Private investment firm Quadrangle Group has hired former Gordon and Betty Moore Foundation chief investment officer Alice Ruth as a managing principal and chief investment officer of newly launched Quadrangle Asset Management (QAM).
In her previous position, Ruth oversaw a $6 billion (€3.9 billion) investment portfolio and team of investment professionals. She was also involved in the launch of the Foundation in 2000, which is geared towards advancing environment conservation, science and the San Francisco Bay area.
Quadrangle co-founder Steven Rattner cited Ruth’s management experience and track record launching new investment strategies as key reasons for her hire in a statement.
The New York-headquartered firm launched its investment management business in January. QAM handles asset allocation, manager selection, plan implementation and risk management for “founding investors” including long-time Rattner friend and billionaire New York mayor Michael Bloomberg.
At the time of QAM’s launch, an industry source told PEO that Bloomberg’s capital alone would require the hire of a dedicated CIO and approximately 20 investment professionals. Ruth’s appointment is the first announcement of a QAM-dedicated hire from the fledgling group.
Former Goldman Sachs executive Doug Kramer was appointed as Quadrangle chief operating officer in January. Among the non-investment operations overseen by Kramer is the development of QAM.
Media and communications-focussed Quadrangle has undergone significant expansion in the last year including the launch of QAM, a number of senior hires, the openings of offices in London and Silicon Valley and a planned office in Hong Kong.