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A hedge fund at the world's biggest alternative-asset manager is setting off on its own
(Stephen Schwarzman, CEO of Blackstone Group.Alex Wong/Getty)
A hedge fund manager at the world's biggest alternative asset manager is going off on his own.
Francis Cueto, a money manager with Blackstone's Senfina Advisors, is starting an independent hedge fund next year, according to people familiar with the matter. He is aiming for an April 1 launch, according to one of the people.
Cueto, who manages a portfolio focused on tech, media, and telecomms stocks, is spinning out his unit Asturias Capital. He has not yet left Senfina.
Cueto joined the Senfina platform in January 2015 after eight years at a $10 billion hedge fund within Bain Capital, according to a LinkedIn profile.
Blackstone's Senfina launched in 2014 with a multi-strategy model, with different portfolio managers making big, concentrated bets in each of their own books.
Spinning out has always been an option for the managers on the platform, and Cueto, the first manager to go it alone, will continue to manage money for Blackstone, people familiar with the matter said. Senfina was down about 20% for the year in early August after a banner 21% gain last year, according to a Bloomberg report.
Cueto could not be reached for comment. A Blackstone spokeswoman declined to comment.
Blackstone is the world's largest manager of alternative assets with $361 billion under management.
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