William Michaelcheck, chairman and chief investment officer of
Mariner Investment Group, says that he never set out to build a
multi-billion dollar hedge fund business. Not that it happened
by accident. Michaelcheck had left Bear Stearns in 1992 to
manage his own money. But friends came along with assets of
their own, other traders joined to help out, and later that
year Michaelcheck set up Mariner in Manhattan.
Twenty years on, in conjunction with its associated
advisers, Mariner employs more than 240 people in several US
locations plus London, Tokyo, and Seoul, and oversees about
$11.6 billion primarily in single and multi-manager corporate
and sovereign credit, fixed income, and managed futures
portfolios, as well as several equity, real estate, and private
According to public filings, among Mariner's clients are
some of the largest US pension funds, including the $50 billion
Pennsylvania Public School Employees'...