Sticky money

Stuart Leaf, Paul Isaac and Michael Waldron, are the three principals who own Cadogan Management, a fund of funds firm headquartered in New York managing $375m. The firm started with its first fund in April 1995.

Waldron explains: 'Our clients are primarily large banks and insurance companies from the US, Europe and Japan.' The investor base is a mixture of high net worth individuals, endowments, foundations and institutions.

Cadogan aims for mid-teen returns with low volatility. 'What differenti