|Daoud Zekrya, a former partner at Marshall Wace Asset Management, is setting up his own European long/short equities hedge fund called Belay Partners. According to the Financial News, Zekrya, who left Marshall Wace last November to plan the new fund, will be partnering with New Star Asset Management veteran Harry Tyser. While at New Star, Mr. Tyser managed the firm’s Firefly hedge fund.|
At Marshall Wace’s, Mr. Zekrya played a critical role running the firm’s Core Fund, one of two strategies in Marshall Wace’s flagship Eureka Portfolio.
Belay Partners is named after the rock-climbing term for two partners helping each other climb using safety ropes to reduce the chances of unexpected falls. Belay hopes to do the same in a recovering financial industry and will be carefully watched as it does so.
Belay Partners is scheduled to launch sometime during the fourth quarter of 2009.