Franklin Square names liquid alts head

Greg Bassuk, formerly chief operating officer at IndexIQ, will oversee the expansion and management of the Philadelphia firm’s Liquid Alternatives Strategies platform.

Franklin Square Capital Partners, a manager of alternative investment funds, has hired Greg Bassuk as managing director and head of its liquid alternative strategies platform.

Bassuk was co-founder and chief operating officer of IndexIQ, an asset management and indexing firm sold to MainStay Investments, the mutual fund arm of insurer New York Life Investment Management (NYLIM), in April.

He helped IndexIQ build liquid alternative investments to market through mutual fund, exchange-traded fund (ETF), separate account and model portfolio products, growing the firm into the industry’s largest alternative ETF provider.

Bassuk has also held business development roles at Time Warner, served as managing director of private investment firm McGovern Capital, co-founded SmartPortfolio.com (which was sold to TheStreet) and is a former corporate and securities attorney at Weil, Gotshal & Manges.

At Franklin Square, Bassuk will work closely with chief investment officer Mike Kelly, the former chief executive of ORIX USA Asset Management and FrontPoint Partners, who joined Franklin Square earlier this year. He will also work with other product development specialists at the firm, including Steve Landau, formerly of NYLIM.

“Franklin Square has created an impressive set of differentiated alternative investment funds,” said Bassuk. “I am pleased to be joining the firm to lead the effort to build out a liquid alternatives business that will continue Franklin Square’s role as a leading sponsor of alternative investments.”

Philadelphia-based Franklin Square was founded in 2007 and launched the first non-traded business development company (BDC), the Franklin Square Investment Corporation (FSIC). Franklin Square had about $17 billion in assets as of 30 September, about $15 billion of which are in the public and private FSIC BDCs.