It's a familiar story on Wall Street. Talented money managers split off from a blue-chip trading shop, hoping to achieve fame and fortune as managers of their own hedge fund.

In the case of Tahoma Capital, the story has a twist. The team, led by Jeffrey Scott, never worked for Goldman Sachs or Julian Robertson. Scott's crew cut its teeth investing tens of billions of dollars for a different corporate icon: Microsoft ( MSFT).

Scott, Tahoma's founder, was assistant treasurer at Microsoft for 10 years, leading the software company's portfolio team for the past five. Besides him, Tahoma's ranks include one former managing director in the Microsoft portfolio unit and four other senior directors and directors, according to market materials obtained by TheStreet.com.

Corporate treasury departments are not fertile breeding grounds for hedge fund talent. Usually, they employ conservative strategies to invest a company's excess capital, with their main goal being preservation of money that may eventually be needed to fund operations.

At Microsoft, whose high-margin software products have thrown off enormous sums of cash for years, the situation is different. Tahoma says that over five years at the company, its team oversaw an average of $56 billion in assets that produced as much as one-fifth of Microsoft's earnings.

"The portfolio we managed at Microsoft was structured to produce low volatility and minimal negative surprises," the brochure reads. "Our investment policy was driven by a comprehensive risk control framework, with a disciplined compliance process including modeling, pricing and accounting analysis."

Whether those tactics can be adapted to a hedge-fund reality is an open question. Still, Sam Saunders, a stock analyst at Fulcrum Global Partners, believes managing Microsoft's money is pretty good practice.

"Due to the large size of Microsoft's balance sheet, they diversified their investment holdings into sexier areas such as derivatives hedges," says Saunders. "That experience as a corporate comptroller will be pretty unique in allowing him to transition into a hedge fund role."

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