An alternatives manager best known for providing “seeding” for early-stage hedge fund managers has sought to increase its coverage of the institutional market with the appointment of the head of hedge funds from one of the largest US pension plans.

SkyBridge Capital has appointed Peter Carey, director of absolute return strategies at the $124.8bn New York State Common Retirement Fund. He will join the firm shortly, Thomas Gallagher, chairman of SkyBridge confirmed.