Mr Carmichael, who covered the global consumer sector at Platinum, will fill the newly created role of consumer sector head at Watermark Funds Management.
During a five-year stint at Platinum, Mr Carmichael held roles as team leader and investment analyst, covering the healthcare and consumer sectors.
Watermark has also appointed Hamish Chalmers to head up global financials.
Mr Chalmers makes the move from London firm Och-Ziff Capital Management where he spent seven years as a portfolio manager and financial sector specialist.
Watermark’s chief investment officer Justin Braitling said he was "delighted" to be able to attract such strong talent to the business.
"While the local hedge fund industry is a minnow in comparison to our peers in Europe and North America, there is growing recognition that Australia has spawned some strong local hedge funds," Mr Braitling said.
"It is a testament to this quality that we have been able to attract such high-calibre investment professionals such as Hamish and Ian," he said.
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