A $17-billion AUM alternative asset manager not yet in the mutual fund business just hired its first liquid alts chief.

Michael C. Forman Franklin Square Capital Partners Chairman, Chief Executive Officer

Michael Forman, chairman and CEO of Franklin Square Capital Partners, confirms that Greg Bassuk is joining the Philadelphia-based shop as managing director and head of liquid alternative strategies. Bassuk most recently served as chief operating officer of New York City-based liquid alts specialist IndexIQ [profile].

MFWire could not immediately reach IndexIQ chief Adam Patti for comment on how Bassuk's duties are being handled.

Bassuk's move to Franklin Square comes half a year after New York Life (which offers the MainStay funds) bought IndexIQ.

"We are delighted Greg has joined Franklin Square to lead our liquid alts efforts, which we will pursue with the same focus on transparency and investor protection that has defined our firm's approach since our inception," states Michael Forman, chairman and CEO of Franklin Square.

Greg Bassuk Franklin Square Capital Partners Head of Liquid Alternative Strategies

Bassuk started at Franklin Square in October and reports to chief investment officer Mike Kelly. Kelly laud's Bassuk's "significant experience and a proven track record in the liquid alternatives space."

"Liquid alternatives is a natural expansion of our firm's longtime focus on transparency, diversification and investor protection, and Greg will spearhead this initiative," Kelly tells MFWire in an e-mailed statement. "Currently we do not have any mutual funds. We are considering various vehicles for potential liquid alternative offerings."

An alumnus of Cornell and Georgetown, Bassuk previously worked at Time Warner, McGovern Capital, SmartPortfolio.com (now part of TheStreet), and as a corporate and securities attorney. 

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