A new alternative asset management business, Madison Park Capital Partners, has brought in John Schmick from Russell Investments as principal.

Schmick was a regional sales director in the private client services division of Russell, and in his new role will focus on growing the business through the independent wealth management channel.

Erik Ogard, who recently joined the firm as managing principal, said that the RIA space had been “very poorly served" in the past by the alternative asset industry, which tended to charge large fees for products with limited liquidity and transparency.

Madison Park, which is based in Seattle, offers investment products across separately managed account and pooled investment vehicles.