Hamilton Lane hires hedge fund CIO

The Richcourt Group, the majority-owned hedge fund of funds arm of Hamilton Lane, has hired former World Bank hedge fund manager Francesco Mainolfi as chief investment officer of the firm.

New York-based hedge fund of funds firm The Richcourt Group, majority-owned by private equity asset manager Hamilton Lane, has named Francesco Mainolfi to the newly created position of chief investment officer.

Mainolfi was formerly a principal investment officer at the World Bank Pension Fund, which he joined in October 2002 and where he was responsible for the pension’s $1.5 billion (€1.2 billion) hedge fund investment programme. Previously, he was an assistant professor in the department of finance at DePaul University in Chicago. Mainolfi, who received his Ph.D. in economics and finance from Columbia University, is also a co-developer of the Bifurcated Fund Analysis Model, a hedge fund investment allocation model.

Mensack: Beefs up hedge fund team

Formed in 1992, The Richcourt Group manages more than $1.1 billion in hedge fund assets. Last November, Hamilton Lane acquired a controlling stake in the firm from hedge fund administrator The CITCO Group, which retains a minority position in Richcourt and is a member of its investment committee. Hamilton Lane’s John Mensack is chief executive officer of the company.

At the time of Hamilton Lane’s investment, Mario Giannini, the chief executive officer of Hamilton Lane, noted that his firm had been looking to enter the hedge fund space for some time as many Hamilton Lane clients were interested in the sector and many of the private equity firms in which Hamilton Lane was invested were beginning to launch hedge fund programmes of their own.

Founded in 1991, Bala Cynwyd, Pennsylvania-based Hamilton Lane has more than $39 billion of assets under management, $5 billion of which is discretionary.