge fund Axar Capital Management, according to a source familiar with the matter. His last day is Wednesday. 

Lyxor did not respond to a request for information on who will replace Bernstein, or if a search is underway. 

The Paris-based subsidiary of Société Générale recruited Bernstein in 2009 to pilot its push into the US institutional market. When announcing the hire, Société Générale described him a “key relationship manager” who would be reporting directly to Lyxor’s US CEO. 

Bernstein led sales and marketing for the hedge funds-of-funds’ specialist through a multi-year cull of industry participants following the financial crisis. 

As many of its competitors closed down, his team scored a major win in late 2011 by securing a macro hedge fund advisory mandate from the California State Teachers’ Retirement System. The relationship has proven successful, according to staff at the pension fund.

In resigning his post, Bernstein ends an 11-year career in funds-of-funds. Prior to Lyxor, the former equities analyst spent five years at Financial Risk Management (now a division of Man Group). 

Axar Capital has yet to officially launch, but is said to focus on “special situations” under the leadership of former Mount Kellett Managing Director Andrew Axelrod. 

Bernstein confirmed his resignation when reached by CIO, but declined to comment further. 

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