NEW YORK (HedgeWorld.com)–The Praedium Group LLC appointed Christopher Pappas and Brian O' Flanagan as portfolio managers for a long/short hedged strategy in real estate securities.
Mr. Pappas previously was at Deutsche Realty Advisors in New York, where he managed Deutsche Bank's Primus fund, a vehicle dedicated to REIT investments. He has been an investment banker at PaineWebber and Chase Securities, working on real estate transactions.
Mr. O' Flanagan was portfolio manager for Northland Capital Partners in Newton, Mass., responsible for investment decisions and risk management for a long/short hedge fund focused on real estate, lodging and gaming companies.
"The recent 15% correction in the REIT market demonstrates the desirability of a hedged strategy that mitigates risk in a declining market," said the New York-based real estate investment firm's president, Russ Appel, in a statement.
