Cardinal Asset Management launched

A new asset management company, Cardinal Asset Management, focusing on alternative asset investment products and services for the institutional market, has been launched by Nick Corcoran and Nigel McDermott.

Corcoran is a former founding director and executive vice president of Zurich Capital Markets and McDermott is a former founding director of International Investments & Underwriting (IIU), an asset management, private equity and investment underwriting boutique.

Cardinal Asset Management is partly owned by UK-based institutional asset manager, ISIS.

The firm, to be initially based in Dublin and London, is currently recruiting a number of hedge fund managers.

"The alternative asset industry is moving beyond its pioneering and fragmented phase. Consolidation must be a continuously evolving trend amongst product providers and hedge fund managers," said Corcoran.