Discretionary macro strategy Light Sky Macro (‘Light Sky’) has rapidly raised assets, surpassing USD 1.5 billion within six months of launching in 2017. Its founder, Ben Melkman, had always wanted to set up his own business – an entrepreneurial streak that is in his blood as his family ran small businesses. “I want to create a culture, build a long-term team, and develop independent research and structuring expertise,” he says.
Although Melkman is the CIO and sole PM, this does not mean that the firm is a one-man band. In pursuing a concentrated and high conviction strategy, Melkman is supported by a team of seasoned executives and a robust research department dedicated to enhancing the entire investment process and business management.
Unconstrained and opportunistic
Melkman has always had an open investment style and his mandate at Light Sky is no different. He takes exception to the view that there have been limited opportunities in the macro space over the last 5-7 years: "Sure, if you define macro as the Fed funds rate, opportunities have been limited. But if you define macro as the ability to invest across regions, products and asset classes – there is always something to do."
Melkman is now the architect of a firm that can leverage its resources to pursue broad but finely targeted opportunities, ranging from the sequencing of the ECB exit to the fair value of the Egyptian pound. Fundamental research is led by Alberto Ades who was previously Head of Global Emerging Markets Fixed Income and FX Strategy, and Co-head of Global Economics, at Bank of America Merrill Lynch (‘BAML’) and earlier at Citi and Goldman Sachs.