New Hedge Fund of Funds Firm Opens its Doors

June 6, 2003 ( - A former CMS Companies hedge fund manager is hanging out her shingle on her a hedge fund of funds firm.

Patricia Young’s new firm, NewMarket Capital Partners LLC, will subadvise on $170 million in the CMS Manager Select Funds – funds of hedge funds that Young managed at her former employer, according to a Dow Jones report. The new entity will cater to institutional investors.

NewMarket also is launching the NewMarket Capital Select family of funds.The NewMarket funds are aimed atpensionfunds, university endowments and charitable foundations, which are relative newcomers to hedge fund investing, but represent the bulk of the $600-billion industry’s new money.

Young said she and co-founders Diana Wagner and Mindy Posoff have complementary backgrounds and records in portfolio management, institutional marketing and client service.

Wagner is responsible for product development and institutional marketing. Prior to joining NewMarket, she held senior positions in structured products and institutional fixed-income sales at Credit Suisse First Boston and Morgan Stanley. Posoff is also responsible for institutional sales and marketing. She was formerly a vice president at E*Trade Group Inc.