Measurisk chief executive moves to K2

K2 Advisors, the New York-based fund of hedge funds with $1 billion under management, has hired Kelsey Biggers as a managing director of risk management. Biggers was previously chief executive, vice-chairman and co-founder of Measurisk, a New York-based risk technology vendor.

Peter McClean, president of Measurisk, told RiskNews that the firm is unlikely to hire a replacement for Biggers, although it may re-evaluate its position within six months. Biggers still holds a stake in Measurisk.

Before founding Measurisk, which provides market and operational risk analysis for the investment community, Biggers directed the development of Bankers Trust’s risk-adjusted return on capital risk analysis service.

“A lot of the innovation and talent I've seen in the asset management community is coming from the fund of funds industry, and that explains why there is increased institutional investor interest in this area,” said Biggers. “I plan to couple K2’s strong performance returns with risk transparency that will include value-at-risk, stress testing and scenario analysis.”

K2’s long/short funds and low volatility hedge funds have collectively delivered seven-, five- and three-year returns of 19.6%, 17% and 19.2%, respectively.

Biggers added that he is likely to use third-party vendors, which could include firms such as New York-based RiskMetrics or Measurisk, to help manage risk on K2 funds.