The former head of investment strategy at Salient Partners, Nicholas Millikan, has joined alternative investments turnkey asset management program (Tamp) CAIS Capital as director of research, Citywire can reveal.
Based in San Francisco, California, Millikan joined the firm on December 10. In the newly created role, he is in charge of identifying and sourcing managers based on market trends as well as performing due diligence on private equity and hedge funds in collaboration with Mercer, which conducts overall due diligence for funds on CAIS’ platform.
Once managers are added to the platform, Millikan will also be responsible for ongoing review and oversight of them. In addition, he will work with Mercer to put together alternative model portfolios for CAIS clients, according to the firm.
New York-based Tamp CAIS Capital, which was launched in May 2009, offers a list of alternative investments, capital markets syndicate offerings, structured products and real assets to advisors. The firm also provides portfolio construction and reporting tools.
The CAIS platform has over $6 billion in transaction volumes overall and about $1.5 billion volume from over 3,000 transactions in 2018.
Prior to joining CAIS, Millikan spent six years at Salient Partners where he was most recently the head of investment strategy. Previously, he held various relationship management roles at BlackRock for over seven years.
A CAIS spokeswoman confirmed Millikan’s hire. A Salient spokeswoman confirmed his departure from the firm.
Salient saw a number of manager departures and fund liquidations as the Houston-based asset manager worked through a restructuring earlier this year.
In April it sold its $4.5 billion private client business to RIA aggregator HighTower Advisors.
Following the wealth business sale, Salient announced that president and co-founder Jeremy Radcliffe, former chief investment strategist Ben Hunt, who runs the widely-followed investment newsletter Epsilon Theory, and Rusty Guinn, executive vice president of asset management at Salient would leave the firm to pursue other ventures.
Radcliffe, who co-founded Salient in 2002, has now co-founded venture capital and private equity firm Valedor Partners. He is no longer involved in the day-to-day running of Salient, although remains a partner and board member at the firm.
Under its new structure, Salient is now made up of the MLP and energy infrastructure team led by Greg Reid, the real estate team led by Joel Beam, and the alternative investments team led by Bill Enszer.
In August, BNY Mellon Asset Management North America recruited three former members of Salient’s quantitative liquid alternative investment team: head of quantitative strategies Roberto Croce, senior analyst Xuan Huan and associate portfolio manager Berto Brauns.