US – Consulting firm Cambridge Associates has former State Street’s Charles Cassidy to the new role of director of operational due diligence for its hedge fund group.

The group identifies and screens hedge fund managers and creates customized hedge fund programs for clients.

“In this newly-created position, he will enhance the firm's existing due diligence process, with a focus on operational issues that include a review of hedge fund's compliance and control functions, business terms, hedge fund service providers as well as conducting background checks,” Cambridge said.

It said he joins after more than 20 years at State Street Bank & Trust Co.

The firm also named Jon Hansen as research consultant, specializing in evaluating hedge fund managers and conducting due diligence. He was previously a vice president at Pearson Prentice Hall.

"Today there are more hedge funds than stocks on the New York Stock Exchange," said Cambridge’s president and chief executive Sandra Urie.

"At Cambridge Associates, we strongly believe that investment decisions pertaining to the selection of hedge fund managers should be grounded in a thorough, unbiased, and objective due diligence process to avoid inherent risks.

“As such, we have 26 individuals dedicated to evaluating, selecting and monitoring hedge fund managers. We are confident that both Charlie and Jon will contribute valuable perspective and experience in helping our Hedge Fund Research and Consulting teams continue to achieve this goal."