Article List

Wang Shutting Statistical-Arbitrage Business

Wed, 11 Dec 2019
Statistical arbitrage manager Academy Investment is throwing in the towel.The New York firm, founded in 2011 by former Clinton Group executive Ellen Wang, is liquidating its Academy Quantitative Global Fund and expects to finish returning capital to limited partners by yearend. It’s unclear why Wang is pulling the plug at this point, though the fund’s performance has been roughly flat the past four years. The S&P 500 Index, by...



Rapid Growth Propels Athanor to $2 Billion

Wed, 11 Dec 2019
Strong returns have propelled notable asset growth this year for Athanor Capital.The New York startup, founded by D.E. Shaw alum Parvinder Thiara, has scored investor commitments that will increase its assets under management to $2 billion by the start of 2020.That represents an influx of more than $1 billion of fresh capital this year. Thiara, Athanor’s chief investment officer, started trading via Athanor Master Fund in 2017. It began...



Brevan Howard Ties Up With Soros Alum

Wed, 11 Dec 2019
Brevan Howard Asset Management is again backing Adam Fisher, a global-macro manager whose capital-raising efforts appear to be rapidly gaining momentum.The arrangement saw Brevan Howard buy a minority stake in Commonwealth Asset Management, a Los Angeles firm that Fisher began setting up upon his January 2019 exit from Soros Fund Management. While terms of the deal remain unclear, indications are that the injection is substantial.Fisher,...



Vulpes Program Lacking Traction

Wed, 11 Dec 2019
Efforts by Stephen Diggle’s Vulpes Investment to build up a first-loss trading program have fallen flat.The Singapore operation had set out in February to raise some $350 million in 2019 for its Vulpes Kit Trading Fund, which at the time was running $10 million — mostly for Diggle. But the program contains just $15 million today.Vulpes Kit Trading also has deviated from a history of strong returns, with both of its share classes eking...



Shelter Growth Preps Lockup Fund

Wed, 11 Dec 2019
Debt-fund operator Shelter Growth Capital is planning its third drawdown fund after quickly reaching its capital-raising goal for the first two.The Stamford, Conn., firm is seeking to raise at least $250 million for Shelter Growth Term Fund 3, which will invest in bridge and mezzanine loans secured by office buildings, apartment complexes, warehouses and other commercial properties. It also is expected to invest in the risk-retention pieces of...



Appian Way Begins Investing Fund

Wed, 11 Dec 2019
Equity startup Appian Way Asset Management last week launched a hedge fund with more than $200 million.The New York firm, led by former Luminis Management portfolio manager Andrew Byington, employs a fundamental market-neutral strategy to invest in cyclical stocks, including those of technology, consumer and industrial companies.Byington heads fundraising for Appian Way, focusing exclusively on institutional investors. He has told prospective...



LiquidityBook Boosts Client Roster

Wed, 11 Dec 2019
Order-management software company LiquidityBook continues to gain traction with hedge fund operators.The New York firm currently works with 42 hedge fund managers, with a pipeline of 60 potential clients in 2020. Among those poised to come on board are two London operations that LiquidityBook has been courting for a year, sales head Sean Sullivan said.LiquidityBook also has lured a large debt-focused manager in New York away from rival Charles...



China Fund Manager Branches Out

Wed, 11 Dec 2019
A Beijing startup that last year locked in $2.5 billion of commitments for a private equity fund is launching a new vehicle that is more like a hedge fund.DCP Capital, led by former KKR executives David Liu and Julian Wolhardt, likely would use its DCP Asia Co-Investment Fund to trade debt and equity throughout Asia. The plan is to employ a drawdown structure, presumably with a long lockup period, that would reflect an emphasis on high-conviction...



Commodities Pro Setting Up Shop

Wed, 11 Dec 2019
A commodities specialist is laying the groundwork for a hedge fund.Working through Green Futures Partners, a newly launched management firm in Dallas, Brian Anast has been talking to service providers and potential limited partners about a vehicle called Green Future Opportunity Fund. Indications are that he would invest primarily in commodity futures.Anast additionally is expected to trade carbon-offset credits. Those instruments, used by...



Light Street Seeks Funding Round

Wed, 11 Dec 2019
Light Street Capital is in the market to raise money for its technology-focused hedge fund.Placement agent Park Hill Group is marketing Light Street Mercury Fund, which has delivered an annualized gain of 16.7% since its inception in 2011.The vehicle, which invests in the stocks of technology, media and telecommunications companies worldwide, was up 2.6% from Jan. 1 through Nov. 30. Since its inception, the fund has been up in 15 of the 38 down...



Oceanwood Alum Starts Trading

Wed, 11 Dec 2019
Event-driven manager Aslan House has launched its debut hedge fund.The London startup, led by former Oceanwood Capital deputy chief investment officer Luke Lynch, began trading its Aslan House Master Fund on Nov. 1 with $10 million to $20 million from friends and family members. While talks with prospective investors have been under way for months, the plan now is to start a broader marketing campaign.To that end, Aslan hired Neil Street last...



Angelo Gordon Building Portfolio

Wed, 11 Dec 2019
Angelo, Gordon & Co. has begun deploying the capital of a fund that invests in energy-related debt.AG Energy Credit Opportunities Fund 4’s first investment was a $100 million second-lien loan to Abraxas Petroleum in November. The loan, with a projected yield to maturity of 14.2%, is backed by a producing oil-and-gas reserve and contains numerous protections for the lender. It replaces a revolving line of credit for San Antonio-based...



The Grapevine

Wed, 11 Dec 2019
York Capital portfolio manager Christian Reyntjens is departing the firm after 15 years to run his own family office. Reyntjens, who works in the New York multi-strategy manager’s London outpost, will leave by yearend. He and co-chief investment officer Christophe Aurand jointly manage two vehicles, York European Opportunities Fund and York European Focused Fund. York, which had $17.1 billion under management at yearend 2018, was founded by...



The Grapevine

Wed, 11 Dec 2019
ExodusPoint Capital gained 5.9% on the year through the end of November. That performance trailed some multi-strategy competitors, including Balyasny Asset Management’s flagship vehicle, which gained 9.1% over the same period. The HFRI Asset Weighted Composite Index was up 6.5% through November. ExodusPoint, with $8.8 billion under management, is closely monitored because of its status as the largest launch in hedge fund history, with $8...



The Grapevine

Wed, 11 Dec 2019
An analyst who most recently worked at Citadel equity unit Ashler Capital has been hired as a portfolio manager by Balyasny Asset Management. Mark Hokanson started at the Chicago multi-strategy firm this month. He had been at Citadel from 2017 until this March. Previously, Hokanson was an analyst at Point72 Asset Management. His resume also includes work as a researcher covering aerospace and defense companies for...



The Grapevine

Wed, 11 Dec 2019
Kynikos Associates has hired a trader. Robert Cunningham joined James Chanos’ equity shop this month. Cunningham most recently worked in the prime-brokerage unit at Maxim Group, serving clients who outsource their trading to the New York investment bank. Before joining Maxim in 2017, Cunningham spent time at Ecofin, Southpoint Capital and Susquehanna...



The Grapevine

Wed, 11 Dec 2019
An analyst who covered long/short equity and special-situations investments at Sculptor Capital has joined startup Candelo Capital. Jake Metzger arrived in November at New York-based Candelo, which is expected to manage a highly concentrated portfolio focused on the stocks of industrial and materials-science companies. The firm had penciled in a fourth-quarter launch of its Candelo Capital Fund. Metzger had worked at Sculptor, previously known as...



The Grapevine

Wed, 11 Dec 2019
Mariner Investment has a new chief compliance officer. Brian Dillon filled the post in November after 18 years at BrightSphere Investment, most recently in the dual roles of chief risk officer and chief compliance officer. Dillon also has worked in compliance and auditing roles at Macquarie unit Delaware Investments, CoreStates Financial and the Federal Energy Regulatory Commission. New York-based Mariner had $10.3 billion under management on...



The Grapevine

Wed, 11 Dec 2019
Credit Suisse has picked up a former staffer of Societe Generale’s capital-introduction unit, which was largely dismantled this year. Kristin Scherer started in November as a director in Credit Suisse’s cap-intro unit in New York. Scherer joined SocGen in 2015 after serving as head of marketing at V2 Capital. She previously worked at Marketfield Asset Management and...



The Grapevine

Wed, 11 Dec 2019
Placement agent Hamilton Miller Investments hired marketer Kate Roberts this month as a vice president. Roberts had been a director at placement agent Stonehaven since 2017. She earlier worked at risk-management firm Kiski Group, Schroder Investment and Moody’s Analytics. Hamilton Miller, based in Centennial, Colo., is led by Bill Miller and Steve Hamilton. The firm focuses on niche strategy hedge funds and funds that buy secondary venture...



Mill Hill Maintains Course Despite Losses

Wed, 04 Dec 2019
Credit-focused Mill Hill Capital has taken a hit from a wrong-way bet on collateralized loan obligations.The relative-value Mill Hill Credit Opportunities Master Fund dropped 9.6% during the first 10 months of the year, leaving it close to flat since its inception in November 2016. The vehicle, with about $100 million under management, lost 4.9% in October alone — its worst monthly result to date.The losses came even as the HFRI Relative Value...



Paloma-Backed Manager Starts Marketing

Wed, 04 Dec 2019
Credit-product investor John Aylward, who runs money exclusively for Paloma Partners, is moving ahead with plans to recruit other limited partners.Aylward has set a $500 million capital-raising target. He plans to park the commitments in a yet-to-be-named hedge fund that would launch in February via his London-based Sona Asset Management.The first $100 million would go into a founders share class with discounted fees.Sona employs fundamental...



"Quantamental' Unit Chief Departs Point72

Wed, 04 Dec 2019
An executive who ran a unit that combines traditional stock analysis with systematic trading for Point72 Asset Management has left the firm.Chris Coward, who took over Latitude Investments for the Stamford, Conn., multi-strategy giant in January 2018, departed his post in early November, leaving a team of about 20 analysts. His plans are unknown.A source familiar with the move said Coward had experienced “personality clashes” with...



Highland TMT Pro Hangs Own Shingle

Wed, 04 Dec 2019
A portfolio manager who formerly led Highland Capital’s investments in technology, media and telecommunications stocks has begun marketing his own hedge fund.Michael McLochlin plans to start trading though his Dallas-based Pegasus Capital as soon as April. The hope is to start with $50 million to $100 million, with some of the money coming from institutional investors.Pegasus would continue McLochlin’s focus on trading TMT stocks,...



Anchor Bolt Bundling Value Picks

Wed, 04 Dec 2019
Industrial- and energy-stock picker Anchor Bolt Capital is starting a “best-ideas” fund.Anchor Bolt Concentrated Alpha Fund will take long positions in the shares of a narrow band of companies the Chicago firm sees as undervalued. It aims to launch the vehicle by the end of this month.“Anchor Bolt believes many stocks we follow are trading at steep discounts to intrinsic value and offer significant return potential,” chief...



Contrarian Offers Real Estate Vehicle

Wed, 04 Dec 2019
Contrarian Capital is attempting to raise $400 million for the latest in a series of funds that pursue distressed commercial real estate investments.The Greenwich, Conn., firm already has lined up $270 million of commitments for the vehicle, Contrarian Distressed Real Estate Debt Fund 4. The entity employs a drawdown structure, with a three-year investment period and an overall term of eight years.Contrarian is pursuing deals of $10 million to...



Technology Pros Recruiting Investors

Wed, 04 Dec 2019
A Mark Asset Management alumnus and a former Selz Capital executive have teamed up to start their own hedge fund operation.Andrew Fruchter and Ian Lieberman aim to begin trading through their New York-based Nymeria Capital in April. The effort already appears to be attracting attention, with Goldman Sachs’ prime-brokerage group recently naming the firm among notable upcoming launches.Nymeria is working with Goldman and Morgan Stanley, both...



Volatility Play Making the Rounds

Wed, 04 Dec 2019
A newly formed firm is marketing an unusual multi-manager fund that aims to help investors better tune their exposures to stock-market volatility.Black Pearl Management aims to launch its Mutiny Fund in the second quarter of 2020 with just a few million dollars. The Austin operation would allocate the capital to managers employing a mix of volatility-focused strategies, with the goal of delivering an overall profit across a range of market...



AREX Seeks Capital for SPV Push

Wed, 04 Dec 2019
Equity shop AREX Capital is starting a series of single-purpose vehicles.The New York firm, led by former Greenlight Capital partner Andrew Rechtschaffen, in recent weeks raised some $40 million for a vehicle called AREX Indigo Fund that would take a sizeable stake in an unidentified company. The plan is to follow up with another entity of comparable size by yearend, with another to follow in 2020 with a yet-to-be-determined amount of...



Futures Trader Lands Seed Deal

Wed, 04 Dec 2019
A small futures-trading shop has won a seed-capital commitment.The arrangement saw Paul Glance’s Glance Financial take in a modest amount of money from family office Finance Michigan in November, with the commitment going into a separate account. The plan is for the allotment to grow to $20 million.In the meantime, Glance has been mulling the launch of a commingled hedge fund that would follow a similar strategy as Finance Michigan’s...



Dilation Coming Into Focus

Wed, 04 Dec 2019
Details are emerging about the investment strategy of Dilation Capital, the startup hedge fund shop led by Brian Eizenstat.Eizenstat started the Greenwich, Conn., firm in June, a month after he left Lone Pine Capital. Now comes word that he plans to take a long-bias approach to picking shares of industrial and technology companies worldwide.Dilation would concentrate on 15 or so core long positions, while placing short bets opportunistically,...



Value-Stock Vehicle In the Works

Wed, 04 Dec 2019
A former Eaton Vance Management operations executive is setting up an equity-focused hedge fund firm.John Hanna plans to start trading via his Tioga Capital on Jan. 2 with at least $2 million, including all of his own investable capital. The Summit, N.J., firm has yet to begin marketing.Working through a vehicle called Arcadia Enhanced Index Fund, Tioga would employ a quantitative strategy to trade stocks in the S&P 500 Index. The aim is to...



Former CEO Plots Crypto Fund

Wed, 04 Dec 2019
A former chemical industry executive is trying his hand at running a cryptocurrency-focused hedge fund.Hans Frederick has hired at least one person to help him launch his BlockYard Digital Asset Fund by early 2020. The fund would primarily take long and short positions in bitcoin and other cryptocurrencies. Frederick, based in Wayne, Pa., also might explore venture capital-style plays in companies that develop and implement blockchain...



The Grapevine

Wed, 04 Dec 2019
Tiger Legatus Capital has hired a chief financial officer. Christopher Lastre, who started in October, also serves as chief compliance officer at the New York equity fund manager. He arrived from Nara Capital, where he had worked in a similar role since 2017. Lastre’s previous stops include Seer Capital, MSD Capital and accounting firm Rothstein...



The Grapevine

Wed, 04 Dec 2019
Segantii Capital has hired a portfolio manager who previously traded convertible bonds at D.E. Shaw. Petru Brediceanu joined the multi-strategy manager’s Hong Kong headquarters in November. Brediceanu was at D.E. Shaw from 2008 to 2018. He earlier worked as a proprietary credit-product trader at Deutsche Bank and as a foreign policy official for Romania. Segantii is led by Kurt Ersoy and Simon...



The Grapevine

Wed, 04 Dec 2019
Debt-fund manager Kennedy Lewis Investment hired two employees in November. Trader Doug Gerowski joined the New York operation from Fir Tree Partners, where he had worked in the same position since 2012. Gerowski also had stops at HedgeServ and MF Global. Arriving as Kennedy Lewis’ new chief risk officer is Josh Smith, who had been in that role at Blackstone unit GSO Capital since 2008. Kennedy Lewis is led by former CarVal Investors...



The Grapevine

Wed, 04 Dec 2019
A former researcher at Millennium Management unit Blue Arrow Capital has joined Saya Management as a senior analyst. Jason Marcus started at the New York equity fund shop in November. He had been at Blue Arrow since 2017. His resume also includes stops at J.P. Morgan, Sterne Agee and SAC Capital. Former Bain Capital managing director Anand More launched Saya in...



The Grapevine

Wed, 04 Dec 2019
Steven Scolnik left hedge fund operations consultant Cherry Valley Solutions in November to start his own company. His New York firm, SLM Technology, provides managers with chief technology officer services and technology-related project management help. Scolnik joined Cherry Valley in January. Before that, he spent 11 years as chief technology officer at global-macro hedge fund shop Discovery...



The Grapevine

Wed, 04 Dec 2019
A senior analyst with a background in distressed-debt investments has joined Elmwood Asset Management, an issuer of collateralized loan obligations. Daniel Berlin joined the New York firm in November from high-yield and distressed-debt manager Phoenix Investment Adviser. He had worked at the hedge fund operator since 2018. Berlin’s resume also includes stops at GoldenTree Asset Management, Credit Suisse, Emerson Capital and Elm Ridge...



The Grapevine

Wed, 04 Dec 2019
Multi-manager operation Lighthouse Investment has hired a senior analyst who has focused on capital markets and the stocks of financial-technology companies. Rahul Nevatia started this month in the Palm Beach Gardens, Fla., firm’s New York office. He previously worked in a similar role at Millennium Management from 2017 until August of this year. Nevatia also has had stops at Citadel, Goldman Sachs and J.P. Morgan. Lighthouse, led by Sean...



The Grapevine

Wed, 04 Dec 2019
David Miller this month joined the prime-brokerage unit of boutique investment bank Maxim Group. Miller, a director at New York-based Maxim, was most recently a senior relationship manager in the prime-brokerage unit at Wells Fargo, where he started in 2010 through the bank’s purchase of Merlin Securities. Miller earlier worked at Goldman Sachs.



The Grapevine

Wed, 04 Dec 2019
Millennium Management has hired a Los Angeles-based business development staffer. Matt Schwartz, who most recently was a prime-brokerage sales executive at Deutsche Bank, started at Millennium last month. Schwartz had worked at Deutsche since 2007.



Goldman Eyes Deal for Fund Administrator

Wed, 20 Nov 2019
Goldman Sachs is looking to get back into the fund-administration business, possibly by acquiring HedgeServ.Sources said Goldman executives have visited HedgeServ’s New York office “multiple times” in the past few months to discuss a possible acquisition. One source said the talks are in the very early stages.HedgeServ, founded in 2008 by fund-administration veterans James Kelly and Gene Mannella, caters to more than 200...



Nut Tree Fund Focused on Distressed Debt

Wed, 20 Nov 2019
Nut Tree Capital is raising money for a closed-end fund that would employ a similar strategy to its main vehicle, but with a greater emphasis on distressed debt.The plan is to close on an initial round of equity for the Nut Tree Drawdown Fund in the first quarter, around the same time Nut Tree expects to cut off new subscriptions to its flagship hedge fund, Nut Tree Master Fund. That entity is expected to be running about $1.6 billion by then, up...



Physician Prepping Healthcare Vehicle

Wed, 20 Nov 2019
An immunologist who swapped a career in medical research for finance 10 years ago will begin trading on Dec. 1 via his own hedge fund.Ting Jia’s Octagon Investments fund is set to launch with as much as $300 million of day-one capital, a source said. Jia has hired Goldman Sachs and J.P. Morgan to clear trades. He plans to focus on the stocks of healthcare companies in the U.S., Europe and Asia.Jia began laying the groundwork for the fund...



Verdad Marketing Credit Vehicle

Wed, 20 Nov 2019
Dan Rasmussen’s Verdad Advisers, which combines private equity analysis and index-investing techniques to pick small-cap stocks, now is applying the strategy to credit products.Last month, the Boston firm began trading a vehicle called Verdad Credit Fund with $13 million, according to a regulatory filing. Verdad, founded in 2014, first registered with the SEC in April, when the firm’s gross assets reached $159 million.Rasmussen, an...



Global Sigma Offers Volatility Play

Wed, 20 Nov 2019
An options-trading firm with a history of strong risk-adjusted returns is adding to its lineup of volatility-focused offerings.Global Sigma plans to launch its GS VrPremia Hedge program in the first quarter. Investors would access the strategy through separate accounts.The offering aims to capture so-called volatility-risk premia, profiting when volatility levels implied by prices on S&P 500 Index options are higher than the benchmark’s...



Prop Traders Seek Commitments

Wed, 20 Nov 2019
The leaders of proprietary trading firm Tangiers Capital are positioning themselves to run outside money.The San Diego operation, which invests in a mix of small-cap companies that recently have gone public, plans to start accepting limited partners in early 2020 via a yet-to-be-named vehicle. At the same time, Tangiers senior portfolio manager Michael Sobeck and principal Justin Ederle have formed a hedge fund firm called Ambria Investors in San...



Ex-Paulson Trader Launches Fund

Wed, 20 Nov 2019
A former Paulson & Co. partner has started trading through his own hedge fund.Greg Sutton parted ways with the event-driven Paulson — where he spent some 14 years — in January to focus on his Bayesis Capital. He launched the fund this quarter with a modest amount of his own money, a source said.Over the years, Sutton held a variety of roles at Paulson. He spent time as a trader across asset classes, including equities, commodities,...



Debt Investor Adds to Lineup

Wed, 20 Nov 2019
Emerging-markets debt investor Sandglass Capital has launched a drawdown fund.The New York firm held an initial close for its Sandglass Select Fund in early October with a $50 million pledge from the University of Michigan’s endowment. The vehicle is expected to hold a final close at the end of March.Sandglass Select Fund deals in illiquid credit products, including private debt. It has a two-year investment period and a five-year...



Startup Attracting Interest From LPs

Wed, 20 Nov 2019
A hedge fund executive who previously worked at Naya Capital and TCI Fund Management is on track to raise a hefty sum for his debut offering.Edgar Allen’s London startup, High Ground Investment, began trading a long/short equity vehicle last month mainly with Allen’s own money. But a source said High Ground is poised to take in about $75 million of outside capital before yearend, mostly from institutional investors in Europe. Allen...



Equity Startup Reels In Walleye

Wed, 20 Nov 2019
Walleye Trading Advisors has committed $100 million to startup equity shop Aurelian Capital.The money resides in a separate account that formed upon Aurelian’s launch in the past month or so. For now, it represents the New York firm’s only portfolio under management.For Walleye, the investment dovetails with a broadening of its business. The firm, which has operated primarily as an options-focused market maker, recently has been...



Vendor-Tracking Tool Catching On

Wed, 20 Nov 2019
A tool from Quadrangle Consulting that helps investment companies track and compare their relationships with vendors is quickly building a following.Some 300 clients have signed up to use the program, called QDS Platform, since it rolled out in 2018. Another 100 have subscribed this year to a related service through which New York-based Quadrangle offers updates on developments at vendors and allows users to run queries on contracts their peers...



Quant Shop Approaching Investors

Wed, 20 Nov 2019
A quantitative-trading firm is starting a fund, with a focus on profiting from market volatility.The Chicago operation, Black Bear Capital Advisors, has been talking to investors about its GEM Fund with an eye toward launching the vehicle in December or January. Indications are that the entity’s initial size could total in the low tens of millions of dollars.The fund would pair a portfolio of volatility derivatives and a beta-driven equity...



The Grapevine

Wed, 20 Nov 2019
Credit Suisse cut six jobs from its prime-brokerage unit in London on Nov. 19. But the affected employees might find work in other areas of the bank, a source said. The bank has the fourth most-active prime-brokerage operation serving hedge funds, according to Hedge Fund Alert’s Manager Database. But its 806 SEC-registered clients on March 31 were down from 875 a year...



The Grapevine

Wed, 20 Nov 2019
Marathon Asset Management has a new senior portfolio manager. Arley Sasson started this month at the New York firm, which invests in a mix of credit products. Before pursuing a masters degree in computer science in January, Sasson spent nearly four years at Deutsche Bank, where he co-headed a team that traded credit products in Latin America. He earlier worked at Bank of America. Marathon, founded by chief executive Bruce Richards and chief...



The Grapevine

Wed, 20 Nov 2019
Carlson Capital has picked up an analyst who covers the stocks of software and internet companies. Shaun Raja joined the Dallas firm this month after working in a similar role at Outerbridge Capital from 2018 until this June. Raja’s resume also includes stops at Citadel equity-trading unit Surveyor Capital and investment bank Qatalyst Partners.



The Grapevine

Wed, 20 Nov 2019
Millennium Management has hired a researcher to focus on fixed-income investments. Sumit Kuri, who started at the New York multi-strategy giant in September, previously worked as an analyst at Goldman Sachs, focusing first on the stocks of energy companies and later on credit products. Before joining Goldman in 2011, Kuri worked at Reliance Capital.



The Grapevine

Wed, 20 Nov 2019
Evan Cohen joined Tiger Legatus Capital this month as president and head of marketing. He arrives at the New York shop from UBS, where he had worked in capital introduction since 2017. Cohen earlier had similar roles at Armistice Capital, Omega Advisors and SAC Capital.



The Grapevine

Wed, 20 Nov 2019
Andrew Sims has joined Emerson Point Capital as a senior analyst. Sims started at the Stamford, Conn., equity manager in October. He previously worked at Cider Mill Investments from 2015 until this March. Cider Mill closed its doors a month later. Sims had earlier stops at global equity firm Permira and Morgan Stanley. Emerson Point is led by former Conatus Capital portfolio manager Amir Mokari. It launched a long/short fund and two long-only...



The Grapevine

Wed, 20 Nov 2019
Startup Atlas Impact Partners has hired an analyst. Kelsey Burhans started in September at the New York equity shop, which invests in companies it considers socially and environmentally conscious and bets against companies it views as detrimental to society. Burhans arrived at Atlas from research firm Fundstrat Global Advisors, where she had worked since September 2018. She previously was an equity research associate at Stephens, a Little Rock,...



The Grapevine

Wed, 20 Nov 2019
Citadel equity unit Ashler Capital has hired two research associates. Julian Craitar started in October, while Timothy Sweetnam arrived in September. Craitar previously worked in the same position at Wolfe Research, where he landed in 2018, and at Nomura before that. Sweetnam joined from Goldman Sachs, where he had been an equity research associate since...



PFM Founders Take Ax to Offering Menu

Wed, 13 Nov 2019
Partner Fund Management is shutting down all but two of its hedge funds.The move will see the elimination of the San Francisco firm’s PFM Thematic Growth Fund, PFM Global Long Alpha Fund, PFM Emerging Growth Fund, PFM Healthcare Principals Fund and PFM Therapeutics Master Fund. The only remaining vehicles will be PFM Healthcare Fund and PFM Technology Perennial Fund, which will get a new name and a broader investment strategy.The reason:...



CarVal Increasing Focus on Aircraft Finance

Wed, 13 Nov 2019
CarVal Investors is expanding its footprint in the aircraft-finance sector, raising money for a drawdown vehicle that funds long-term aircraft leases.The Minneapolis firm, until recently the investment arm of commodities giant Cargill, has completed the first equity close of CVI Aviation Income Fund with $156 million of commitments. The aim is to hold a final close in the fourth quarter of 2020, the firm wrote in a Nov. 7 letter to investors. The...



Sorin Gives Up Blackstone Role, Winds Down

Wed, 13 Nov 2019
Sorin Capital, a commercial mortgage bond investor that ran $1.6 billion at its peak, is shutting down after a 15-year run.After liquidating two hedge funds earlier this year, Sorin continued to run a $500 million portfolio for Blackstone. But with Blackstone’s blessing, Sorin transferred management of that vehicle to relative-value credit manager Good Hill Partners at the end of October.Managing director Joel Jasinski and vice president...



Consumer Pro Broadens Client Base

Wed, 13 Nov 2019
A consumer-stock firm that formerly ran money exclusively for a family office has recast itself as a hedge fund manager.Heron Bay Capital, led by chief investment officer Sean Gambino, started trading its Heron Bay Capital Partners fund on Nov. 1 with $100 million. The vehicle has $500 million of total capacity.The fund employs the same net-short, absolute-return strategy as the family-office portfolio, which Heron Bay ran from December 2015 to...



LPs Back Silver Point Lending Fund

Wed, 13 Nov 2019
Silver Point Capital has raised $600 million for the second in a series of direct-lending vehicles.In a Nov. 1 letter to investors, chief executive Edward Mule said Silver Point Specialty Credit Fund 2 closed on the initial commitments from July to October. He didn’t specify the fund’s overall equity-raising goal or how long the subscription window would remain open.Among the fund’s biggest backers is Texas County & District...



Fed View Backfires on Niederhoffer

Wed, 13 Nov 2019
A buoyant stock market and modest volatility once again are punishing investors in R.G. Niederhoffer Capital’s flagship vehicle.The Roy G. Niederhoffer Diversified Program, which is negatively correlated to the stock market, was down 22% year-to-date at the end of October, versus a 21% gain for the S&P 500 Index. The quantitative program had $354 million under management on Oct. 31, down from $414 million at yearend 2018.Diversified Program...



Picard Joins First Republic Unit

Wed, 13 Nov 2019
First Republic Bank has hired industry veteran Robert Picard for an alternative-investment role.Picard, who over the years has held senior hedge fund-investing positions at Optima Group, Carlyle Group and RBC, started this month as head of alternative investment strategies in First Republic’s wealth-management division.As of Sept. 30, First Republic’s wealth-management unit was running $7.3 billion in multi-manager vehicles and feeder...



Corbin Ups Exposure to Private Credit

Wed, 13 Nov 2019
In another sign of investor appetite for private-debt strategies, fund-of-funds manager Corbin Capital is marketing a vehicle whose underlying funds invest in direct lending, distressed debt and other illiquid credit opportunities.Corbin Private Credit Manager Fund launched this month with $95 million from four investors. Corbin already was running $2.5 billion via a program that deploys capital to opportunistic credit managers. The New York firm...



Highland Alum Maps Equity Fund

Wed, 13 Nov 2019
A former Highland Capital sector head is laying the groundwork for his own hedge fund.Michael McLochlin, who spent 10 years at Highland picking technology, media and telecommunications stocks, has been talking to prime brokers about a fund-management firm he plans to open in Dallas. One source said McLochlin hopes to launch next year. He is currently assembling a team.While Highland is best known as a debt-focused fund operator, the Dallas firm...



Equipment-Finance Vehicle Shopped

Wed, 13 Nov 2019
A firm that specializes in financing small-balance loans is marketing an equipment-focused fund.Blue Elephant Capital formed its Blue Elephant Equipment Preferred Fund in August, but still appears to be in the early stages of shopping the vehicle to investors. Indeed, the Irvington, N.Y., firm had yet to raise any capital for the entity early this month.The fund’s exact strategy is unclear. It might offer financing to equipment-loan...



Longtime Pro Seeks Anchor Capital

Wed, 13 Nov 2019
A financial-market veteran who set up his own asset-management firm in August 2018 is talking to investors about the operation’s first hedge fund.Stephen Smith’s discussions currently focus on landing an anchor commitment of at least $25 million. His Dallas firm, Duration Asset Management, likely would start trading its fund in 2020.A source said the vehicle mainly would seek to profit from disparities in the values of short- and...



York Capital Vet Preps Equity Fund

Wed, 13 Nov 2019
A former top executive at York Capital is raising money for a long/short equity startup.Anand Philip plans to start trading through his Lowery Hill Capital in the first half of 2020. Philip has been talking to family offices and institutional investors about contributing capital.It’s unclear how much money Philip is seeking, but a source suggested the manager could land sizable commitments given his experience, including six years at the...



The Grapevine

Wed, 13 Nov 2019
Merger-arbitrage specialist Martin Geminder joined New York multi-strategy shop Schonfeld Strategic Advisors this week as a portfolio manager. Geminder was most recently at Arrowgrass Capital, the London firm that began winding down in September after a wave of investor redemptions. Before joining Arrowgrass in 2018, Geminder worked at Citadel’s now-shuttered Aptigon Capital unit, with earlier stops at Visium Asset Management and Millennium...



The Grapevine

Wed, 13 Nov 2019
Roger Yim left Brookfield Asset Management in October, nine months after he started on a multi-strategy fund the firm is developing. Yim’s departure leaves the new equity-focused vehicle with four portfolio managers. A fifth is scheduled to start in December. Yim previously worked at failed startup Dristi Capital, which abandoned plans for a multi-strategy fund in...



The Grapevine

Wed, 13 Nov 2019
A financial-company stock specialist has left D.E. Shaw to join ExodusPoint Capital as a portfolio manager. Jim Qiurui Wang started at the New York multi-strategy firm in October. At D.E. Shaw, where he had worked since 2014, Wang held the title of vice president. He previously worked as a researcher at AllianceBernstein.



The Grapevine

Wed, 13 Nov 2019
Separately, ExodusPoint Capital added a portfolio manager with a background in structured products. As reported last week by sister publication Asset-Backed Alert, Jenna Collins started this month at the firm’s London office, where she focuses on debt securities issued by European financial institutions. Collins comes off a six-month gardening leave after quitting BlueCrest Capital, where she had been a partner. Before joining BlueCrest in...



The Grapevine

Wed, 13 Nov 2019
Ken Greenberg will be joining Citadel as a portfolio manager investing in the stocks of healthcare companies. His start date is unclear. Greenberg most recently was a senior analyst at David Kim’s healthcare-focused Ghost Tree Capital of New York. Before joining Ghost Tree in 2013, Greenberg worked at now-shuttered Diamondback Capital and at venture capital firm MPM...



The Grapevine

Wed, 13 Nov 2019
Word is that Georgina Russell, most recently an equity specialist at Michael Bloomberg’s New York family office, Willet Advisors, is looking to launch a hedge fund. Russell has been in talks with prime brokers about starting an operation in California. Russell has a history in the state, having earlier worked as an analyst at Jonathan Brooks’ Los Angeles hedge fund shop, JMB Capital...



The Grapevine

Wed, 13 Nov 2019
Debt specialist Aurelius Capital has hired an analyst. Robert Grove joined the New York fund shop this month from Greenwich, Conn., hedge fund manager Viking Global, where he had worked since 2017. Grove had previous stops at Anchorage Capital, Lazard and J.P. Morgan.



The Grapevine

Wed, 13 Nov 2019
A principal at CarVal Investors is retiring. Joseph Graf, who joined the Minneapolis firm in 2006, traded corporate securities in emerging markets, with a focus on distressed assets, high-yield debt, structured products and equities. Graf had a similar focus as a director at Credit Suisse, where he arrived in 2000 through the bank’s acquisition of Donaldson, Lufkin & Jenrette. CarVal, previously the investment arm of Cargill, was sold to...



The Grapevine

Wed, 13 Nov 2019
Joshua Mika has been promoted to partner at New York compliance firm Optima Partners. His first responsibility: heading the firm’s Chicago office, which opened this month. Mika had been a director at Optima since 2016. He previously filled compliance roles at Achievement Asset Management and Tiedemann Wealth Management.



The Grapevine

Wed, 13 Nov 2019
Honeycomb Asset Management has installed two analysts who cover the stocks of companies in the technology, media and telecommunications sectors. Daniel Cheung and Krishna Sridharan started at the New York firm in September. Cheung arrived from Highbridge Capital, where he researched consumer stocks. Sridharan was an analyst at investment bank Greenhill &...



LISTING: Top 25 Institutional Investors in Hedge Funds

Thu, 07 Nov 2019
Abu Dhabi Investment AuthorityAbu DhabiKey developments in past year include finalizing the build-out of “emerging opportunities” team, which was fully staffed by yearend 2018 in preparation for its first investments in early 2019. Fund is bullish on smaller alternative-investment managers that “push boundaries,” according to its 2018 annual report. Hedge fund investments dropped by $11 billion in past year but still...



LISTING: Top 25 Institutional Investors in Hedge Funds

Thu, 07 Nov 2019
Texas TeachersAustinJumps to second place after nearly doubling allocations to hedge funds. In February 2019, invested $300 million in ExodusPoint Partners Fund, an $8.8 billion multi-strategy vehicle run by ExodusPoint Capital. In May, earmarked $3 billion for two new emerging-manager programs. EM Innovation involves seeding, joint ventures, first-time funds and co-investments. EM Select is dedicating $1 billion to smaller, proven managers....



LISTING: Top 25 Institutional Investors in Hedge Funds

Thu, 07 Nov 2019
APGAmsterdamMichael Weinberg, former chief investment officer of Protege Partners, was named head of hedge funds and alternative alpha at APG’s New York office in April 2019. Total value of hedge fund stakes decreased to 4% from 6% in past year, as overall assets increased. APG, which mainly runs money for Stichting Pensioenfonds ABP, has been investing in hedge funds since 2001.NOTE: Complete listing appeared in November 6, 2019, issue of...



LISTING: Top 25 Institutional Investors in Hedge Funds

Thu, 07 Nov 2019
CPP Investment BoardTorontoSeeking to invest in single-manager funds focused on Asia, Europe or North America, and is open to multiple fund strategies. Fund-manager relationships have included Fortress Investment, Samlyn Capital and Two Sigma. Hedge fund stakes account for 4.9% of overall assets.NOTE: Complete listing appeared in November 6, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the “Rankings” section...



LISTING: Top 25 Institutional Investors in Hedge Funds

Thu, 07 Nov 2019
China Investment Corp.BeijingHas been tweaking hedge fund strategy allocations and manager selections through portfolio turnover. Also has refined risk-parity investments and branched into credit products. Installed Peng Chun as chairman and chief executive in April 2019. Has deployed capital to Blackstone, Bridgewater Associates, Capula Investment, Morgan Stanley Alternative Investment and Oaktree Capital, among others.NOTE: Complete listing...



LISTING: Top 25 Institutional Investors in Hedge Funds

Thu, 07 Nov 2019
Future FundMelbourneHedge funds fueled overall portfolio’s 11.5% return in the fiscal year ended in June 2019. Chief investment officer Raphael Arndt told reporters in August the hedge fund portfolio “did its job,” cushioning a broad stock selloff in the final months of 2018. Hedge funds represent 13.6% of assets.NOTE: Complete listing appeared in November 6, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in...



LISTING: Top 25 Institutional Investors in Hedge Funds

Thu, 07 Nov 2019
California State TeachersSacramentoLumps hedge funds into “risk-mitigation strategies” or “innovative strategies.” Risk-mitigation strategies were up 8.3% in fiscal year that ended in June 2019, while value of innovative-strategies portfolio increased by 9.2%. In February 2019, made six-year commitment of $250 million to activist startup Impactive Capital, led by former Blue Harbour Group investment pros Lauren Taylor...



LISTING: Top 25 Institutional Investors in Hedge Funds

Thu, 07 Nov 2019
Harvard ManagementCambridge, Mass.Biggest contributor to hedge funds among endowments by dollar amount and as a percentage of assets, with a hefty 33% allocated. In annual report released in October 2019, chief executive N.P. “Narv” Narvekar said he was “particularly pleased” with hedge fund investments, which gained 5.5% through June 30. Hedge fund portfolio has less exposure to equity markets than any portfolio overseen...



LISTING: Top 25 Institutional Investors in Hedge Funds

Thu, 07 Nov 2019
Bayerische VersorgungskammerMunichGermany’s largest public-sector pension makes the list of the biggest investors in hedge funds for the first time. Outsources manager selection, due diligence and risk management to London-based Man Group.NOTE: Complete listing appeared in November 6, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the “Rankings” section under “Fund...



LISTING: Top 25 Institutional Investors in Hedge Funds

Thu, 07 Nov 2019
GICSingaporeOverall assets jumped more than 28% in the past year. Hedge Fund allocations rose by 6.4%, but declined as a percentage of total assets for the second year in a row, to 2.3%. Relationships have included Bridgewater Associates and Lauro Asset Management.NOTE: Complete listing appeared in November 6, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the “Rankings” section under “Fund...



LISTING: Top 25 Institutional Investors in Hedge Funds

Thu, 07 Nov 2019
Ontario TeachersTorontoAmount invested in hedge funds didn’t change from last year, but allocation dropped slightly to 7%. Since hiring chief investment officer Ziad Hindo in June 2018, pension has veered toward technology plays, partnering with the likes of Alphabet and SpaceX. Promoted Danilo Simonelli in late 2018 to manage alternative investments, including hedge funds. Funds run by AQR Capital, Marshall Wace and ValueAct have been...



LISTING: Top 25 Institutional Investors in Hedge Funds

Thu, 07 Nov 2019
University of TexasAustinEarly investor in hedge funds, beginning in 1997, continues to show confidence. Hedge fund allocations amount to just over 23% of total assets. Seeking an associate director to join seven-person hedge fund investment team. The recruit’s responsibilities would include monitoring managers and evaluating investment opportunities. Has invested with Baupost Group, Eton Park Capital, Farallon Capital and Owl Creek Asset...



LISTING: Top 25 Institutional Investors in Hedge Funds

Thu, 07 Nov 2019
Varma Mutual PensionHelsinkiLost money in 2018 on equity and fixed-income investments while generating positive returns in hedge funds and real estate, vindicating aggressive 20% target allocation to hedge funds. Generally invests directly in single-manager funds via commingled structures but is open to “funds of one.” Backs some 45 hedge funds, including vehicles run by Blackstone, D.E. Shaw, Elliott Management and York Capital.NOTE:...



LISTING: Top 25 Institutional Investors in Hedge Funds

Thu, 07 Nov 2019
New York Common FundAlbany, N.Y.Returns to list of biggest investors in hedge funds after dropping off in 2016. Deploys capital to private credit, special situations, long/short equity and niche strategies via fund-of-funds operator Rock Creek Group. Committed $150 million in April 2019 to Hollis Park Value Fund. Named Anastasia Titarchuk to chief investment officer in August after she held interim position for a year. Anyori (A.J.) Hernandez,...



LISTING: Top 25 Institutional Investors in Hedge Funds

Thu, 07 Nov 2019
Virginia RetirementRichmond, Va.In October 2019, lowered its assumed rate of return for entire portfolio to 6.75% from 7%. Also modified its allocation strategy in part by changing benchmarks for hedge funds. It now measures public-equity investments, for instance, against MSCI ACWI IMI Index. Previous benchmarks were blends of indexes.NOTE: Complete listing appeared in November 6, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com,...



LISTING: Top 25 Institutional Investors in Hedge Funds

Thu, 07 Nov 2019
Yale University EndowmentNew Haven, Conn.Endowment’s 26% allocation to absolute-return vehicles puts it on the list for the first time. Absolute-return strategies have produced an annualized return of 8.8% over the 20-year period ended June 2019. Relationships include Baupost Group, Cyrus Capital and Farallon Capital.NOTE: Complete listing appeared in November 6, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the...



LISTING: Top 25 Institutional Investors in Hedge Funds

Thu, 07 Nov 2019
UAW Retiree Medical Benefits TrustDetroitAuto workers’ pension is another newcomer to list, with 12.2% of assets devoted to hedge funds. In July 2019, said it would add 5-8 new hedge fund investments by mid-2020. Seeks exposure to long/short equity, long/short credit and relative-value strategies. Prefers established managers with at least $500 million under management. Typically invests $500 million to $1 billion and demands favorable...



LISTING: Top 25 Institutional Investors in Hedge Funds

Thu, 07 Nov 2019
Massachusetts Pension ReservesBostonDropped from 12th place last year as hedge fund assets slid 27%. In February 2019, approved an initial investment of $150 million in Anchorage Structured Credit Fund, run by Anchorage Capital. Investments have included Basswood Capital’s Basswood Financial Fund, Complus Asset Management’s Complus Asia Macro Fund and Summit Partners’ Concentrated Growth L/S Master Fund.NOTE: Complete listing...



LISTING: Top 25 Institutional Investors in Hedge Funds

Thu, 07 Nov 2019
Ohio Public EmployeesColumbus, OhioAdjusted asset-allocation strategy in April 2019, moving to gradually reduce hedge fund exposure to 5% of assets from 8%. Soon expected to name new hedge fund consultant following expiration of contract with Aksia. Pension has invested with Ascend Partners, Beach Point Capital and Brigade Capital.NOTE: Complete listing appeared in November 6, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in...



LISTING: Top 25 Institutional Investors in Hedge Funds

Thu, 07 Nov 2019
Wisconsin Investment BoardMadison, Wis.In June 2019, committed $50 million to Brandon Haley’s Holocene Advisors, $17 million to Pimco Credit Opportunities Bond Fund, $15 million to Dorsal Capital and $10 million to Davidson Kempner Institutional Partners multi-strategy fund. Typically requires a five-year track record for a commitment, which can be up to $150 million.NOTE: Complete listing appeared in November 6, 2019, issue of Hedge Fund...



LISTING: Top 25 Institutional Investors in Hedge Funds

Thu, 07 Nov 2019
New Jersey State InvestmentTrenton, N.J.Currently has 8.8% of assets in hedge funds but intends to draw down to 3% in keeping with policy championed by Gov. Phil Murphy, who demanded pensions “kick the hedge fund habit for good” during 2016 campaign. Pension is accepting bids for a hedge fund consultant to guide the drawdown. Has 27 direct investments in hedge funds and three positions in funds of funds.NOTE: Complete listing appeared...



LISTING: Top 25 Institutional Investors in Hedge Funds

Thu, 07 Nov 2019
Princeton University InvestmentPrinceton, N.J.With just over 25% of assets in hedge funds, trails only Harvard and Yale among biggest endowments betting on the industry. Investments overall returned 6.2% for fiscal year ended June 2019 (hedge funds aren’t broken out). Has invested in vehicles run by Bracebridge Capital, Farallon Capital and Varde Partners.NOTE: Complete listing appeared in November 6, 2019, issue of Hedge Fund Alert and can...



LISTING: Top 25 Institutional Investors in Hedge Funds

Thu, 07 Nov 2019
Swiss National Accident InsuranceLucerne, SwitzerlandSuva, Switzerland’s mandatory insurer for industrial workers, the unemployed and armed forces, is looking to invest $100 million in “opportunistic” funds in coming year. Financially independent from Swiss government.NOTE: Complete listing appeared in November 6, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the “Rankings” section under...



LISTING: Top 25 Institutional Investors in Hedge Funds

Thu, 07 Nov 2019
Pennsylvania Public School EmployeesHarrisburg, Pa.Absolute-return benchmark is being changed to HFRI FOF Conservative Index from three-month Libor plus 350 bp. Current hedge fund investments include Aeolus Capital, Bridgewater Associates, Two Sigma and Venor Capital.NOTE: Complete listing appeared in November 6, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the “Rankings” section under “Fund...



LISTING: Top 25 Institutional Investors in Hedge Funds

Thu, 07 Nov 2019
Stanford ManagementStanford, Calif.Longtime investor in hedge funds returns to the ranking after dropping off in 2016. Invests in single-manager funds and funds of funds. Prefers currency, distressed-debt, fixed-income arbitrage, multi-strategy and relative-value funds.NOTE: Complete listing appeared in November 6, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the “Rankings” section under “Fund...



Cyrus Supports Insider's Small-Cap Initiative

Wed, 06 Nov 2019
A senior partner at Cyrus Capital is getting ready to launch his own fund with support from Cyrus and its limited partners.John Rapaport has formed an investment firm called Key Frame, even as he continues to serve as a senior member of Cyrus’ investment team. Key Frame is expected to begin investing next month with $250 million to $300 million from Cyrus executives, including founder Stephen Freidheim, and at least some of the firm’s...



New Program Aims to Back Illiquid Strategies

Wed, 06 Nov 2019
A consulting firm that advises institutional investors on allocations to emerging managers and niche strategies is starting an asset-management business.Decagon Advisors, led by former Deutsche Bank absolute-return fund marketer Vera Joffe Shapiro, is in the early stages of developing a platform that would deploy anchor capital to startups offering illiquid strategies through drawdown vehicles.To run the new business, tentatively called...



Harvard Leads Endowments in Allocations

Wed, 06 Nov 2019
Large endowments continue to be the most enthusiastic investors in hedge funds, led by Harvard Management’s eye-popping allocation representing a third of its total assets.Endowment funds for the University of Texas, Yale University, Princeton University and Stanford University all made Hedge Fund Alert’s seventh annual ranking of the biggest institutional investors (see ranking on Pages 7-9). The ranking, based on data compiled for...



Two Sigma's VC Arm Adds Investors

Wed, 06 Nov 2019
Two Sigma Ventures has nearly reached its equity goal for its third fund.The venture capital arm of alternative-investment giant Two Sigma has lined up $230 million for Two Sigma Ventures 3, which is targeting a total of $250 million.Two Sigma Ventures typically invests in Series A funding rounds, deploying $5 million to $10 million per position. It targets technology companies that seek to harness artificial intelligence or machine learning to...



Paloma Hires European Sales Team

Wed, 06 Nov 2019
Donald Sussman’s Paloma Partners has hired three hedge fund professionals from UBS to staff its first sales office in Europe.The Greenwich, Conn., fund operator last month formed a Zurich unit called Paloma Switzerland to extend its marketing reach in Europe and other overseas markets. The firm, which runs $4.9 billion in a multi-strategy fund, already has trading teams in Europe and Asia, as well as the U.S.The three former UBS executives...



Biscardi Switches Roles at Context

Wed, 06 Nov 2019
The company that owns the Context Summits conference series has replaced the unit’s top executive.Context Capital Partners, a Bala Cynwyd, Pa., firm whose operations include seeding alternative-investment managers, has reassigned chief executive Ron Biscardi to oversee the conference business. Biscardi fills a vacancy left by Kevin Garton, who had been on the job for only about a year. Garton, in turn, replaced Mark Salameh, a former...



Plinth Poised for $100 Million Launch

Wed, 06 Nov 2019
Plinth Capital, a derivatives-focused startup led by former Barclays managing director Johnny Wu, is set to begin trading this month with $100 million from a seed investor.The firm’s debut offering, Plinth ART Master Fund, will deploy some of its capital to a volatility-arbitrage portfolio encompassing over-the-counter options on equity indexes, reflecting Wu’s background as an equity-derivatives salesman at Barclays and Bear...



LPs Suffer "Intense Portfolio Pain'

Wed, 06 Nov 2019
The pain is getting worse for clients of Firefly Value Partners.The New York firm, which manages a concentrated portfolio of long/short equity positions based on fundamental research, is begging investors’ patience after posting a 20.4% loss for the third quarter — its worst quarterly result since launching in 2007.“Over the past 18 months, our returns have been very disappointing,” co-founders Ryan Heslop and Ariel...



Bayberry Shuts Subscription Window

Wed, 06 Nov 2019
Global stock picker Bayberry Capital has stopped accepting new investments just seven months after it began trading.While most startups have struggled to raise capital, Bayberry’s assets have more than doubled from $130 million on day one to about $300 million today. Portfolio manager Angela Aldrich and her partner, Brian Smith, told investors from the start they intended to carefully manage capital flows to avoid exceeding the capacity of...



Family Office Pros Plan for Launch

Wed, 06 Nov 2019
Two investment professionals who spent 15 years running money for a New York family office are starting a hedge fund.Christian Aquino and Frederic Coulon aim to begin trading from their Octavian Capital in the first half of next year. Aquino has been talking to seed-capital investors in the U.S. and asset managers in Europe about a potential anchor investment of at least $25 million.Octavian would employ a combination of deep-value research and...



Pentwater Defies Industry Trend

Wed, 06 Nov 2019
With the launch of a distressed-debt fund this month, Pentwater Capital’s assets are approaching the $5 billion mark.The event-driven manager began trading Pentwater Credit on Nov. 1, with former Citadel portfolio manager Barrett Eynon and Pentwater executive Luke Corning at the helm. The vehicle fielded initial commitments of $200 million. Growing concerns about an economic downturn are expected to draw additional limited partners in short...



The Grapevine

Wed, 06 Nov 2019
A former director in Deutsche Bank’s equity-trading business has joined Balyasny Asset Management as a senior trader. Josh Horowitz started at the Chicago multi-strategy firm’s New York office in October. Horowitz arrived at Deutsche in 2017 after serving as a managing director at Jefferies.



The Grapevine

Wed, 06 Nov 2019
Scott Merkel has been named to a senior marketing post at quantitative fund shop Voloridge Investment. Merkel, who started at the Jupiter, Fla., firm in October, reports to vice president of business development Sean Hayes. Merkel previously oversaw equity hedge fund investments at Societe Generale unit Lyxor Asset Management. He also has worked at Credit Suisse and Paine...



The Grapevine

Wed, 06 Nov 2019
An analyst at Maple Rock Capital has been promoted to investment partner. Calvin Ngai was among the first hires when Xavier Majic founded the Toronto firm in 2014. Ngai’s elevation was announced in a letter to investors Oct. 30. Before joining Maple Rock, Ngai worked in the special situations group at Crescent Capital, focusing on distressed-debt opportunities. He also has spent time at UBS. Maple Rock, which takes concentrated debt and...



The Grapevine

Wed, 06 Nov 2019
Startup Noble Path Asset Management has added a pair of analysts. Financial-company analyst Sean Frankenberg started in October. He arrived from Firefly Value Partners, where he had worked since 2012. Frankenberg joins industrial-company analyst Brandon Weber, who started at Noble Path in September after a stop at BlueMountain Capital. Weber also has worked at Signpost Capital, PioneerPath Capital and Ziff Brothers Investments. Noble Path, led by...



The Grapevine

Wed, 06 Nov 2019
Kevin Arps is joining New York startup 140 Summer Partners as chief financial officer. He most recently held the same position at Archer Capital, which shut down earlier this year after a 14-year run. Arps’ start date at 140 Summer is unclear. The firm, led by former Appaloosa Management executive Peter Rosenblum, is likely to launch its opportunistic-investment fund by mid-2020. Arps previously worked at ShearLink Capital, Pike Capital and...



The Grapevine

Wed, 06 Nov 2019
New York equity shop Hound Partners has hired an analyst. Jake Haberman arrived in October from Morgan Stanley, where he started his career as an investment-banking analyst in July 2018. Hound, led by portfolio manager Jonathan Auerbach, oversaw some $3 billion of gross assets at yearend 2018.



The Grapevine

Wed, 06 Nov 2019
Standard General has picked up an analyst. Amit Thakrar started in October. He previously worked as an associate at Davidson Kempner Capital, which he joined in 2016. Thakrar also has worked at Ontario Municipal Employees as an analyst focused on private equity and at CIBC as an investment-banking analyst. Standard General, led by Soo Kim, runs about $1 billion in an event-driven...



The Grapevine

Wed, 06 Nov 2019
Capital-introduction veteran Michael Boss has landed at ADM Investor Services. Chicago-based Boss, a former director at Societe General, started at the futures commission merchant in October, joining a sales force of about a dozen. Boss was among 13 staffers who left SocGen over the past year as the bank largely dismantled its capital-introduction group. He had been at SocGen since...



The Grapevine

Wed, 06 Nov 2019
Hedge fund attorney Seth Zaben has joined Koya Law as a partner. Zaben, who started at the Chicago firm’s New York office in October, previously worked in Deutsche Bank’s prime-brokerage unit, focusing on issues that included counterparty financing, structuring transactions and trading and clearing agreements.



Senior Appaloosa Executive Plans Hedge Fund

Wed, 30 Oct 2019
Peter Rosenblum, a top lieutenant of David Tepper at Appaloosa Management, is starting his own opportunistic-investment fund.While the timing of his departure from Appaloosa is unclear, Rosenblum plans to begin trading around midyear 2020 via a New York startup called 140 Summer Partners. Sources said Tepper plans to provide Rosenblum with seed capital, as he’s done for a number of Appaloosa alumni over the years.Given Tepper’s...



Colony Capital Teeing Up REIT-Stock Vehicle

Wed, 30 Oct 2019
Real estate-investment heavyweight Colony Capital plans to launch a private fund that would manage a portfolio of REIT stocks.The Los Angeles firm, led by high-profile investor Tom Barrack, has been running the strategy in a separate account since 2017. The plan is to roll the $120 million account into a commingled vehicle, assuming Colony can raise enough capital from other investors to justify a fund launch. A source described the...



Promising Start for Imran Khan's Proem Fund

Wed, 30 Oct 2019
Former Snap executive Imran Khan, who started his own technology-stock fund after searching in vain for a hedge fund he could back, is showing solid results early on.Since launching in February, Khan’s Proem Investments Master Fund has generated a high-single-digit return — roughly in line with a 6.2% gain for HFRI Equity Hedge Technology Index. The fund employs a combination of fundamental research and quantitative analysis to take...



Third Point Expands Activist Efforts

Wed, 30 Oct 2019
Although long known for waging high-profile proxy fights, Third Point founder Daniel Loeb is positioning the firm to allocate even more resources to activist plays.Third Point, with $15 billion under management, believes it’s increasingly difficult to beat the market using fundamental research or even quantitative analysis.“In a world where traditional forms of alpha are increasingly being commoditized and beta can be cheaply...



SPAC, BDC Exposures Offered

Wed, 30 Oct 2019
Radcliffe Capital is starting two funds.Radcliffe SPAC Fund will invest in the shares of special purpose acquisition companies, with Radcliffe BDC Income Fund taking a similar approach to both the equity and debt of business-development companies. Radcliffe is aiming to launch both funds in January.The Bala Cynwyd, Pa., firm plans to limit the SPAC fund’s initial equity pool to $100 million. The aim is to produce annual returns of...



Healthcare Vehicle In the Works

Wed, 30 Oct 2019
Two former Bridger Capital staffers have started a hedge fund firm that invests in healthcare-company stocks.Marc Elia and Chris Taliercio formed their Connecticut-based M28 Capital this month. They are talking to potential investors, including operators of seed-capital funds.The aim is to launch a debut fund in the second half of 2020. The vehicle would invest in the shares of biotechnology and pharmaceutical companies.While healthcare-stock...



Boston Firm Seeks European Capital

Wed, 30 Oct 2019
Invenomic Capital is launching a hedge fund that would run money exclusively for investors in Europe.The Boston equity shop expects to start trading the vehicle in December with at least $25 million. The entity would employ a UCITS format.Invenomic is marketing the fund through MontLake, a Dublin firm whose services include matching U.S. managers with European investors. Invenomic also bolstered its in-house marketing staff with the addition of...



Fin-Tech Tees Up New Algorithm

Wed, 30 Oct 2019
Quantitative Brokers, which develops trading algorithms for the futures market, is rolling out a new product.The offering, dubbed Closer, is designed to improve execution of market-on-close orders placed in the final minutes of the trading session. Like Quantitative Brokers’ other products, Closer can be used to trade a broad spectrum of commodity, currency, fixed-income and equity-index futures, as well as cash Treasurys.The new product...



Artko Shakes Off Bad 4th Quarter

Wed, 30 Oct 2019
A micro-cap specialist that had a dismal fourth quarter last year has managed a sharp turnaround, drawing the notice of investors.Artko Capital of San Carlos, Calif., delivered a 36.9% return through September, founder Peter Rabover wrote in an Oct. 22 letter to investors. During the same period, the Russell Microcap Index rose 7.9%.Artko’s upswing followed a drop of 27.1% in the fourth quarter of last year. Since its inception in 2015,...



Tech-Stock Pro Starts Trading

Wed, 30 Oct 2019
A technology-stock analyst who last worked at Holocene Advisors has co-founded a new hedge fund operation.Winston Feng’s New York-based MassAve Global began trading a vehicle called MassAve Global Partners on Oct. 1 with some $7 million from four investors.Working with Feng is president Justin Dew, who previously led strategic-development efforts at Welton Investment. Dew had been on board there since 2008, following stops at Clinton Group,...



Activist Pitches Co-Investment Play

Wed, 30 Oct 2019
Activist shop Saddle Point Management is marketing a co-investment vehicle with the aim of increasing its position in a single U.S. company.The New York firm so far has raised $80 million for the special-purpose vehicle, drawing commitments from several “high-quality institutions,” placement agent Heyford Group wrote in a note to prospective investors this month. Saddle Point aims to raise at least $250 million for the play.Chief...



The Grapevine

Wed, 30 Oct 2019
Mark Greco, who served as chief operating officer at recently shuttered Ailanthus Capital, is taking on the same role at hedge fund startup Hein Park. His new firm is led by Courtney Carson, the former head of distressed debt at George Soros’ family office, Soros Fund Management. Hein Park’s launch date hasn’t been announced, but the firm this month received a $300 million commitment from JS Capital, led by Soros’ son...



The Grapevine

Wed, 30 Oct 2019
Meanwhile, Ailanthus Capital alumnus Jonathan Kimmel has returned to Point72 Asset Management. Kimmel joined the Stamford, Conn., firm as an analyst in September, with a focus on the stocks of technology, media and telecommunications companies. He worked at Point72 for more than two years before landing at Ailanthus in March 2017. He began his career at Goldman...



The Grapevine

Wed, 30 Oct 2019
Global-macro firm Element Capital has brought on BlueMountain Capital’s former fixed-income chief as head of markets, a new position at New York-based Element. Colin Teichholtz, who starts in November, will research economic policy and macro themes for Element chief Jeff Talpins. Teichholtz joined BlueMountain as a portfolio manager in early 2018, with previous stops at Pine River Capital, Morgan Stanley and Goldman Sachs. Element, which...



The Grapevine

Wed, 30 Oct 2019
First New York has picked up two portfolio managers. Adam Downey started at the New York multi-strategy firm this month after 15 years as an equity trader at Kingdon Capital. Downey previously worked at Credit Agricole and Tudor Investment. Haroon Khera joined First New York in September. He focuses on the stocks of consumer, industrial and technology companies. Khera worked most recently as a researcher at Millennium Management, with previous...



The Grapevine

Wed, 30 Oct 2019
A senior analyst who focused on the stocks of cyclical companies worldwide for Discovery Capital has joined PointState Capital as a vice president. Daniel Braziller started at the New York global-macro manager this month after working at Discovery from 2016 until this April. Previously, he was an energy analyst at Jefferies. PointState, led by Zachary Schreiber, was managing $10.7 billion of gross assets at yearend...



The Grapevine

Wed, 30 Oct 2019
Business-development specialist Claudio Macchetto has joined GoldenTree Asset Management as a managing director. Macchetto arrived at the New York debt-fund manager this month from BlueMountain Capital, where he had worked since 2017. He also has spent time at Paulson & Co., Citigroup and Salomon Smith Barney. GoldenTree has $31 billion under management.



The Grapevine

Wed, 30 Oct 2019
Anyori (A.J.) Hernandez returned this month to a post he previously held at the New York Common Fund. Hernandez is once again head of the emerging-manager program at the $210.5 billion pension system, which he left in April 2014. Since then, he founded Yorkstone Advisors and most recently managed a public-private joint venture that invested in small and mid-size businesses in Puerto Rico. Hernandez also had a stop at...



The Grapevine

Wed, 30 Oct 2019
Whit Penski joined AllianceBernstein’s multi-strategy hedge fund division as a portfolio manager this month. Penski, whose background is in market-neutral strategies, arrived at AB Arya Partners after working as a portfolio manager at PSG Capital since 2016. He also has spent time at Visium Asset Management and Bear Stearns.



LISTING: Firms Advising Hedge Funds on Regulatory Compliance

Thu, 24 Oct 2019
ACA ComplianceNew YorkContact: Damon Zappacosta212-951-1030dzappacosta@acacompliancegroup.comAcquired rival compliance shop Cordium in September 2018. Combined operation has staff of 700 who work with 4,000 clients worldwide. ACA has advised more than 80% of the 100 largest hedge fund operators, but also works with emerging managers. Many of its staff have experience working for regulators or in senior roles at investment firms. Services include...



LISTING: Firms Advising Hedge Funds on Regulatory Compliance

Thu, 24 Oct 2019
Alaric Compliance ServicesNew YorkContact: Guy Talarico212-243-5241gtalarico@alariccompliance.comLed by industry veteran Guy Talarico, firm employs former regulators, in-house compliance officers and attorneys. Services for hedge funds include full outsourcing of chief-compliance-officer function, assistance with SEC and CFTC registrations, development of compliance manuals, ongoing monitoring and testing programs, cybersecurity assessments and...



LISTING: Firms Advising Hedge Funds on Regulatory Compliance

Thu, 24 Oct 2019
Aspect AdvisorsSan FranciscoContact: Justin Schleifer415-890-6297justin@aspectadv.comFounded in January 2019 by Justin Schleifer, Karl Cole-Frieman and Bart Mallon. Cole-Frieman and Mallon, who don’t have operational roles, earlier co-founded and sold two other outsourced compliance firms and also run their own law firm. Aspect Advisors specializes in investment sectors with untested regulations, including cryptocurrency and cannabis. Had...



LISTING: Firms Advising Hedge Funds on Regulatory Compliance

Thu, 24 Oct 2019
Atlantia AdvisersNew YorkContact: Antonia Savaria212-354-3996asavaria@atlantiaadvisers.comAdvises fund operators, wealth managers and family offices on regulatory compliance, risk management and strategy. Also advises on regulatory developments affecting firms specializing in digital assets and blockchain technology. Founded in 2017 by Antonia Savaria, an attorney with more than 15 years of experience in compliance and risk management. Offers...



LISTING: Firms Advising Hedge Funds on Regulatory Compliance

Thu, 24 Oct 2019
Barge ConsultingDuluth, Ga.Contact: Marvin Barge678-765-7572marvin@bargeconsulting.comFounded in 2000 by former SEC examiner Marvin Barge. Works with range of investment advisors including institutional managers, wealth managers, mutual funds, hedge funds and private equity shops. Services include help with SEC registration, risk assessment, annual reviews and mock SEC exams.NOTE: Complete listing appeared in October 23, 2019, issue of Hedge Fund...



LISTING: Firms Advising Hedge Funds on Regulatory Compliance

Thu, 24 Oct 2019
Blue River PartnersDallasContact: Michael Minces214-736-7176minces@blueriverpartnersllc.comProvides fund administration, compliance, operations, cybersecurity, tax advisory and consulting services to more than 450 alternative-investment managers and other firms with a combined $1.3 trillion of assets. Has experience across all types of fund structures, strategies and asset classes. Assists on fund launches, SEC registration, cybersecurity reviews...



LISTING: Firms Advising Hedge Funds on Regulatory Compliance

Thu, 24 Oct 2019
Charles Griffin IntelligenceNew YorkContact: Philip Segal212-332-2845philip@charlesgriffinllc.comFounded by Philip Segal in 2009, firm’s main business is investigations for litigation and asset searches. Helps fund managers ensure that investors in funds marketed under the JOBS Act are accredited. Typically charges $600 per investor. Also helps identify individuals who might be barred from associating with hedge funds under the SEC’s...



LISTING: Firms Advising Hedge Funds on Regulatory Compliance

Thu, 24 Oct 2019
Conformity360New YorkContact: Al Cabrini646-205-3213acabrini@conformity360.comManages full range of compliance functions for hedge funds, private equity firms, wealth managers and other institutions. Helps clients establish operational and governance protocols to minimize risks related to investment-advisor registrations, regulatory filings, service-provider relationships and information technology.NOTE: Complete listing appeared in October 23,...



LISTING: Firms Advising Hedge Funds on Regulatory Compliance

Thu, 24 Oct 2019
Constellation AdvisersNew YorkContact: Greg Farrington212-300-3584gfarrington@constellationadvisers.comWorks with more than 350 investment firms globally. Clients include hedge, private equity, venture capital and real estate funds, as well as family offices and broker-dealers. Offers compliance services to firms regulated by by the SEC, CFTC, NFA, Finra, state regulators and other agencies. Also provides outsourced accounting, finance,...



LISTING: Firms Advising Hedge Funds on Regulatory Compliance

Thu, 24 Oct 2019
Duff & PhelpsNew YorkContact: Chris Lombardy646-867-7824chris.lombardy@duffandphelps.comAsset-valuation advisor made its foray into compliance-consulting in 2015 via acquisition of Kinetic Partners, and strengthened its focus through purchase of CounselWorks in 2016. Provides compliance and regulatory consulting services, including cybersecurity guidance, to asset managers globally.NOTE: Complete listing appeared in October 23, 2019, issue of...



LISTING: Firms Advising Hedge Funds on Regulatory Compliance

Thu, 24 Oct 2019
FrontLine ComplianceRockville, Md.Contact: Chip Arvantides888-518-8070, ext. 2carvantides@frontlinecompliance.comStaffed by former SEC examiners and investigators, as well as former compliance officers at hedge funds. Founded in 2006, firm helps fund operators develop compliance programs and conduct forensic testing and mock regulatory exams. Has track record of SEC exams resulting in no material findings involving its clients. Contract-renewal...



LISTING: Firms Advising Hedge Funds on Regulatory Compliance

Thu, 24 Oct 2019
Get The NetNew YorkContact: Kevin Beauregard917-414-2684kbeauregard@getthenet.comFounded in 2005. Offers compliance and operational-risk services to hedge funds and funds of funds ranging from startups to firms managing more than $1 billion. Services include customized compliance programs, compliance surveillance, annual reviews, mock SEC audits, SEC and CFTC registration, operational-risk due diligence, staff assessment and recruiting....



LISTING: Firms Advising Hedge Funds on Regulatory Compliance

Thu, 24 Oct 2019
Gordian ComplianceSan FranciscoContact: Niel Armstrong415-466-8010compliance@gordiancompliance.comPurchased in October 2019 by New-York-based RIA in a Box, which previously provided compliance services and security technology only to wealth managers. Led by former Conifer Securities chief compliance officer Niel Armstrong, Gordian offers compliance services to hedge funds, other private funds and broker-dealers. Services include setting up...



LISTING: Firms Advising Hedge Funds on Regulatory Compliance

Thu, 24 Oct 2019
GreylineSan FranciscoContact: Matt Okolita415-604-9527mokolita@greyline.coIn 2019, launched trade-monitoring software called gVue. Also added its seventh partner, Kathy Malone, who previously worked at the SEC and Finra. Chief executive Matt Okolita formerly held senior post at compliance advisor CounselWorks. In addition to compliance support, offers project-based services including SEC and CFTC registration, development of compliance manuals...



LISTING: Firms Advising Hedge Funds on Regulatory Compliance

Thu, 24 Oct 2019
HedgeAssistRancho Santa Fe, Calif.Contact: Patricia Watters949-274-3938pwatters@hedgeassist.comMerged with Catalina Partners in January 2019. Helps clients prepare registration documents and assists with risk-management policies and compliance-monitoring programs. Provides training and helps managers prepare for operational due-diligence reviews.NOTE: Complete listing appeared in October 23, 2019, issue of Hedge Fund Alert and can be found on...



LISTING: Firms Advising Hedge Funds on Regulatory Compliance

Thu, 24 Oct 2019
NRSEvanston, Ill.Contact: Joseph Brickman847-933-8120joseph.brickman@nrs-inc.comLexisNexis affiliate bills itself as a leading source of compliance technology and consulting services. Its ComplianceGuardian software offers soup-to-nuts automation of functions including regulatory filings and development of compliance policies. Firm also conducts educational seminars for staffers. Partnered with Fortress Information Security in March 2018 to...



LISTING: Firms Advising Hedge Funds on Regulatory Compliance

Thu, 24 Oct 2019
OricalNew YorkContact: Gregory Florio212-257-5781gflorio@orical.orgJim Leahy212-257-5783jleahy@orical.orgFinancial-services law firm offers legal services and compliance software through affiliates, Florio Leahy and Real World Compliance. Services include registration with regulators, code-of-ethics administration, regulatory filings and exams. Established in 2010. Has more than 100 private equity funds and hedge funds as clients. Co-managing...



LISTING: Firms Advising Hedge Funds on Regulatory Compliance

Thu, 24 Oct 2019
Regulatory Compliance SolutionsNew YorkContact: Dianne Mattioli347-609-3945dianne@rcsi-group.comCompliance boutique staffed by former chief compliance officers, arbitrators and regulators who have first-hand experience with SEC, NFA and Finra examinations. Services include help with registration, development of policies and mock SEC exams. Can also fill the role of outsourced chief compliance officer. Client roster includes hedge fund managers,...



LISTING: Firms Advising Hedge Funds on Regulatory Compliance

Thu, 24 Oct 2019
SCA Compliance and ConsultingChicagoContact: Sidney Wigfall630-857-0005sidney.scadvisors@comcast.net Founded in 2005 by Sidney Wigfall, a former SEC branch chief in New York. Wigfall also has served as general counsel and in-house and outsourced chief compliance officer for fund managers. Offers compliance reviews, operational-risk consulting and outsourced-compliance-officer services to managers of hedge funds, funds of funds, private equity...



LISTING: Firms Advising Hedge Funds on Regulatory Compliance

Thu, 24 Oct 2019
SEC3 Compliance ConsultantsNew YorkContact: Janaya Moscony212-706-4029, ext. 214janaya@seccc.comStaff includes former financial regulators and compliance executives at investment firms. Has worked with hundreds of fund shops, asset managers and broker-dealers globally, with expertise in SEC exams, mock audits and creation of training programs. An affiliate, CCO3, performs the role of chief compliance officer on an outsourced basis. Founded in...



LISTING: Firms Advising Hedge Funds on Regulatory Compliance

Thu, 24 Oct 2019
Seward & Kissel Regulatory ComplianceNew YorkContact: David Tang212-574-1260tang@sewkis.comVenerable New York law firm began providing stand-alone compliance services in 2016. Offerings include registration, development of policies, testing, annual reviews, SEC exam response, mock audits and training. Counts more than 100 clients, from startups to multi-billion-dollar firms. Staff includes former regulators and chief compliance officers. Services...



LISTING: Firms Advising Hedge Funds on Regulatory Compliance

Thu, 24 Oct 2019
Simon ComplianceChicagoContact: Lindsey Simon312-325-7341lindsey@simoncompliance.comFounder Lindsey Simon is a former SEC enforcement attorney who was chief compliance officer and general counsel at now-defunct hedge fund firm Carpe Diem Investment. Offers hands-on consulting services and customized compliance programs. Works with range of alternative-investment businesses including new and established hedge funds, funds of funds, private equity...



LISTING: Firms Advising Hedge Funds on Regulatory Compliance

Thu, 24 Oct 2019
SS&C GlobeOpNew YorkContact: Eamonn Greaves914-670-3612egreaves@sscinc.comFund-administration giant launched compliance-consulting unit in 2012. Assists managers with regulatory- and tax-filing obligations, including Form PF and Form 13F, FACTA-related filings and AIFM Directive disclosures. Compliance package available to firm’s administration clients and on a stand-alone basis.NOTE: Complete listing appeared in October 23, 2019, issue of...



LISTING: Firms Advising Hedge Funds on Regulatory Compliance

Thu, 24 Oct 2019
State Harbor AdvisorsNew YorkContact: Michael Byl203-300-8543michael@stateharbor.comLaunched by Michael Byl in 2018 after leaving Gartland & Mellina, which exited the compliance-consulting field. Majority of clients followed Byl to State Harbor. As of October 2019, had 17 clients on retainer for full range of compliance services.NOTE: Complete listing appeared in October 23, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the...



LISTING: Firms Advising Hedge Funds on Regulatory Compliance

Thu, 24 Oct 2019
Titan Regulation& AdvisoryChicagoContact: Nate Namphengsone312-235-6859nathan.namphengsone@titanregulation.comCaitlin Clancy408-628-1963cailtin.clancy@titanregulation.comLed by former Citadel chief compliance officer Julie Dixon. Clients include hedge fund shops, commodity-trading advisors, private equity managers, family offices and broker-dealers. Handles compliance program design and administration, staff training, SEC and CFTC registration,...



Structured-Finance Shop Eyes Royalty Plays

Wed, 23 Oct 2019
Hudson Structured Capital, which manages $2 billion of insurance-related strategies and transportation-finance assets, is looking to broaden its focus to include entertainment royalties.While the initiative is still in the early stages, the Stamford, Conn., firm envisions launching a fund that would invest in royalty streams from music, movie and television rights. One source said Hudson would seek to raise several hundred million dollars for the...



Distressed-Debt Pros Land LPs for New Fund

Wed, 23 Oct 2019
Two industry veterans with long experience managing and marketing distressed investments are lining up limited partners for their debut fund months ahead of the planned launch.Gregory Lamb and David Storper, who previously worked together at Wilbur Ross’ WL Ross & Co., have reunited as founders of 5P Capital of New York. They’re targeting a first-half launch for a drawdown vehicle that already has received commitments from multiple...



Diamond Merchant Offers Financing Vehicle

Wed, 23 Oct 2019
A well-known figure in the diamond industry is marketing a fund that offers financing to manufacturers and dealers of fine jewelry.Chris Del Gatto, chief executive of an online jewelry exchange called I Do Now I Don’t, formed DelGatto Capital of New York earlier this year to launch DelGatto Diamond Finance Fund. The firm this month raised $100 million from a large family office.The fund originates secured loans to “midstream”...



Camelot Offers Appraisal-Rights Play

Wed, 23 Oct 2019
Money manager Camelot Portfolios is starting an event-driven hedge fund that will pursue an appraisal-rights strategy.The Maumee, Ohio, firm plans to launch KHA Capital Fund 1 in January via a New York affiliate called KHA Capital. Camelot already pursues appraisal-rights investments via a $35 million mutual fund called Camelot Event Driven Fund, which combines several strategies including merger-arbitrage.KHA joins a handful of other...



Startup Pitches 'Quantamental' Fund

Wed, 23 Oct 2019
A former Chesapeake Partners analyst is planning a hedge fund that will combine fundamental research and quantitative analysis.Working through his Baltimore-based GreenSummit Investments, David Derman aims to launch a long/short equity fund in the first quarter with $25 million to $50 million. The vehicle, GreenSummit Insight Fund, will seek to profit in particular on the short side.Derman, who founded GreenSummit in 2017 after Chesapeake shut...



Value Shop Adds Lockup Option

Wed, 23 Oct 2019
London equity manager Tollymore Investment is offering limited partners a break on fees in exchange for a larger minimum commitment and a longer lockup period.The new terms would apply to investors who commit at least £1 million ($1.3 million) and leave their money untouched for three years. Those shareholders would have the choice to surrender either 10% of gains exceeding a 5% hurdle rate or 20% of gains above the MSCI All Country World...



Naya Offering Nears Capacity

Wed, 23 Oct 2019
Value-oriented equity investor Naya Capital is preparing to stop accepting commitments for its newest fund.Naya began trading its Naya Coldwater vehicle on April 1 with $250 million from an undisclosed anchor investor. The expectation is that the fund will reach its $500 million equity target by yearend, at which point subscriptions will be halted.Separately, the firm’s flagship Naya Master Fund was up 7.5% over the first nine months of...



Startup Crafting Distressed Strategy

Wed, 23 Oct 2019
A new distressed-debt shop has penciled in the second quarter of 2020 for the launch of its debut fund.Catalur Capital, a New York startup led by former MHR Fund Management executive Sergei Filipov and former Aurelius Capital manager David Tiomkin, is pushing to raise $250 million or more for a vehicle that would invest in the debt of companies facing bankruptcy or other special situations.The strategy has an initial capacity of about $500...



Little Left of Highland's Hedge Funds

Wed, 23 Oct 2019
Well before Highland Capital’s fund-management unit filed for bankruptcy protection last week, its hedge fund business had largely dried up.The unit, Highland Capital Management LP, measured its hedge fund assets at $367 million, including leverage, at yearend 2018 — down from $1.1 billion in 2014 and $1.8 billion in 2011. Much of the decline is attributable to Highland Crusader Fund, which has been winding down since the 2008 market...



Big Year for Systematica Vehicle

Wed, 23 Oct 2019
A $3 billion trend-following program run by Leda Braga’s Systematica Investments is outperforming its peers this year, despite a recent stumble.The vehicle, Systematica Alternative Markets, was showing a year-to-date return of 21.7% at the end of the third quarter, including a 3.5% loss in September. The SGA CTA Index rose 8.6% during the first three quarters.Systematica’s alternative-markets program takes a trend-following approach...



Entrepreneurial Lawyers Open Third Compliance Shop

Wed, 23 Oct 2019
A new compliance-consulting firm backed by lawyers Karl Cole-Frieman and Bart Mallon has landed an initial roster of clients.Aspect Advisors is notably the third outsourced-compliance company the law partners have helped launch in the past eight years, following Gordian Compliance Solutions and Greyline. All three are based in San Francisco, as is the pair’s law firm, Cole-Frieman & Mallon. They sold their stake in each compliance firm...



Single-Stock Vehicle Taking Shape

Wed, 23 Oct 2019
Emancipation Capital is raising money for a vehicle that would invest in the shares of a single company.The aim is to build a large long position in Redbubble, a Melbourne, Australia, company that operates an online marketplace where users sell personal goods featuring their artwork. New York-based Emancipation believes Redbubble is poised for a period of growth that could see its share price double in the next year.“This is a management...



The Grapevine

Wed, 23 Oct 2019
Davidson Kempner portfolio manager Jamie Michaelson left the firm in recent weeks, destination unknown. Michaelson, whose focus is equities, joined the New York operation in 2013 after working at Tudor Investment for about a year. Davidson Kempner’s co-founder and co-chief executive, Thomas Kempner, is retiring at yearend, leaving Anthony Yoseloff as the firm’s sole chief executive. The firm was running $30 billion at yearend...



The Grapevine

Wed, 23 Oct 2019
Moore Capital has picked up a portfolio manager who specializes in merger-arbitrage strategies. Jeffrey Hersch joined the New York macro shop this month. He previously served at Highbridge Capital, where he landed in 2012. Hersch also has spent time at UBS. Moore, led by Louis Bacon, had $8.9 billion under management at yearend 2018.



The Grapevine

Wed, 23 Oct 2019
Millennium Management has a new healthcare portfolio manager. Rob Gupta, who started last month, left Carlson Capital in August. Gupta joined Carlson as an analyst in 2015 and was promoted to portfolio manager in January. He earlier worked at private equity firm WindRose Health Investors and RBC.



The Grapevine

Wed, 23 Oct 2019
Sculptor Capital has hired a convertible-bond trader. Vincent Marron joined the New York multi-strategy operation this month from Shaolin Capital, where he had worked as a portfolio manager since February. Marron’s resume includes stops at Achievement Asset Management and J.P. Morgan. Sculptor, which in September changed its name from Och-Ziff Capital, is led by chief executive Robert Shafir and chief investment officer Jimmy Levin. It had...



The Grapevine

Wed, 23 Oct 2019
Startup Force Hill Capital has recruited a head trader. Marc Stenzler started this month at the New York technology-stock firm, which plans to launch in the first half of 2020. Stenzler most recently worked at now-shuttered Latimer Light Capital, following stops at Kavi Asset Management, Samlyn Capital, EnTrustPermal and Bear Stearns. Force Hill is led by former Citadel technology portfolio manager Suraj...



The Grapevine

Wed, 23 Oct 2019
Lucia Cooper joined the London office of INTL FCStone this month, tasked with marketing the firm’s synthetic prime-brokerage product. INTL FCStone’s prime-brokerage division, based in Atlanta, counts 31 staffers. Cooper was most recently at Jefferies.



The Grapevine

Wed, 23 Oct 2019
Former Goldman Sachs vice president Chris Padfield joined Citadel equities unit Ashler Capital this month in a business-development role. He will report to Ashler head of business development Stav Georgallis. Padfield, based in New York, had worked at Goldman since graduating from college in 2011, most recently as a hedge fund-focused member of the Alternative Investments & Manager Selection...



The Grapevine

Wed, 23 Oct 2019
Balyasny Asset Management has hired a quantitative analyst who most recently worked at MSCI. Gulshan Motwani joined the Chicago multi-strategy firm’s New York office in September after some three years at the financial index company. His previous employers include Visium Asset Management and Rock Creek Group.



The Grapevine

Wed, 23 Oct 2019
Small-cap stock shop Invenomic Capital added Patrick Taffe this month to lead the firm’s marketing efforts. The Boston firm had $236 million of gross assets under management on June 30. Taffe most recently was a director in the equity division at Mizuho Securities. He also has worked in institutional equity sales at RBC and Bear Stearns.



Starboard Value Alum Offering Activist Fund

Wed, 16 Oct 2019
An activist investor who previously was a senior executive at Starboard Value is marketing his own vehicle.William Wyatt, founder of a Los Angeles firm called Donerail Group, has talked to a number of large investors about backing a drawdown vehicle called Donerail Fund, as well as a co-investment vehicle. Expectations are that Donerail will start out with several hundred million dollars in each vehicle. Goldman Sachs and Jefferies are aiding in...



Court Case Shines Harsh Light on Investcorp

Wed, 16 Oct 2019
Investcorp has prevailed in a nasty legal dispute with a hedge fund manager it once backed, even as a prominent federal judge knocked Investcorp executives for sloppy and deceptive business practices.Kortright Capital, which once ran as much as $100 million for Investcorp and its clients, abruptly shut down in 2016 after Investcorp withdrew its support for a multi-party transaction under which Man Group would absorb Kortright’s event-driven...



Fund Targets 'House Rich, Cash Poor' Plays

Wed, 16 Oct 2019
A former Bain Capital executive is marketing a fund with an unusual strategy: buying minority equity stakes in single-family homes.Hometap Equity, a Boston firm led by Jeffrey Glass, offers alternative financing to homeowners who are “house rich, cash poor.” Instead of lending money against their properties, Hometap seeks to purchase ownership interests equal to 9% of a home’s appraised value — in exchange for agreements...



Researcher Exposing Strategies

Wed, 16 Oct 2019
A veteran analyst has launched a research service that gives hedge fund operators insights into the strategies of their peers, including proprietary-trading shops.The effort builds on work that Paul Rowady already was doing through his Alphacution Research Conservatory, a New York firm that aims to analyze the impact of technology on financial products and the traders, asset managers and banks that rely on them.The aim of the new service is to...



NorCap Experiences Growth Spurt

Wed, 16 Oct 2019
The assets of volatility-arbitrage manager NorCap Investment have climbed dramatically over the past year.The Dallas firm was running $157 million in September 2018, when it reopened its funds to new limited partners for the first time in three years amid expectations that rising financial-market volatility would spur investment opportunities. It now has $231 million under management, an increase of 47%.Founder David Norcom also augmented...



Cantor Tosses Hat Into Trading Ring

Wed, 16 Oct 2019
Cantor Fitzgerald is creating a unit that will function as an outsourced-trading desk for hedge fund managers, joining an increasingly crowded field of firms offering trade-execution services.To launch the business, Cantor has hired Brandon Peoples, who previously oversaw trading and back-office operations at EastBay Capital. The New York hedge fund shop has about $500 million under management.Peoples starts at Cantor in a few weeks. He will be...



Backer Aids New Prime Broker

Wed, 16 Oct 2019
It turns out that startup prime broker Velox Clearing is backed by Hong Kong trading firm Zunjia Securities.The arrangement positions Zunjia as the majority shareholder in Velox, which launched Oct. 14. It also enables Velox to offer trade-clearing services.That could give the Anaheim, Calif., firm an advantage over so-called introducing brokers, which have to steer clearing business to banks and thus face higher costs that they may pass on to...



Zentific Pitching China Strategy

Wed, 16 Oct 2019
Zentific Investment is marketing a long-only quantitative fund focused on China A-shares.The Hong Kong firm, which launched vehicle in late July with about $10 million, is looking to capitalize on growing demand for shares traded on China’s main stock exchanges as MSCI increases the allocation for A-shares in its MSCI Emerging Market Index.Zentific unveiled the offering last month at an annual hedge fund conference hosted by Goldman Sachs...



Commodity Fund Lands Large LP

Wed, 16 Oct 2019
A Paris commodity-futures shop specializing in agricultural strategies has netted a large commitment from an investor in the U.S.The unidentified pension agreed to invest $30 million with Blackbird Asset Management, deploying the capital in stages over nine months. The money is going into a separate account that runs parallel to a commingled vehicle dubbed Blackbird Alpha Spread 2.5X, a more-leveraged version of the firm’s flagship...



New Fund Betting on Value

Wed, 16 Oct 2019
A former Magnolia Group executive has launched his own hedge fund with an eye toward value investing.Peter Lindmark, who worked as a senior analyst with portfolio-management responsibilities at Magnolia, started trading at his Rock Mill Capital of Birmingham, Ala., on Oct. 1 with a modest amount of friends-and-family money. Lindmark will look to establish a track record for his Rock Mill Capital Fund before marketing the vehicle more broadly.He...



Strong Start for Crypto Vehicle

Wed, 16 Oct 2019
Startup digital-asset investor SciFeCap is gaining momentum.The firm, led by former Millennium Management analyst Amit Kaushik, is talking to investors about a potential anchor commitment of $25 million for its SciFeCap Fund. The Princeton, N.J., operation also has been attracting attention from a broader audience, thanks to outsized returns in its early months of trading.The fund, which predominantly invests in liquid cryptocurrencies including...



Isle of Jersey Courts US Managers

Wed, 16 Oct 2019
An organization that promotes the Isle of Jersey as an alternative-investment hub opened its first U.S. location today.Among the goals for Jersey Finance’s New York office is to establish a rapport with American hedge fund managers seeking investors in Europe. Overseeing the outpost is U.S. business-development head Philip Pirecki, who arrived in July from directorship company Premier Fiduciary Services.Jersey Finance typically connects...



SocGen Alums Form Marketing Unit

Wed, 16 Oct 2019
U.K. brokerage Market Securities has tapped a former Societe Generale capital-introduction executive to start a placement-agent business.Saleha Osmani joined Market Securities’ Dubai office on Oct. 1 as head of a newly formed unit called Market Securities Capital Advisory Group. Also on board is the New York-based Matthew McCarthy, who previously worked with Osmani at SocGen. There are plans to add staff in London and Asia as...



The Grapevine

Wed, 16 Oct 2019
Healthcare and technology specialist Woodline Partners, the year’s biggest startup, has hired three more investment professionals. The San Francisco firm, which launched in August with $2 billion, added a portfolio manager that same month focused on healthcare stocks. Matthew Katten joined Woodline after sitting out a yearlong gardening leave for Citadel, where he had worked since 2013. Katten previously spent time at Barclays. Woodline has...



The Grapevine

Wed, 16 Oct 2019
Quantitative researcher Sidharth Jayadeep joined Chicago startup Aquatic Capital a couple of weeks ago. Jayadeep served in a similar research role at Balyasny Asset Management for six years. He was on gardening leave from Balyasny from September 2018 to March of this year. Aquatic, which plans to launch next year, is helmed by Jonathan Graham, who previously led the global quantitative division at Citadel until...



The Grapevine

Wed, 16 Oct 2019
Millennium Management has picked up an energy-focused researcher in San Francisco. The New York-based multi-strategy operation hired Daniel Arnold this month from J.P. Morgan, where he had worked since 2016, following a stop at RBC.



The Grapevine

Wed, 16 Oct 2019
Separately, Millennium Management lost an analyst to Citadel Global Equities. Jonathan Lau, who specializes in internet companies, joined the Chicago firm’s New York office in August. Lau spent nearly two years at Millennium, preceded by stints at Hutchin Hill Capital and Tudor Investment. He began his career as an investment banking analyst at J.P....



The Grapevine

Wed, 16 Oct 2019
Verition Fund Management has added an equity analyst whose coverage includes industrial, chemical, automobile, metal and paper companies. Edward Kelly joined the New York office of the Greenwich, Conn., multi-strategy manager this month from Barclays, where he had worked since 2018. Verition, led by president Josh Goldstein and chief executive Nicholas Maounis, manages $1 billion. It has never had a down year since its inception in 2008,...



The Grapevine

Wed, 16 Oct 2019
Recruiter Michael Newcomer joined Point72 Asset Management of Stamford, Conn., this month as head of talent acquisition for the firm’s market intelligence group. His job at the multi-strategy giant: seek out data and quantitative professionals to work in the unit, which combines fundamental research with quantitative techniques, including machine-learning technology. Newcomer was formerly a recruiter at quantitative-investment rival D.E....



The Grapevine

Wed, 16 Oct 2019
Balyasny Asset Management on Oct. 1 promoted analyst Mark Cox to portfolio manager in its Anthem training program, which assigns pools of capital to junior investment professionals. The Hong Kong-based Cox, who focuses on equity, event-driven and relative-value strategies, started at Balyasny in 2015 as a financial-company analyst. The Chicago multi-strategy operation debuted the Anthem program in...



The Grapevine

Wed, 16 Oct 2019
Marla Bermack, a sales specialist with a history in the hedge fund industry, has landed at Private Health Management, a firm that helps people obtain healthcare from top physicians with round-the-clock access. As a New York-based managing director, Bermack shops the company’s services to operators of hedge funds and private equity funds. She had been at expert-network shop Gerson Lehrman since 2001. She also has worked at Luminant...



LISTING: Investors Targeting Stakes in Hedge Fund Operators

Thu, 10 Oct 2019
Tages CapitalLondonContact: Mark de Klerk44-203-036-6074mark.deklerk@tagesgroup.comCurrently investing via its second fund, which had closed on $203 million of equity as of May 2018. Previously deployed $900 million of seed capital to help launch hedge funds and UCITS vehicles. Recent deals include the January 2019 launch of Sky Zone Capital of London, a low-net-exposure equity manager led by former Lombard Odier executive Will Weinberg. Other...



LISTING: Investors Targeting Stakes in Hedge Fund Operators

Thu, 10 Oct 2019
Tiger ManagementNew YorkContact: Fraser Seitel201-784-8880yusake@aol.comSeeding legend has backed about 50 startups since 2000. Current portfolio encompasses 20 or so managers that together run $33 billion-$34 billion, with Tiger Global accounting for about two-thirds of the total. Recently increased amount it’s willing to invest to $50 million or more. Provided $50 million-$60 million to Yarra Square Capital, which launched in April 2019,...



LISTING: Investors Targeting Stakes in Hedge Fund Operators

Thu, 10 Oct 2019
Stride CapitalStamford, Conn.Contact: Don Rogers203-569-8920drogers@stridecapital.comSince 2012, has backed seven fund shops with investments of $25 million to $50 million. Those firms now run more than $1 billion combined. Backed launch of Johkim Capital of Dallas in mid-2018. Other investments include Greenhaven Road Capital, Monterone Partners, North Elm Capital, VIEX Capital and LRV Capital, whose team, assets and track record were picked up...



LISTING: Investors Targeting Stakes in Hedge Fund Operators

Thu, 10 Oct 2019
Stable Asset ManagementLondonContact: Erik Serrano Berntsen44-207-016-3163info@stableam.comHas allocated about two-thirds of a $600 million hedge fund-seeding vehicle, deploying capital to three startups so far. Most recently backed Calvion Capital, led by former Goldman Sachs executive Pascal Kummert. In January 2019, Stable launched a separate fund that invests in emerging managers in exchange for capacity rights and co-investment...



LISTING: Investors Targeting Stakes in Hedge Fund Operators

Thu, 10 Oct 2019
RIT CapitalLondonContact: Ron Tabbouche44-207-647-6203investments@ritcap.co.ukPublicly traded trust led by Jacob Rothschild has £3.1 billion ($3.8 billion) market capitalization. Has seeded a number of startup fund managers over the years in exchange for revenue shares. Most recent deal was 2016 launch of Eisler Capital. RIT valued its investment in the firm at £152 million at mid-2019, up from £134 million two years earlier. Also...



LISTING: Investors Targeting Stakes in Hedge Fund Operators

Thu, 10 Oct 2019
Paamco PrismaIrvine, Calif.Contact: Jeffrey Willardson949-870-3031jwillardson@paamcoprisma.comLong-time investor in early-stage hedge funds launched seeding program dubbed Launchpad in June 2018 with financial backing from Texas Employees Retirement. Launchpad aims to invest in 2-3 hedge fund startups annually. Its first deal was a big one: Cinctive Capital, led by Diamondback Capital founders Lawrence Sapanski and Richard Schimel. Cinctive...



LISTING: Investors Targeting Stakes in Hedge Fund Operators

Thu, 10 Oct 2019
Paloma PartnersGreenwich, Conn.Contact: Michael Liebowitz203-861-3230mliebowitz@paloma.comFounded by Donald Sussman in 1981, $4.8 billion firm backs managers pursuing a range of strategies, but favors quantitative and relative-value traders. Seedlings typically run money exclusively for Paloma for some years before raising outside capital. Usually invests $100 million to $150 million per manager. Recent deals include Nebula Research, led by...



LISTING: Investors Targeting Stakes in Hedge Fund Operators

Thu, 10 Oct 2019
Pacific Current GroupSydneyContact: Paul Greenwood253-617-7815info@paccurrent.comPublicly traded company owns stakes in 16 traditional and alternative investment managers in the U.S., Europe, Australia and India with a total of $51 billion under management as of June 30, 2019. Has been actively rebalancing portfolio to increase its exposure to long-term capital commitments. In January 2019, acquired 16% revenue share from $1.9 billion Luxembourg...



LISTING: Investors Targeting Stakes in Hedge Fund Operators

Thu, 10 Oct 2019
Northill CapitalLondonContact: Ryan Sinnott44-207-016-4119ryan.sinnott@northill.comLaunched in 2010 with backing from Italy’s Bertarelli family, founders of the Serono pharmaceutical company. Seeks to buy majority stakes in alternative-investment startups, as well as established managers looking to cash out partners or investors. In late 2018, announced a deal with Strategic Investment Group, an Arlington, Va., firm that functions as an...



LISTING: Investors Targeting Stakes in Hedge Fund Operators

Thu, 10 Oct 2019
NewAlpha Asset ManagementParisContact: Antoine Rolland33-14-456-5234arolland@newalpha.netPhilippe Paquet33-14-456-5231ppaquet@newalpha.comSince 2009, has deployed €1.8 billion ($2 billion) of seed and acceleration capital to asset managers including hedge funds. Invests in startups and small, established managers globally. Recent recipients of acceleration capital include Montrock48 Capital, a New York systematic-trading firm, and Boston...



LISTING: Investors Targeting Stakes in Hedge Fund Operators

Thu, 10 Oct 2019
Meritage GroupSan FranciscoContact: Meredith Barth212-906-8660mer-hfs@meritagegroup.comLed by Nathaniel Simons, son of Renaissance Technologies founder James Simons, Meritage runs $11 billion of gross assets. Mainly invests in hedge fund operators on behalf of Renaissance partners. Has been quiet on the seeding front of late, but has inked a number of notable deals including Atalan Capital, the now-closed Lamond Capital and Sarissa Capital. Also...



LISTING: Investors Targeting Stakes in Hedge Fund Operators

Thu, 10 Oct 2019
M.D. SassNew YorkContact: Cris Posada212-843-8973cposada@mdsass.comAfter a long hiatus, re-entered hedge fund-seeding field in 2019 when it backed Cladrius Partners, a special-situations firm that launched in July with $10 million. From here on, M.D. Sass expects to ink a seeding deal every 1-2 years using proprietary capital. Aims to back investment teams running niche strategies, in exchange for equity stakes in the general partners. Also will...



LISTING: Investors Targeting Stakes in Hedge Fund Operators

Thu, 10 Oct 2019
Kudu InvestmentNew YorkContact: Rob Jakacki212-257-6422rjakacki@kuduinvestment.comHas been actively buying minority ownership interests in alternative-investment firms including hedge funds. Acquired stake in the $7.6 billion EJF Capital in September 2019. Other recent deals include $1.6 billion wealth manager First Long Island Investors and $4 billion multi-manager shop Versus Capital. Kudu now has positions in seven firms, including Fair Oaks...



LISTING: Investors Targeting Stakes in Hedge Fund Operators

Thu, 10 Oct 2019
Leucadia Asset ManagementNew YorkContact: Nicholas Daraviras212-284-1700ndaraviras@leucadia.comJefferies unit acquires stakes in new, emerging and established hedge fund managers and commodity-trading advisors. Also backs established managers via joint venture it formed in 2019 with Stonyrock Partners. Jefferies committed $200 million of investment capital to the venture, which seeks to raise a total of $1 billion. Stonyrock is led by former...



LISTING: Investors Targeting Stakes in Hedge Fund Operators

Thu, 10 Oct 2019
InvestcorpNew YorkContact: Nick Vamvakas917-332-5700nvamvakas@investcorp.comSeeking to raise $500 million-$1 billion for a fund that would buy minority stakes in mid-size alternative-investment managers including hedge fund firms. Stake-taking business is led by former Blackstone and Credit Suisse executive Anthony Maniscalco, who started in September 2018. In May 2019, formed partnership with Jeb Bush’s merchant bank, Dock Square Capital,...



LISTING: Investors Targeting Stakes in Hedge Fund Operators

Thu, 10 Oct 2019
iM GlobalParisContact: Jean Maunoury44-203-751-9428jean.maunoury@imsquare.co.ukInked first two hedge fund deals in 2018, acquiring minority stakes in New York liquid-alternatives shop Dynamic Beta and equity manager Sirios Capital of Boston. Previously acquired stakes in three large traditional asset managers. iM, founded in 2013, plans to go public in 4-6 years, borrowing a page from Affiliated Managers Group’s playbook. Original backers...



LISTING: Investors Targeting Stakes in Hedge Fund Operators

Thu, 10 Oct 2019
HS GroupHong KongContact: Michael Garrowgarrow@hsgfunds.comMost active hedge fund seeder in Asia, led by one-time Blackstone executive Michael Garrow and former Goldman Sachs executive Johannes Kaps. Secured $1.2 billion of commitments for its second seeding fund in 2018. Has backed 10 new and emerging managers since inking first deal in 2014. Most recently seeded PanView Capital, a Hong Kong firm led by former Goldman Sachs equity manager Ryan...



LISTING: Investors Targeting Stakes in Hedge Fund Operators

Thu, 10 Oct 2019
Finance MichiganDetroitContact: William Dickson313-263-5888wdickson@trowbridgehouse.comBusiness incubator and proprietary-trading shop also backs new and emerging commodity-trading advisors. Has invested with more than 75 CTAs, in some cases taking minority equity stakes or sharing in the managers’ fee revenues. Recent deals include Convexity Asset Management of San Francisco, Quantix Commodities of Greenwich, Conn., and Statar Capital of...



LISTING: Investors Targeting Stakes in Hedge Fund Operators

Thu, 10 Oct 2019
Goldman SachsNew YorkContact: Ali Raissi44-207-774-1000ali.raissi@gs.comJack Springate212-855-9043jack.springate@gs.comGoldman’s Petershill fund series, which originally focused on buying stakes in mature hedge fund businesses, has gradually shifted to other types of alternative-investment managers including private equity firms. Currently seeking to raise $4 billion for Petershill 4, which would avoid investments in pure-play hedge fund...



LISTING: Investors Targeting Stakes in Hedge Fund Operators

Thu, 10 Oct 2019
Dyal CapitalNew YorkContact: Michael Rees212-476-9021michael.rees@nb.comNeuberger Berman unit was long-time leader among investment firms that buy stakes in established hedge fund managers, but in recent years has shifted focus to private equity managers. Could still do 1-2 hedge fund deals with remaining $200 million of equity in Dyal Capital Partners 2. About to close on up to $9 billion for Fund 4, which targets private equity firms,...



LISTING: Investors Targeting Stakes in Hedge Fund Operators

Thu, 10 Oct 2019
Brummer & PartnersStockholmContact: Ola Paulsson46-085-662-1480info@brummer.seEurope-focused shop has SEK 108 billion ($11 billion) of assets. Owns part or all of about nine hedge fund firms. Also runs a multi-strategy fund that deploys capital to its managers. Typically invests hundreds of millions of dollars per deal. Quickly redeems from managers that underperform, most recently exiting Nektar Asset Management in May 2019. Nektar subsequently...



LISTING: Investors Targeting Stakes in Hedge Fund Operators

Thu, 10 Oct 2019
Aberdeen Standard InvestmentsNew YorkContact: Farhad Dehesh212-776-9069farhad.dehesh@aberdeenstandard.comFormed unit called Bonaccord Capital in 2017 to purchase minority stakes in hedge fund and other alternative-investment managers. As of early 2018, had raised at least $228 million toward $1 billion goal for a fund to finance the deals. Made first two investments in mid-2019, acquiring stakes in private equity managers MSouth Equity Partners...



LISTING: Investors Targeting Stakes in Hedge Fund Operators

Thu, 10 Oct 2019
Affiliated Managers GroupWest Palm Beach, Fla.Contact: Jay Horgen617-747-3300pr@amg.comEnded three-year deal drought in May 2019 with purchase of minority stake in $4 billion-plus relative-value fixed-income manager Garda Capital. But in August, AMG said it was selling position in BlueMountain Capital for just $91 million (it earlier wrote down the stake by $415 million). Has had three chief executives in the past year. In May, Jay Horgen...



LISTING: Investors Targeting Stakes in Hedge Fund Operators

Thu, 10 Oct 2019
BlackstoneNew YorkContact: Michael Pierog646-482-8988michael.pierog@blackstone.comHas inked six deals so far via its third seeding fund, a $1.5 billion private equity vehicle that launched in 2017. Most recently supplied $150 million of seed capital to former Eton Park Capital partner Aaron Wertentheil for the launch of his Jones Road Capital, and $200 million to help former BlackRock credit manager Michael Phelps launch Tresidor Investment....



LISTING: Investors Targeting Stakes in Hedge Fund Operators

Thu, 10 Oct 2019
Borealis Strategic CapitalChicagoContact: Scott Schweighauser312-897-3479scott@borealisstratcap.comAs of July 2019, had raised about $175 million for its debut seeding vehicle, with aim of closing on a total of $400 million by early 2020. Inked first deal in April 2019, backing launch of London-based Vor Capital, a Europe-focused equity manager led by former Luxor Capital executive Brant Rubin. Borealis is led by Scott Schweighauser, who...



Cambridge Co-Founder Maps New Business

Wed, 09 Oct 2019
Hunter Lewis, who once ran pension advisor Cambridge Associates, is getting back into the business of advising institutional investors.His Charlottesville, Va., operation, Hunter Lewis LLC, formed in 2018 as a family office that today oversees $200 million for Lewis and his relatives. But preparations are under way to offer advisory services to a broader audience — possibly starting in the next few months.The firm has a nine-person staff,...



Investors in GP Stakes Sour on Hedge Funds

Wed, 09 Oct 2019
The punch bowl is running dry for partners of hedge fund firms looking to monetize their ownership interests.The three biggest buyers of general-partnership stakes — Blackstone, Dyal Capital and Goldman Sachs — have all but exhausted the equity they raised for “succession capital” plays.And while a few smaller players continue to buy minority stakes in mature fund-management firms, the total amount of dry powder available...



Titan Co-Founder Betting on Niche Strategies

Wed, 09 Oct 2019
Titan Advisors co-founder Tom Holliday has left the fund-of-funds operation to start his own business.Through a startup called Holliday Investment, Holliday aims to form partnerships with hedge fund managers for the purpose of developing and marketing niche strategies that are largely uncorrelated with financial markets. He’s currently in talks with an unidentified manager about launching the first such vehicle early next year, while...



Kennedy Lewis Extends Fund Series

Wed, 09 Oct 2019
Debt-fund manager Kennedy Lewis Investment is seeking to raise $1 billion via its second offering.Like its predecessor, Kennedy Lewis Capital Partners Master Fund 2 would invest in the debt of mid-size companies dealing with restructurings or other disruptive events. Fund 1, which lined up $517 million of commitments and is 80% invested, has generated a 16.5% net internal rate of return since November 2017. By comparison, the J.P. Morgan High...



Dubrovay Maps Niche-Quant Series

Wed, 09 Oct 2019
A Puerto Rico-based fund shop led by industry veteran Jaeson Dubrovay plans to launch a series of vehicles aimed at satisfying investor appetite for niche quantitative strategies.Dubrovay, whose history includes serving as chief investment officer of Credit Agricole unit Indosuez and head of hedge fund research at pension consultant NEPC, took over as managing director at Strategic Funds at the end of last year. The operation formed in December...



Four Elements Readies for Volatility

Wed, 09 Oct 2019
A commodity-futures shop is adjusting its strategy to better profit from an anticipated increase in volatility.Four Elements Capital of Singapore is expanding the set of algorithms employed by its Earth Element Fund to include models that trade VIX futures. Until now, the fund primarily has taken long and short positions in some 50 commodity markets using futures and other derivatives. It also trades currencies.Through August, Earth Element Fund...



VR Wagering on Argentina

Wed, 09 Oct 2019
Emerging-markets debt investor VR Capital is launching a hedge fund that would bet on a recovery in Argentina.The offering encompasses a U.S.-domiciled vehicle called VR Argentina Recovery Onshore Fund 2 and a Cayman Islands companion, VR Argentina Recovery Offshore Fund 2. While VR is keeping quiet about the exact mix of investments it is targeting, the portfolios apparently would include Argentine government securities and corporate debt.The...



Equity Startup Seeks Commitments

Wed, 09 Oct 2019
A newly formed management shop is marketing a systematic equity fund.McLain Capital, led by former KeyBank trader David O’Harra, aims to launch its McLain Capital Fund 1 by yearend with at least $5 million. The market-neutral vehicle would employ a mix of techniques to identify stocks worldwide that are undervalued or overvalued.“By combining big-data analytics, statistical methods and fundamental value investing principles,...



Aristotle: Market Is Greek to Me

Wed, 09 Oct 2019
Citing “idiotic” market conditions, value-focused equity manager Aristotle Investors has called it quits.The Portland, Maine, firm completed its unwinding process by canceling its SEC registration in September. It already had returned all capital to investors a few months ago, distributing $99 million that mostly came from founder John Morrill.Aristotle’s hedge fund assets peaked at $300 million a couple years ago.More recently,...



The Grapevine

Wed, 09 Oct 2019
Balyasny Asset Management has picked up a portfolio manager who trades the stocks of automobile, aerospace and defense companies. Stephan Puetter arrived in the Chicago multi-strategy firm’s London office this month, having worked most recently at Albar Capital from January 2018 to this April. Puetter’s resume also includes stops at Millennium Management, Goldman Sachs and...



The Grapevine

Wed, 09 Oct 2019
Balyasny Asset Management also lost a portfolio manager in September. Simon Taylor, who ran a book of relative-value investments in fixed-income products from the firm’s London office, exited amid word that he was taking a job at Point72 Asset Management. Taylor joined Balyasny in 2014, after working at BTG Pactual and Brevan Howard Asset Management.



The Grapevine

Wed, 09 Oct 2019
Millennium Management has hired a portfolio manager who trades a mix of liquid assets. Nicolas Dusart joined the New York multi-strategy operation this month from Highbridge Capital, where he had worked since 2017. Dusart also has spent time at BTG Pactual, BNP Paribas and Societe Generale.



The Grapevine

Wed, 09 Oct 2019
Separately, Millennium Management has brought in a business-development professional. Robert Pescitelli joined the firm’s New York office in August from recruiting firm Selby Partners, where he had worked since 2017 with a focus on placing equity and debt professionals in alternative-investment roles.



The Grapevine

Wed, 09 Oct 2019
Verition Fund Management expanded its roster this month to include a portfolio manager whose specialties include investable indexes and exchange-traded funds. Ryan Confer joined the Greenwich, Conn., multi-strategy firm’s New York office from Centiva Capital, where he had worked since 2017. Confer’s resume also includes stops at Bank of America and Goldman...



The Grapevine

Wed, 09 Oct 2019
Cantor Fitzgerald installed Steven Rosen this month as a prime-brokerage salesman — a role in which he also markets trading services to hedge fund operators. Rosen had been working since 2018 at multi-manager firm Atom Investors. He also has worked at the now-defunct Hutchin Hill Capital, as well as UBS, Point 72 Asset Management and Bear Stearns. Cantor plans to add more prime-brokerage staff...



The Grapevine

Wed, 09 Oct 2019
INTL FCStone brought in two directors in September to execute trades for hedge fund managers. Equity specialist William Lewis most recently worked at BTIG, where he started in 2010 after stops at Goldman Sachs and Spear, Leeds & Kellogg. Also on board is Peter Coleman, who had been at Cowen Group since 2017. His other former employers include Convergex, BNY Mellon and ESI Securities. Both of the recruits are stationed in New...



The Grapevine

Wed, 09 Oct 2019
Separately, INTL FCStone added a salesman to its futures-clearing desk in New York. The recruit, Scott Richter, had been an executive director at derivatives-focused technology company OpenGamma. He was at hedge fund consultant Analytical Research Capital before that, preceded by a stop in prime-brokerage sales at Societe Generale.



The Grapevine

Wed, 09 Oct 2019
Startup healthcare-stock investor Woodline Partners has hired an analyst. Hecate Chen joined the San Francisco firm in September from Citadel, where he had worked since 2017. Chen’s former employers also include Tiger Pacific Capital, Long Oar Global, Azentus Capital and Goldman Sachs. Woodline, led by former Citadel Global Equities portfolio managers Karl Kroeker and Michael Rockefeller, launched in August with $2...



Family Office Group Backs Cap-Intro Venture

Wed, 02 Oct 2019
A group representing family offices worldwide has teamed up with an investment bank to start a capital-raising service aimed at alternative-investment managers.Under the arrangement, Family Office Networks of West Palm Beach, Fla., paid an undisclosed sum last month for a minority stake in Houston-based Entoro Capital. The two operations launched the new business this week.Family Office Networks brings to the table a membership roster...



Akre Mutual Fund Manager Plans Hedge Fund

Wed, 02 Oct 2019
A portfolio manager who co-led a $12 billion equity mutual fund that consistently beat the S&P 500 Index is starting a hedge fund.Tom Saberhagen, who left Akre Capital in April, has set up Saberhagen Investments in Leesburg, Va., where he plans to launch an equity fund with his own money before yearend. Outside capital would be accepted starting in the first quarter of next year.The strategy of his planned fund, Saberhagen Partners, will be...



Trend-Following Contrarian Gaining Traction

Wed, 02 Oct 2019
A global-macro trader whose resume includes a stint as a portfolio manager at George Weiss Associates is catching the attention of institutional investors.JS Global Macro Futures, a separate-account operation led by Jason Shapiro, currently runs $25 million for an unidentified asset manager in New York. Shapiro now is in talks with at least two institutions, including a U.S. pension, about investing similar amounts. He hopes to close on those...



Feuerstein Nears Anchor-Capital Deal

Wed, 02 Oct 2019
Managed-futures veteran Jay Feuerstein is zeroing in on an anchor investment for his new hedge fund.Trident Capital of Chicago is in advanced talks with several institutional investors about committing at least $25 million to Trident Futures Fund, which Feuerstein launched in January with friends-and-family money. The fund, which takes a systematic-macro approach to trading commodity, currency, equity and fixed-income derivatives, is off to a...



VR Capital Experiences Brutal Month

Wed, 02 Oct 2019
A punishing August sent the year-to-date performance of event-driven debt investor VR Capital from a double-digit gain to a double-digit loss.The New York firm’s VR Global Partners fund had entered August with a 10.3% profit for the year, but took a 20.7% loss for the month — dropping its 2019 return to minus-12.5%. The monthly decline was exceeded only by a 27% plunge in October 2008, at the worst point of the global financial...



Karya Propped Up By Founder

Wed, 02 Oct 2019
Amid a revenue shortfall, Karya Capital founder Rajiv Sobti has been paying some of the firm’s operating expenses out of his own pocket.The New York global-macro shop disclosed the infusions in an update to its Form ADV filing with the SEC, without specifying how much capital Sobti had supplied.The payments follow a period in which Karya’s assets fell to $634 million at yearend 2018, from $1 billion at yearend 2017 and $1.1 billion a...



Startup Aims to Predict M&A Deals

Wed, 02 Oct 2019
An investor who buys shares of companies he sees as likely takeover targets is starting a hedge fund.Bobby Cohen last week formed a fund-management company called Merger Monday Capital — so named because of the tendency of deals to be announced before the market opens on Monday mornings. The Glen Cove, N.Y., firm aims to raise up to $100 million for a vehicle that would begin trading before yearend.Cohen, who previously hosted a podcast...



Equity Shop Reaching Out to LPs

Wed, 02 Oct 2019
Dallas stock picker Scalar Gauge Management is seeking a fresh round of capital.To assist in the push, Scalar has hired placement agent Hawthorne Lane Capital to recruit investors for its lone hedge fund. It’s unclear how much money the firm hopes to raise for the vehicle, Scalar Gauge Fund.The fund was running $69 million of gross assets for some 60 investors at yearend 2018. Scalar Gauge’s marketing materials describe a strategy in...



Due-Diligence Pro Hangs Shingle

Wed, 02 Oct 2019
An operational due-diligence specialist who last worked at Mariner Investment has set up his own firm.Peter Juran is calling his Princeton, N.J., operation D3-Dynamic Due Diligence. He is about to begin marketing his services to potential clients.D3 aims to perform a range of operational reviews on hedge fund operators and other alternative-investment managers for parties that are interested in placing money with those firms. It also would carry...



Placement Agent Picks Up Serengeti

Wed, 02 Oct 2019
Placement agent Eaton Partners has signed Serengeti Asset Management as a client.Eaton’s hedge fund team, led by John Finn and Scott Froehlich, is tasked with marketing Serengeti’s flagship fund, dubbed Lycaon, which has $1 billion under management. Since inception in 2010, Lycaon has generated a 10.6% annualized return, with no down years and an enviable Sharpe ratio of 2.6. During the same period, the Bank of America High Yield...



Cypress Alum Testing the Waters

Wed, 02 Oct 2019
A former Cypress Funds executive is thinking about forming his own firm.Details are scant, but Saurabh Jain has been talking to industry participants about a yet-to-be-named operation in Santa Monica, Calif. Should he move ahead, Jain likely would start trading with a small amount of money from friends and family members.Jain has been running his own money under the name JainCap for a few years.He previously was a principal at the equity-focused...



The Grapevine

Wed, 02 Oct 2019
Former Goldman Sachs executive Shawn Byron resurfaced in Jefferies’ prime-brokerage group on Oct. 1 in the newly created role of head of U.S. securities lending. The New York-based Byron most recently held the same post as a managing director at Goldman, where he ended a 20-year career in 2018. At Jefferies, he reports to prime-brokerage head John...



The Grapevine

Wed, 02 Oct 2019
Third Point has a new head of marketing and investor relations. Jenny Wood, who joined the New York event-driven manager in September, most recently worked at Senator Investment from 2010 to this June. Her former employers also include Cantillon Capital. Her duties at Third Point previously were performed by communications chief Elissa Doyle, who during the third quarter assumed a role in which she also focuses on the firm’s environmental,...



The Grapevine

Wed, 02 Oct 2019
Equity trader Peter Sellers departed from Caxton Associates’ New York office on Sept. 30 to take what sources described as a job on the sell side. Sellers had been at Caxton since 2015. He also counts Perry Capital as a former employer.



The Grapevine

Wed, 02 Oct 2019
Chief operating officer Chris Sullivan left Diameter Capital this month. Sullivan had been at the New York debt-fund operator since 2017. Before that, he spent time at Anandar Capital, Blackstone, Credit Suisse, Caledonian Global, Dresdner Kleinwort, Lehman Brothers and Deloitte. Absorbing his duties at Diameter is chief financial officer Matt Gilmartin, who came on board in July from River Birch Capital. Gilmartin also has worked at Ore Hill...



The Grapevine

Wed, 02 Oct 2019
Director Vincent Agosta has resigned from a group at Wells Fargo that handles trading functions for hedge funds. His destination: The New York office of Cowen Group, where he’ll start in mid-November as part of a rival team encompassing 26 traders worldwide. Agosta had joined Wells via its 2010 takeover of Merlin Securities. He also counts Trading LLC, Elijah Asset Management and Morgan Stanley as former...



The Grapevine

Wed, 02 Oct 2019
Sales specialist Camille Clemons joined the Chicago office of accounting firm Cohen & Co. in September. Clemons, whose duties include marketing auditing services to hedge fund operators, had been working since February 2018 at compliance and administration shop IQ-EQ. Before that, she was at UMB Fund Services and Northern Trust.



The Grapevine

Wed, 02 Oct 2019
Katie Dillard joined Dallas fund operator Hudson Way Capital in September as chief operating officer. Dillard, whose new job includes oversight of fundraising efforts, previously worked in a capital-introduction role at Jefferies. She had started there in 2016, following stops at Pacific Grove Capital, Copernicus Capital, Credit Suisse and Houlihan Lokey. Hudson Way, led by Mike Hyatt, employs a concentrated equity strategy. It was managing $307...



The Grapevine

Wed, 02 Oct 2019
Coatue Management has brought a new analyst on board. Alex Gatof joined the technology-focused equity shop’s New York headquarters in September. Gatof had been employed since 2015 at Citadel, most recently as a senior associate covering consumer-company stocks. He started his career as an investment-banking analyst at Goldman Sachs.



The Grapevine

Wed, 02 Oct 2019
INTL FCStone has added a member to a team that conducts trades for hedge fund operators. Noah Garland joined the brokerage firm’s Park City, Utah, office in September. Garland had been leading a trading desk in London for Cowen Group since 2017. He also has worked at Convergex.



Bain Rolls Out Latest Direct-Lending Vehicle

Wed, 25 Sep 2019
The credit-investing arm of Bain Capital is marketing a direct-lending fund that would offer senior-secured financing to mid-size companies around the world.In marketing materials for the vehicle, Bain Capital Global Direct Lending 2020, Bain Capital Credit highlights a 20-year track record of direct-lending investments, during which it has deployed about $11 billion via nearly 300 transactions. Those deals have generated an average net internal...



Teza Capital Striving to Regain Momentum

Wed, 25 Sep 2019
Teza Capital is marketing a new fund and adding a senior investment professional to its staff as the systematic-trading operation seeks to reverse a sharp decline in its assets.The Chicago firm, led by Misha Malyshev, former head of quantitative strategies at Citadel, has slated an Oct. 1 launch for Teza Micro Structure Fund. It’s unclear how much Teza seeks to raise, but a source said the vehicle would have capacity for $500 million of...



Narrowly Focused Fund Lifts Segra's Assets

Wed, 25 Sep 2019
In a clear sign of investor appetite for niche strategies, a fund that trades the shares of companies in the nuclear-fuel sector has raised nearly $100 million since launching last year.Segra Capital of Dallas has stopped admitting new investors to its Segra Resource Partners fund after capping a founders share class with discounted fees. The fund counts several pension plans among its limited partners. Strong demand for the offering has boosted...



Huttenlocher Buys Cerebellum Stake

Wed, 25 Sep 2019
Industry veteran Carl Huttenlocher, owner of Asia-focused fund shop Myriad Asset Management, has purchased a minority stake in machine-learning manager Cerebellum Capital.Huttenlocher, whose resume also includes Highbridge Capital, Long-Term Capital and Citadel, now owns more than 25% of Cerebellum, a San Francisco firm that was running $229 million, on a gross basis, at yearend 2018. Myriad, a Hong Kong firm Huttenlocher founded in 2011, is one...



Weak Returns Prompt Graticule Moves

Wed, 25 Sep 2019
Graticule Asset Management Asia is making changes to its investment and risk-management teams amid lackluster performance.The Singapore global-macro firm, led by former Fortress Investment executive Adam Levinson, is shrinking its pool of portfolio managers with the aim of consolidating investment capital among a smaller number of senior managers. As part of that process, Levinson will play a more active role in day-to-day investment decisions, a...



Cat Rock Juicing Up Deal Sizes

Wed, 25 Sep 2019
Alexander Captain’s Cat Rock Capital is starting a vehicle that would invest alongside its main fund.The Greenwich, Conn., equity shop already has lined up $250 million of anchor commitments for its Cat Rock Opportunities Fund. The plan is to continue accepting capital until its Nov. 1 launch.Cat Rock Opportunities Fund would invest in the “most scalable” positions of the flagship Cat Rock Capital Partners fund, the firm wrote...



Altrinsic Global Alum Plans Offering

Wed, 25 Sep 2019
A fundamental stock-picker who spent 11 years at Altrinsic Global Advisors is preparing to launch a hedge fund.Chetan Jindal, who was a partner at Altrinsic before leaving late last year, has formed Greenwich Ivy Capital of Greenwich, Conn., and is reaching out to potential anchor investors. He’s on track to begin trading in the first or second quarter of next year.Jindal envisions managing a global long/short equity fund. He is scouting...



Bank-Stock Shop Logs More Gains

Wed, 25 Sep 2019
Peace Bridge Partners, which invests in financial-company stocks, is outperforming its peers.The New York firm’s Peace Bridge Master Fund was up 4.9% over the first eight months of this year, versus a 10.3% loss for the S&P Regional Bank Index. That brought the vehicle’s annualized return since its November 2017 inception to 11.3%, topping both a 9.4% gain for the S&P 500 Index and a 5.1% loss for the bank index.On a cumulative basis,...



Futures-Trading Vehicle in the Works

Wed, 25 Sep 2019
The former chief investment officer of a regional bank is laying the groundwork for a commodity-futures fund based on a strategy he began developing in graduate school.Rohit “Ro” Punyani opened Tides Edge Capital of Arlington, Va., this month after parting ways with United Bank of Washington. He’s aiming for Nov. 1 to launch a vehicle that would pursue a volatile trend-following strategy. Tides Edge so far has raised a modest...



Quant Manager's Returns Soaring

Wed, 25 Sep 2019
Orbital Capital’s performance has blasted off this year.The systematic equity manager’s main investment program, Orbital Conservative, was up 22.4% from Jan. 1 to Aug. 31. A leveraged version called Orbital Optimal jumped 55.4%, crushing an 18.3% rise in the S&P 500 Index. And for the first two weeks of September, Orbital Optimal was posting a monthly return of 1.4% — when many quantitative funds were losing money.Orbital...



Research Platform Ramping Up

Wed, 25 Sep 2019
A firm that helps stock analysts set up and run their own research shops is signing new clients at a rapid clip.Analyst Hub, which launched last year, currently supports 17 former sell-side equity analysts with a range of services including accounting, compliance, human resources, marketing and technology. The New York firm expects to triple the number of researchers on its platform in the next 12-15 months.“We put on four in the last...



The Grapevine

Wed, 25 Sep 2019
Alessandra Tocco resurfaced at fixed-income manager Good Hill Partners this month as a managing director, presumably in a marketing role. Tocco previously worked in capital introduction, most recently as head of a group within J.P. Morgan’s prime-brokerage division. She had taken that post via the bank’s 2008 takeover of Bear Stearns, and before that was at ABN Amro. Good Hill is led by Brant Brooks and Franklin Collins. The...



The Grapevine

Wed, 25 Sep 2019
Startup Tabor Asset Management hired Ankur Jain in August as chief operating officer, a role that includes oversight of marketing. Jain most recently was at equity shop Falchion Capital, and before that was at marketing agency Tuned and family office BBR Partners. Tabor, led by former UBS O’Connor and Millennium Management portfolio manager Jonathan Jacoby, invests primarily in technology stocks worldwide. It also trades some consumer...



The Grapevine

Wed, 25 Sep 2019
Anna Titarchuk joined Millennium Management’s New York office this month as a senior strategist. Titarchuk most recently led research at global-macro shop Marto Capital. She also counts Trend Capital and Forum Asset Management as former employers.



The Grapevine

Wed, 25 Sep 2019
HBK Capital has picked up a portfolio manager who focuses on fixed-income and currency investments worldwide. Christopher Rahmlow joined the Dallas multi-strategy shop’s New York office this month from Citadel. Rahmlow also has spent time at Morgan Stanley.



The Grapevine

Wed, 25 Sep 2019
Convertible-bond investor Camden Asset Management has hired a capital-raising specialist. Jim McKenna joined the Los Angeles firm this month as a director. McKenna previously headed business development in North America at InfraHedge, a State Street unit that offers exposure to hedge funds via separate accounts. Before that, he spent time in BNY Mellon’s HedgeMark division and at Societe Generale. At Camden, McKenna reports to Stan Debreu,...



The Grapevine

Wed, 25 Sep 2019
Debt-fund operator One William Street Capital has added a member to its structured-product investment staff. Alex Saporito signed on with the New York firm last week from private equity shop Flexpoint Ford. Saporito also has worked in Morgan Stanley’s banking unit and at RISConsulting. David Sherr is founder and chief investment officer of One William Street, which had $5.4 billion under management at yearend...



The Grapevine

Wed, 25 Sep 2019
Marketing specialist Michael Leder joined Alkeon Capital this month as a director. Leder previously worked at commodity investor Eckhardt Trading, and before that was at OurCrowd and Winton Group. Alkeon, a New York equity shop led by Panayotis “Takis” Sparaggis, had $4.1 billion of gross assets at yearend 2018.



The Grapevine

Wed, 25 Sep 2019
Senior trader Robert Cunningham no longer is employed at Maxim Group, effective this month. As a member of Maxim’s prime-brokerage unit, Cunningham worked on behalf of clients that outsource their trading to the New York investment-banking firm — while also heading sales and capital introduction. His plans are unknown. Earlier, Cunningham spent time at Ecofin, Southpoint Capital and Kildare...



Former OrbiMed Chief Isaly Back in Business

Wed, 18 Sep 2019
Sam Isaly, the former head of healthcare-focused hedge fund giant OrbiMed Advisors, is preparing to accept outside capital for a pair of funds he’s been running with family money for more than a year.Isaly, who left OrbiMed last year amid sexual harassment allegations, currently is managing about $70 million via his Exome Asset Management of New York. He could begin accepting contributions from limited partners in the next few months.One of...



Systematic Trader QIM Deep Under Water

Wed, 18 Sep 2019
The amount of assets managed by Quantitative Investment Management is down by more than half since early 2018 as the firm struggles to dig its way out of steep drawdowns across its funds.Its flagship Quantitative Global Program, a systematic-macro vehicle with $1.3 billion under management, was down 7.6% year-to-date through August after losing 6.9% last year. Despite strong performance in June and July, the program remains well below the...



KLS Carves Out 'Structured Income' Book

Wed, 18 Sep 2019
KLS Diversified Asset Management has a new fund in the market.The drawdown vehicle, KLS Structured Income Fund, would isolate several of the least-liquid strategies the debt-fund operator manages through its $2 billion hedge fund, KLS Diversified Master Fund. Since 2012, the “structured income” component of the flagship fund has generated double-digit returns every year but one via investments in specialty finance, commercial and...



BlueBay Building Junior ABS Book

Wed, 18 Sep 2019
BlueBay Asset Management is adding an opportunistic component to its structured-product investment program.The London unit of RBC started a broad marketing campaign for its Opportunistic Structured Credit Strategy this month, offering both a commingled hedge fund and separate accounts to institutional investors including pension systems and endowments. The aim is to raise at least $500 million over the next year or so, with much of the initial...



Ex-Suvretta Analyst Preps for Launch

Wed, 18 Sep 2019
A consumer-stock analyst who most recently worked at Suvretta Capital is laying the groundwork for her own hedge fund operation.Having recently formed Lighthouse Hill Capital of New York, Karen Menezes plans to launch a consumer-focused long/short equity fund early next year.Menezes plans to hire at least two other investment professionals prior to launch. She’s currently in the process of selecting a prime broker and other service...



Startup Offers LPs Attractive Terms

Wed, 18 Sep 2019
Joyce Meng, formerly a partner at Vernier Capital, has launched an equity fund that offers attractive fee terms and a high degree of transparency.Meng’s firm, FACT Capital of New York, began trading on Sept. 5 with an undisclosed amount in the FACT Global Long/Short Fund. It invests in so-called compounder stocks — businesses that reinvest most or all of their profits, rather than pay dividends. Geographically, Meng is focused on the...



White Elm Pitches New Fee Structure

Wed, 18 Sep 2019
Matthew Iorio’s White Elm Capital is introducing new share classes that would reduce fees for limited partners who accept limitations on how much money they can withdraw per quarter.The Greenwich, Conn., firm, whose assets have fallen in the past two years amid uneven performance, proposes investor-level “gates” restricting quarterly redemptions to as little as 12.5% of one’s total investment — in which case it would...



Elliott Commences Co-Investments

Wed, 18 Sep 2019
Elliott Management has closed on an initial round of commitments for a buyout co-investment program.The New York firm set out earlier this year to raise $2 billion from investors seeking increased exposure to private equity deals pursued by Elliott’s hedge funds. While it’s unclear how much capital the firm has lined up for the co-investment initiative, its assets stood at $38.3 billion on Aug. 9 — up $3.5 billion from...



European Firm Targets LPs in US

Wed, 18 Sep 2019
European merger-arbitrage shop Lutetia Capital is ramping up its marketing efforts in North America.The firm, which runs $1.1 billion, hired Sam Rosenberg this month as head of business development. Rosenberg, who is relocating to Los Angeles from New York, is tasked with raising capital from investors in the U.S.Rosenberg joined Lutetia from LeoGroup, a New York wealth manager where he spent a little more than a year as head of client relations....



UBS Adding Prime-Brokerage Pros

Wed, 18 Sep 2019
UBS is expanding its U.S. prime-brokerage staff.Sources said the bank aims to add at least 10 employees to the U.S. team in the next year, including sales, capital-introduction, stock-loan and risk-management personnel. Also on the list is an individual who would help automate research.Since the 2007-2008 financial-market crash, UBS’ prime-brokerage group primarily has targeted equity-focused hedge fund managers that rank among the 250...



Good Timing for Vassalou Spin-Off

Wed, 18 Sep 2019
Maria Vassalou’s global-macro fund is showing an impressive year-to-date gain as she begins marketing under her own name.Last month, Vassalou and her team spun off from Perella Weinberg Partners Capital, taking two hedge funds with combined assets of $730 million. She’s calling her New York firm Vassalou Capital.Through Aug. 31, VCM Global Macro Fund was up 19%, outpacing a 9.8% advance for the HFRI Macro Index. A source said the fund...



BTIG Bolsters Trading Operation

Wed, 18 Sep 2019
Look for BTIG to continue hiring traders for a unit that offers trade-execution services to hedge funds and other professional investors.The San Francisco broker-dealer, whose outsourced-trading desk is separate from its prime-brokerage operation, hired veteran trader Vincent Cutaia this week to oversee a team of traders in the company’s headquarters. In that role, Cutaia is expected to expand BTIG’s reach among fund managers and...



The Grapevine

Wed, 18 Sep 2019
Point72 Asset Management hired technology-stock specialist Genevieve Kahr this month as a portfolio manager. Kahr previously ran a firm called Ailanthus Capital that she started in 2015. That operation’s assets peaked at more then $400 million, but had fallen to $271 million this May amid disappointing returns — with Kahr notifying investors in early August that she planned to shut down. Earlier, Kahr worked at Jericho...



The Grapevine

Wed, 18 Sep 2019
Managing director Pamela Friedman left her job as co-head of marketing at York Capital this month. Friedman, who shared the top marketing post with Nish Shah, had been on board since 2007. York’s existing staffers are absorbing her duties.



The Grapevine

Wed, 18 Sep 2019
Brookfield Asset Management hired Nitin Dewan this month as a portfolio manager in its fundamental-equity and event-driven investment unit, Brookfield Hedge Solutions. The New York-based Dewan previously worked at BlueMountain Capital, BlueMar Capital and Alyeska Investment. Toronto-based Brookfield launched the hedge fund unit this year.



The Grapevine

Wed, 18 Sep 2019
Cheyne Capital has installed a new managing director of business development for North America. Jeff Peate joined the firm’s New York office this month from Arosa Capital. Peate’s former employers also include KKR and Prisma Capital.



The Grapevine

Wed, 18 Sep 2019
Short seller Carson Block will move his Muddy Waters Capital from San Francisco to New York in mid-2020. Indications are that Block’s entire 10-person staff will transfer to the new location. Apparently, Block sees New York as offering a better venue for the growth of his $250 million firm. He also has pointed to a corporate culture in San Francisco that is less tolerant of criticism of short-selling...



The Grapevine

Wed, 18 Sep 2019
Sunley House Capital, the equity unit of buyout firm Advent International, hired Yusef Kassim this month as head of business development. Kassim, a managing director stationed in New York, previously worked at Blue Harbour Group. He also has spent time at Eton Park Capital, R6 Capital and Gerson Lehrman Group. Sunley House had $686 million under management at yearend...



The Grapevine

Wed, 18 Sep 2019
Piney Lake Capital has hired a head of business development. Rachel Lemberg joined the Rye, N.Y., fund operator this month from Crestwood Capital. Lemberg also has worked in Goldman Sachs’ hedge fund-advisory unit. Piney Lake specializes in writing mezzanine loans to mid-size companies. The firm was established in 2018 by former BlackRock Kelso Capital executive Mike Lazar, and was running $357 million of gross assets at...



The Grapevine

Wed, 18 Sep 2019
Michael Holt, who until May worked as a principal in charge of relations with investment consultants at Apollo Global, started in a similar capacity at D.E. Shaw this month. The New York-based Holt earlier spent time at PineBridge Investments and its former parent company, AIG.



The Grapevine

Wed, 18 Sep 2019
Pravin Kanneganti joined the newly renamed Pickering Energy this month as chief operating officer and chief compliance officer. Kanneganti had been working as a consultant for the past year, and before that held a number of roles at BlackGold Capital. Pickering, led by Dan Pickering, spun off from Perella Weinberg Partners Capital on Sept. 6. The Houston operation, formerly known as TPH Asset Management, invests in public and private energy...



Vinik Pitching Strategy Amid Modest Returns

Wed, 11 Sep 2019
Jeffrey Vinik is making a fresh marketing push for his new hedge fund, which gained 2% in its first six months of trading.Vinik, who after a six-year hiatus resumed running outside money in March via his Vinik Asset Management, is set to meet with a number of large allocators in the coming weeks. When he began marketing his new fund at the start of the year, he had hopes of collecting up to $3 billion of day-one capital — not unthinkable,...



Small-Cap Trader Diamond Back in Business

Wed, 11 Sep 2019
Small-cap stock specialist David Diamond is relaunching his High Rock Asset Management, which once ran as much as $3 billion before shutting down 15 years ago.Diamond plans to begin trading outside capital from his newly re-established Boston firm before yearend. He began reaching out to investors this month with the aim of raising up to $250 million.Diamond is joined by long-time colleague Bill Wiese, who was an analyst at the original High Rock...



Performance Woes Prompt Sanoor to Close

Wed, 11 Sep 2019
Add Sanoor Capital to the list of equity managers that have called it quits due to poor performance.The Greenwich, Conn., firm, led by former Discovery Capital analyst Jasjit Rekhi, recently finished winding down its Sanoor Capital Master Fund. It began trading in May 2016 with backing from hedge fund seeder HS Group. At its peak, the fund had about $350 million under management.Sanoor was in positive territory this year through June. But last...



Merchant-Finance Strategy Offered

Wed, 11 Sep 2019
A hedge fund startup is targeting lofty returns through investments in so-called merchant cash advances, which aren’t subject to usury laws and other restrictions on direct lending.Sag Harbor Management is telling investors it expects to generate net returns of 20%-plus via the niche strategy, which involves giving money to cash-strapped small businesses in exchange for a portion of their revenues. Sag Harbor co-founder John Donahue...



European Quants Combine Strategies

Wed, 11 Sep 2019
Two small European investment managers have joined forces on a quantitative strategy that has outperformed the firms’ individual offerings.The new product, dubbed MoSAIQ-Carmika Max Sharpe, combines a volatility-focused portfolio managed by Zurich-based MoSAIQ with an equity-hedge overlay designed by Carmika Partners of London. For now, the blended strategy is available in a separate-account format through Icon Asset Management of...



Ex-SSARIS Team Launches Vehicle

Wed, 11 Sep 2019
Ridgedale Advisors, whose partners previously ran hedge funds for State Street, has launched its first fund.The Rye Brook, N.Y., firm, led by co-chief investment officers Mark Rosenberg and Paul Lucek, began trading Ridgedale Global Alpha Fund on Sept. 1 with nearly $20 million. The fund follows a systematic global-macro strategy that Rosenberg has been refining since launching a predecessor business, RXR Capital, in the early 1980s.Ridgedale...



Perella Spins Off Energy-Stock Unit

Wed, 11 Sep 2019
Perella Weinberg Partners Capital, formerly the asset-management arm of investment bank Perella Weinberg, has spun off the last of its hedge fund units.TPH Asset Management completed its separation from Perella Weinberg Partners Capital on Sept. 6, assuming the name Pickering Energy Partners. The Houston firm is absorbing TPH’s investment and operations staff, as well as TPH Energy Equity Opportunities Fund, which had $458 million under...



Spinnaker Retreats From Argentina

Wed, 11 Sep 2019
Emerging-market specialist Spinnaker Capital slashed its exposure to Argentina amid a collapse of the country’s financial markets following last month’s presidential primary.Like other vehicles that invest in Argentina, Spinnaker Global Emerging Markets Fund booked a sharp loss in August, dropping 3.9% in the Aug. 1-15 period. Positions in Argentina’s sovereign debt accounted for more than half of Spinnaker’s losses, or...



Macro Pros Open Advisory Shop

Wed, 11 Sep 2019
The former president of now-shuttered global-macro shop Blue Helm Capital is starting a business that will advise family offices on investments in North and South America.Guilherme Decca and his partner, former Blue Helm portfolio manager Andre Ikeda, have opened a firm in New Canaan, Conn., called V02 Capital. They plan to open an office in Sao Paulo soon.Through V02, Decca and Ikeda will manage their personal wealth. But they also will offer a...



Investment Pro Forms Family Office

Wed, 11 Sep 2019
A former Standard General staffer has started a family office.Andrew Glaze’s Los Angeles-based Shiro Capital would take positions throughout the capital structures of public and private companies, including controlling equity plays. “At Shiro, we identify and partner with best-in-class management teams by providing the financial and strategic resources required to grow businesses,” Glaze said.Glaze holds the title of chief...



Emerging-Market Shop Takes Shape

Wed, 11 Sep 2019
An Asia-focused equity manager has teamed up with two Asian-credit researchers to start a hedge fund business.BCP Partners, a Hong Kong startup, is led by David Lee, formerly a portfolio manager at Samsung Asset Management. Lee’s partners are Ian Archer and Warut Promboon, who previously held senior roles at Hong Kong research shop Bondcritic.BCP currently is in fund-raising mode, with the expectation of a fund launch late this year or...



Dallas Manager Approaching LPs

Wed, 11 Sep 2019
Volatility-arbitrage specialist Carl Baggett is attempting to raise up to $100 million.The plan is to funnel the money into the debut offering from a Dallas fund-management firm called 3B Capital that Baggett set up earlier this year. It’s unclear when the vehicle would launch.The fund would trade cash options on indexes and individual securities, along with futures, agency mortgage bonds and government debt.Baggett most recently worked at...



Lombard Odier Opens Feeder Fund

Wed, 11 Sep 2019
Lombard Odier’s U.S. hedge fund unit has set up a feeder fund for a vehicle that trades U.S. consumer stocks.The new offering, 1798 US Consumer Fund, presumably funnels capital from tax-exempt institutions in the U.S. to the firm’s 1798 US Consumer Master Fund. The master fund began the year with $128 million of gross assets.Both funds are sponsored by Lombard Odier Asset Management, a New York operation that runs about a dozen hedge...



Jefferies Hires Top Execution Trader

Wed, 11 Sep 2019
Jefferies has hired a veteran hedge fund trader to lead a unit that offers trade-execution services to fund managers and family offices.Paul Covello started Sept. 3 as a managing director and global head of an outsourced-trading business the bank launched last year. The unit, which counts about 70 clients, currently has four traders in New York and two in London.Among the first orders of business for Covello, who is based in New York, will be...



The Grapevine

Wed, 11 Sep 2019
Former Blackrock executive Valerie Bannon started in August as chief investment officer at New York State’s Metropolitan Transportation Authority. The assignment places Bannon in charge of the holdings of several pension systems, the two largest of which had a combined $954 million invested in absolute-return funds at yearend 2018. Until March, Bannon was head of strategy for Blackrock’s fixed income-focused financial-institutions...



The Grapevine

Wed, 11 Sep 2019
Millennium Management has hired an investment professional who most recently worked at D.E. Shaw. Haseeb Ahmed joined the $39.2 billion Millennium’s New York office in the past couple of weeks as a portfolio manager. At D.E. Shaw, he was a senior vice president covering systematic investments. His exit came as a number of D.E. Shaw employees considered employment elsewhere in response to a mandate that the firm’s investment staff sign...



The Grapevine

Wed, 11 Sep 2019
ExodusPoint Capital founder Michael Gelband has hired another one of his sons. Jeff Gelband started at the $8 billion multi-strategy firm this month as chief operating officer for recruiting. He most recently worked at recruiting shop Long Ridge Partners, following stops at Gold Securities and Nomura. The move to ExodusPoint has him working alongside brothers David Gelband, a director covering equity investments, and Rick Gelband, an associate in...



The Grapevine

Wed, 11 Sep 2019
Bank of America will add Gary O’Brien to its San Francisco office next month, assigning him to lead its capital-introduction duties on the West Coast. O’Brien most recently worked at J.P. Morgan, and before that was at Gottex Fund Management. His position at BofA previously belonged to Lindsay Costigan, who shifted to a new prime-brokerage sales role in San Fran-cisco in June. CORRECTION (09/11/19): This article has been revised. The original...



The Grapevine

Wed, 11 Sep 2019
Veteran healthcare-stock specialist Lloyd Mandell joined Davidson Kempner Capital’s New York office in August as a portfolio manager. Mandell most recently worked at Roystone Capital, a former hedge fund firm that converted to a family office this year. He previously worked at Carlson Capital and founded and ran Coeus Capital.



The Grapevine

Wed, 11 Sep 2019
Gregory Moore started on CIBC’s New York prime-brokerage team on Sept. 3, with the task of selling securities-lending services to hedge fund operators. Moore previously worked at Bank of America and Goldman Sachs. Moore, an executive director, reports to prime-brokerage co-head Michael Ginelli at CIBC.



The Grapevine

Wed, 11 Sep 2019
Balyasny Asset Management has hired an analyst who specializes in currencies. James Weston joined the Chicago multi-strategy manager’s Singapore office this month from Macquarie. Weston also has spent time at Risk Management Institute.



The Grapevine

Wed, 11 Sep 2019
Mark Jennings signed on in August with VCP Advisors, a New York firm that markets alternative-investment products to family offices and institutional investors. Jennings, who has more than 20 years of capital-raising experience, most recently worked at Morgan Stanley. His former employers also include LOM Securities and Blackstone unit GSO Capital.



The Grapevine

Wed, 11 Sep 2019
Placement agent KPG Capital has lured back a former employee. Michael Elias joined the firm’s Park City, Utah, headquarters as a senior director in late August, having most recently worked as a vice president in PNC’s institutional asset-management division. Before that, he was at KPG from 2013 to 2015. Elias also has worked at the family office of Boston billionaire John Henry. KPG markets hedge funds and private equity funds, and...



Technology-Stock Pro Pulls Plug on Ailanthus

Wed, 21 Aug 2019
Genevieve Kahr is shutting down her Ailanthus Capital, a technology-stock fund manager that ran more than $400 million at its peak.Kahr, a former Jericho Capital partner who launched Ailanthus in 2015, notified investors this month that she plans to wind down Ailanthus Master Fund by Aug. 31. After posting a 6.6% loss in May, the fund’s assets dropped to $271 million — with more than half of the total invested by funds of funds.The...



Quantix Taps Finance Michigan for Capital

Wed, 21 Aug 2019
Quantix Commodities, a futures-trading startup led by three former Goldman Sachs executives, has raised its first big chunk of outside capital.The Greenwich, Conn., firm took in $50 million last month from Finance Michigan, a business incubator that also backs commodity-trading advisors. The investor has signaled its willingness to double the allocation if certain performance benchmarks are met. Quantix is managing the money in a separate account...



Airline Entrepreneur Plans Equity Vehicle

Wed, 21 Aug 2019
An airline-industry executive who has founded and run two regional carriers is starting an aviation-stock hedge fund.Julian Cook, who most recently launched an Argentine airline that quickly picked up 10% of the domestic market, has formed a fund-management company in London called Atka Capital. He aims to begin trading early next year via a commingled vehicle dubbed Global Jet Fund.Cook expects to start out with $30 million to $50 million....



Systematic Trading Buoys GAM

Wed, 21 Aug 2019
GAM Investments’ systematic-trading unit has found its groove this year following a difficult period for the European hedge fund manager.GAM Systematic, formed via the Zurich firm’s 2016 acquisition of Cantab Capital, is showing a 21.4% return year-to-date for its $1.5 billion GAM Systematic Core Macro Fund. The $1 billion GAM Systematic Quantitative Fund, meanwhile, was up 35.5% through July.The results compare favorably with a 9.9%...



Putnam Hedge Fund Pro Joins Citadel

Wed, 21 Aug 2019
The head of Putnam Investments’ nascent alternative-investment business has jumped ship for a job at Citadel.Thomas DeAngelis, who joined Putnam in February 2018, started this month as head of recruiting for Citadel’s Global Equities unit. In his new role, DeAngelis is responsible for scouting portfolio managers, analysts and traders for the New York operation — the largest of three fundamental equity-trading units of...



Kavi Reaches the End of the Line

Wed, 21 Aug 2019
Once-promising equity manager Kavi Asset Management has thrown in the towel.Little is known about the New York firm’s plans to unwind, including when it will return its $260 million under management. But in a sign that the operation was preparing to shut down, chief financial officer Brennan McCaw left a few weeks ago.Including McCaw, Kavi had six employees, with four working on the investment side.Tiger Management alumnus Manny Singh...



Investors Get Fresh Crack at Lucha

Wed, 21 Aug 2019
Technology-stock shop Lucha Capital is accepting new investors for the first time since launching three years ago.The San Francisco firm, led by Marcelo Desio, currently has $400 million under management. Desio believes his market-neutral strategy has a capacity of about $800 million, though the firm hasn’t set a specific fund-raising goal. Lucha’s subscription window reopens on Sept. 2.The marketing effort will include an appearance...



Sell-Side Pro Considering Switch

Wed, 21 Aug 2019
A longtime industrial-stock specialist is mulling the launch of a hedge fund.David Arnold left his job as a director in Citigroup’s London office in May, and since has been gauging investor interest in his yet-to-be-named firm. The operation would launch in the first quarter of 2020 at the earliest, and presumably would be based in London.While it is unclear how much day-one capital Arnold could capture, one source said he has an excellent...



Balyasny Sheds Novel Pay Packages

Wed, 21 Aug 2019
Balyasny Asset Management’s elimination of a year-old equity team this week resulted in part from an unworkable compensation structure.Citing poor performance as the cause, Business Insider reported on Aug. 14 that Balyasny had shuttered the group, called Synthesis, and fired its managers. But it appears there was more to the decision.Sources said Synthesis produced a small profit while running a leveraged portfolio of $2 billion, but that...



Tech Investor Recharges Performance

Wed, 21 Aug 2019
A technology-stock investor who lost money in 2018 is beating the market in 2019.Jeffrey Meyers’ Cobia Capital produced a 20.6% return through its Cobia Capital Partners fund over the first seven months of this year, versus a 9.75% rise in the HFRI Equity Hedge (Total) Index and 20.2% jump in the S&P 500 Index.The strong showing contrasts with a 5.2% loss for the fund in 2018. That decline included a 12.7% dip in the first half, which...



Argentina Result Bodes Ill for Fund

Wed, 21 Aug 2019
Last week’s presidential primary in Argentina likely dealt a blow to investors in a Highland Capital fund that was just starting to recover from a whopping 40% loss last year.The Highland Argentina Regional Opportunity Fund was showing a year-to-date gain of 10.3% through Aug. 9. But that was before President Mauricio Macri suffered a surprise loss in the Aug. 11 primary, triggering a crash in Argentina’s stock and bond markets.While...



HEDGE FUNDS IN HOT WATER

Wed, 21 Aug 2019
Prosecutors, Regulators Allege Range of InfractionsProsecutors and defense lawyers are still parsing a series of court rulings that have sent conflicting signals about the legal definition of insider trading.In June, a federal judge in New York allowed former SAC Capital executive Richard Lee to withdraw his guilty plea in light of the shifting case law. But two months earlier, the U.S. Supreme Court let stand the conviction of another SAC...



HEDGE FUNDS IN HOT WATER

Wed, 21 Aug 2019
Split Decision in Platinum CasePlatinum Partners co-founder Mark Nordlicht and former chief investment officer David Levy filed separate motions July 30 asking a federal judge in Brooklyn to overturn a jury’s verdict that they had committed securities fraud. Prosecutors are preparing responses to the motions.On July 9, Nordlicht and Levy were found guilty of defrauding bondholders of Black Elk Energy, a now-bankrupt oil-exploration company...



HEDGE FUNDS IN HOT WATER

Wed, 21 Aug 2019
RD Legal Faces Usury ComplaintOn July 29, RD Legal Funding filed a motion in New York State Supreme Court seeking dismissal of a lawsuit brought by then-New York Attorney General Barbara Underwood.The suit accuses RD, which invests in legal settlements, of violating state usury laws by advancing money to victims of terrorism and first responders to the 9/11 attack on the World Trade Center at exorbitant financing rates. The victims were entitled...



HEDGE FUNDS IN HOT WATER

Wed, 21 Aug 2019
SEC Penalizes Derivatives TraderThe SEC on July 18 ordered rates trader Swapnil Rege to pay $700,000 to settle charges that he inflated the values of interest-rate swaps he managed at Marinus Capital in order to earn a higher bonus.The scheme netted Rege a $600,000 bonus. But because it inflated the value of Marinus’ assets, it led the Darien, Conn., firm to charge investors in its fund $577,000 of excess management fees. The firm shut down...



HEDGE FUNDS IN HOT WATER

Wed, 21 Aug 2019
Regulator Wraps Up Visium CaseOn July 15, the SEC obtained a final judgment against former Visium Asset Management executive Christopher Plaford, barring him from working in the securities industry.It was the last piece in a complex civil and criminal case that included the collapse of a once-$8 billion hedge fund firm, the suicide of another Visium executive, a guilty plea from a former U.S. Food and Drug Administration official and a prison...



HEDGE FUNDS IN HOT WATER

Wed, 21 Aug 2019
Premium Point Execs ConvictedPremium Point Investments founder Anilesh “Neil” Ahuja and trader Jeremy Shor were found guilty on July 11 of conspiracy, securities fraud and wire fraud. U.S. District Judge Katherine Polk Failla has yet to schedule sentencing.Ahuja, aided by Shor, used corrupt brokers in a scheme to inflate the values of securities held by Premium Point Mortgage Credit Fund by some $200 million. The scheme was aimed at...



HEDGE FUNDS IN HOT WATER

Wed, 21 Aug 2019
Service Providers Pay to SettleOn July 9, seven service providers that worked with Aequitas Management agreed to pay the now-defunct firm’s investors a total of $234.6 million to settle a class-action lawsuit alleging that they aided and abetted Aequitas’ fraud.The service providers included law firms Sidley Austin and Tonkon Torp; accounting firms Deloitte and EisnerAmper; and asset-valuation specialist Duff & Phelps. In settling the...



HEDGE FUNDS IN HOT WATER

Wed, 21 Aug 2019
Ex-SAC Manager Heads to TrialThe saga of former SAC Capital portfolio manager Richard Lee took another twist on June 19 when a federal judge in New York vacated his guilty plea for insider trading in light of recent case law.Weeks later, prosecutors told U.S. District Judge Paul Gardephe that they intend to put Lee on trial. A hearing is scheduled for Aug. 21.Lee pleaded guilty to securities fraud in 2013, but later petitioned the court to...



HEDGE FUNDS IN HOT WATER

Wed, 21 Aug 2019
Regulator Fines Deer Park RoadOn June 4, Deer Park Road Management agreed to pay the SEC $5 million to settle allegations of “pervasive compliance failures” related to the firm’s asset-valuation policies. Chief investment officer Scott Burg agreed to pay a $250,000 penalty.The SEC case targeted Deer Park Road’s flagship vehicle, STS Partners Fund, which posted a 20% annualized gain from 2009 to 2014 and reported 80...



HEDGE FUNDS IN HOT WATER

Wed, 21 Aug 2019
SEC Alleges Short-Selling PlotA Greek Orthodox priest who advocates a “philosophy of investment based on Christian ethics” was accused in September 2018 of making false public statements to drive down the price of a drugmaker’s stock.The SEC alleges Emmanuel Lemelson, chief investment officer at fund shop Lemelson Capital of Marlborough, Mass., made $1.3 million of profit after publishing false information about San Diego-based...



Citadel Swipes Quantlab Tech Pro

Wed, 21 Aug 2019
An executive who left high-frequency trading firm Quantlab in April is on his way to Citadel.Demian Kosofsky served in a top technology post at the Houston operation. He is set to start in a senior role at Citadel in 2020 after waiting out a gardening leave.In his new position, Kosofsky will handle technology-related functions supporting Citadel’s quantitative-investment unit — one of five core groups that trade for the $32 billion...



The Grapevine

Wed, 21 Aug 2019
Portfolio manager Evan Ericson left Citadel Global Equities’ San Francisco office this month to join Point72 Asset Management. Ericson specializes in consumer-company stocks. It’s unclear when he will start his new job, or where he will be based. Earlier, Ericson worked at Catterton Partners and Credit Suisse. Steve Cohen’s Point72, based in Stamford, Conn., has $13 billion under...



The Grapevine

Wed, 21 Aug 2019
Citadel has hired a former Balyasny Asset Management portfolio manager to perform due-diligence reviews on prospective employees of fundamental-equity unit Ashler Capital. Anuj Mathur took the post in New York in July, working in conjunction with Ashler’s recruiting staff. Until yearend 2018, Mathur ran a $400 million book of technology-stock investments at Balyasny. Earlier, he worked at Millennium Management and FNY...



The Grapevine

Wed, 21 Aug 2019
Portfolio manager Peter Avellone has left an equity-focused division of Millennium Management in Greenwich, Conn. Before joining Millennium, Avellone was a portfolio manager at Citadel unit Surveyor Capital. His former employers also include Point72 Asset Management predecessor SAC Capital and Angelo, Gordon & Co.



The Grapevine

Wed, 21 Aug 2019
Startup equity manager Durable Capital has added another T. Rowe Price alumnus. Mike Blandino joined Durable in July in the dual roles of chief operating officer and trader. Blandino previously was in charge of U.S. equity trading at Baltimore-based T. Rowe Price, and before that was at J.P. Morgan. Durable is taking shape under Henry Ellenbogen, who formerly ran the $26 billion T. Rowe Price New Horizons Fund. A number of other former T. Rowe...



The Grapevine

Wed, 21 Aug 2019
ExodusPoint Capital added two investment professionals to its fundamental equity team in August. Portfolio manager Greg Siegfried joined the New York firm with a focus on the stocks of energy and materials companies. He previously worked at Antecapio Investment, Millennium Management and BBT Partners. Also on board is utility-stock analyst Stephen Ludwick. He formerly worked at Zimmer...



The Grapevine

Wed, 21 Aug 2019
Segantii Capital has hired a trader. Lap Kiu Ng joined the multi-strategy firm’s Hong Kong headquarters this month from Citigroup. Segantii, led by Kurt Ersoy and Simon Sadler, invests in the securities of companies in Asia. Its Segantii Asia Pacific Equity Multi-Strategy Fund had $3.3 billion under management on April 23.



The Grapevine

Wed, 21 Aug 2019
Startup healthcare-stock investor Woodline Partners continues to expand its roster. The San Francisco firm added researcher Jiayi Li to its staff this month. Li, who just completed graduate school, earlier worked at Calixto Global and Oaktree Capital. Her arrival follows the June hiring of trader Will Hundley, formerly of Credit Suisse’s sales desk. Hundley also has worked at Morgan Stanley. Woodline, led by former Citadel Global Equities...



The Grapevine

Wed, 21 Aug 2019
Consumer-stock analyst James Mendelson returned to GMO’s Boston headquarters in July. Mendelson most recently worked at D.E. Shaw, preceded by a stint at GMO from 2013 to 2015. GMO was managing $62.6 billion of traditional and alternative investments at yearend 2018.



The Grapevine

Wed, 21 Aug 2019
Capital-introduction specialist Kelsie Blalock is on her way to Cowen Group’s prime-brokerage group in New York, where she’ll start in September. Blalock most recently worked at Deutsche Bank, exiting in July amid the planned sale of the bank’s prime-brokerage division to BNP Paribas. She also counts Merrill Lynch as a former employer.



Lone Pine Renewing Client-Outreach Efforts

Wed, 14 Aug 2019
Lone Pine Capital is overhauling its investor-relations and marketing division amid a drop in assets under management and a diminished role for founder Stephen Mandel.The 22-year-old firm, which boasts one of the best all-time track records among equity managers, told investors last month that it’s making a number of changes to its investor-relations team “to broaden our outreach.” A search is under way for a senior...



Disclosures Show Corzine in Rare Company

Wed, 14 Aug 2019
In gaining SEC approval to register as an investment advisor, Jon Corzine’s hedge fund firm, JDC-JSC, joins a very short list of registered fund managers that courts have found were involved in civil investment violations.On Aug. 5, the SEC approved JDC-JSC’s investment-advisor application despite a petition signed by more than 200 industry professionals citing a lifelong CFTC ban Corzine faces for his actions as chief executive of...



Platinum Equity Developing Debt Platform

Wed, 14 Aug 2019
Distressed-buyout shop Platinum Equity is getting ready to launch a direct-lending fund targeting troubled companies — the latest sign that Tom Gores’ firm is seeking to diversify its business.The Beverly Hills firm has set a tentative fund-raising goal of up to $1.5 billion for the drawdown vehicle, with a first equity close penciled in for the first quarter of 2020. Michael Fabiano, who joined Platinum Equity in January from...



Point72 Cuts Credit-Trading Team

Wed, 14 Aug 2019
Point72 Asset Management has pulled the plug on a credit-trading strategy it launched about a year ago.The Stamford, Conn., firm let go portfolio manager Rod Chay, who headed the unit, execution trader Jeremy Love and two unidentified analysts. They ran a portfolio valued at about $200 million, on a gross basis, that Love finished unwinding in the past few weeks.Chay joined Millennium Management in the past month or so. Love’s plans are...



Healthcare-Focused SilverArc on Rise

Wed, 14 Aug 2019
Healthcare-stock picker SilverArc Capital is attracting a wider circle of investors.The Boston firm had been running a modest amount of friends-and-family money in SilverArc Alpha Fund 1. But on July 1, portfolio manager Devesh Gandhi began trading SilverArc Alpha Fund 2 with more than $50 million.As of Aug. 1, the fund’s assets were over $100 million. SilverArc registered as an investment advisor with the SEC in May.For its new fund, SilverArc...



Discovery Alum Maps "ESG' Fund

Wed, 14 Aug 2019
An energy-stock specialist who last worked at Discovery Capital is starting a fund with a focus on renewable energy.Lisa Audet struck out on her own in May, forming a management company in New York. She is expected to raise at least $100 million for a fund that likely would launch in early 2020.While Audet’s new firm could invest in a mix of products, she apparently is leaning heavily toward taking long positions in the shares of...



Ex-Dorsal Partner Setting Up Shop

Wed, 14 Aug 2019
A telecommunications-stock specialist who was a partner at Dorsal Capital is starting his own hedge fund business.Alan Bezoza, who spent four years at Dorsal as a sector head, is setting up shop in Denver but has yet to settle on a name for his firm. He plans to manage a market-neutral portfolio of technology, media and telecommunications stocks similar to the one he ran at Dorsal, a Redwood City, Calif., firm that had nearly $3.5 billion of...



Fund of Funds Profits on CTA Gains

Wed, 14 Aug 2019
A multi-manager vehicle that invests in commodity trading advisors is having a banner year, underscoring a performance turnaround for CTAs more broadly.Through Aug. 2, Dublin-based Abbey Capital is showing a 14.4% year-to-date return for its ACL Alternative Fund, which has $1.8 billion under management. The result includes a 2% gain in the most recent five days of trading.After years of lackluster returns, CTAs are off to a strong start this...



Deutsche's Cap-Intro Team in Limbo

Wed, 14 Aug 2019
BNP Paribas’ planned purchase of Deutsche Bank’s prime-brokerage unit is unlikely to include its capital-introduction team.That’s because Paris-based BNP has been outsourcing cap-intro functions to Layton Road Capital, a New York firm led by former executive Tom Mahala. Sources said the bank intends to keep the relationship intact, negating the need to bring in a new group.Mahala, who previously led BNP’s cap-intro team,...



European Fund Shop Calls It Quits

Wed, 14 Aug 2019
Structured-product investor Wyetree Asset Management is shutting down.The London hedge fund manager, founded in 2007 by chief executive and chief investment officer Judith Sciamma, began unwinding its funds about a month ago. The firm was managing about $150 million and employed a staff of 12.Wyetree, whose early investors included Anthony Scaramucci’s SkyBridge Capital, invested in a variety of products in the U.S. and Europe including...



Ex-Caxton Manager on Launchpad

Wed, 14 Aug 2019
A former Caxton Associates portfolio manager is starting his own hedge fund, apparently with a focus on consumer stocks.Gray Smith, whose resume also includes stops at J. Goldman & Co. and Millennium Management, has opened shop in New York under the name Franklin Street Capital. The firm shares office space with Lighthouse Investment, suggesting Franklin Street will launch with backing from the multi-manager giant.Also on board at Franklin Street...



The Grapevine

Wed, 14 Aug 2019
Och-Ziff Capital hired Michael Gubenko away from J.P. Morgan’s private-banking arm this month to serve as a managing director in its investor-relations department. In addition to his work at J.P. Morgan, the New York-based Gubenko has spent time as a portfolio manager at SkyBridge Capital. He also has worked at Thomas H. Lee Partners. Och-Ziff,which is changing its name to Sculptor Capital, has $33 billion under management. Its main...



The Grapevine

Wed, 14 Aug 2019
Stephen Irvine has stepped away from his post as head of Balyasny Asset Management’s London office — but for how long? The official word is that Irvine is taking a sabbatical. But industry professionals speculate that he won’t return to the Chicago multi-strategy firm. He had arrived in 2014 from Brummer & Partners, and earlier spent time at Fortress Investment and...



The Grapevine

Wed, 14 Aug 2019
Todd Carlson joined startup Cinctive Capital in July as a portfolio manager focusing on healthcare-company stocks. Carlson previously worked at Highline Capital. New York-based Cinctive, led by former Diamondback Capital executives Lawrence Sapanski and Richard Schimel, is aiming to launch by the end of September with $1 billion, according to Bloomberg.



The Grapevine

Wed, 14 Aug 2019
Rajeev Patel joined Citadel unit Ashler Capital this month as a portfolio manager. Patel, who focuses on the stocks of financial-service companies from the Chicago company’s New York office, most recently was at Maltese Capital. Before that, he worked in another Citadel unit, Surveyor Capital. He also counts Soros Fund Management as a former employer.



The Grapevine

Wed, 14 Aug 2019
Vivek Rajpal signed on with Millennium Management’s Singapore office this month as a global-macro trader. Rajpal previously worked as a trader focused on interest-rate strategies at Nomura, and before that was at Morgan Stanley and GE Capital Analytics.



The Grapevine

Wed, 14 Aug 2019
London equity manager Metronome Capital hired Ali Homayoun in July as head of marketing. Homayoun most recently was employed until 2017 at Susa Fund Management, and before that was at Goldman Sachs and GAM. Metronome is led by former Parvus Asset Management partner Sharif el Khazen.



The Grapevine

Wed, 14 Aug 2019
Joe Vencil joined financial-technology startup Clear Street this month as chief risk officer. Vencil is coming off a brief stop as chief operating officer at Forte Securities, which launched a prime-brokerage division in April. He led the prime-brokerage group at Albert Fried & Co. before that, preceded by another stint at Forte. New York-based Clear Street develops tools that help clear and settle financial transactions for hedge fund...



The Grapevine

Wed, 14 Aug 2019
Highline Capital picked up an analyst in July. Ruth Bryson most recently worked at Criterion Capital, an operator of technology-stock funds that shut down in 2018. Bryson previously spent time at Cisco and Franklin Templeton. Highline is led by Jacob Doft. The New York equity shop was managing $2.9 billion of gross assets at yearend 2018.



The Grapevine

Wed, 14 Aug 2019
Davidson Kempner Capital has hired an associate. Enrique Viciana joined the event-driven manager’s New York headquarters in July from Fir Tree Partners. Viciana also has spent time at Silver Point Capital and Blackstone. Davidson Kempner had $29.5 billion under management at yearend 2018.



LISTING: PR Firms Advising Hedge Funds

Thu, 08 Aug 2019
VestedNew YorkContact:Dan Simon917-765-8720dan@fullyvested.comGlobal communications firm focuses exclusively on financial-service industry. Vested is a founding member of the Global Fintech PR Network, and launched the industry’s first agency-run investment group, Vested Ventures. Key clients include Bailard, DTCC, Morgan Stanley, Morningstar and RBC.NOTE: Complete listing appeared in August 7, 2019, issue of Hedge Fund Alert and can be...



LISTING: PR Firms Advising Hedge Funds

Thu, 08 Aug 2019
TB CardewLondonContact:Ed Orlebar44-773-872-4630ed.orlebar@tbcardew.comLed by Tom Allison and Ed Orlebar, who left London PR shop Temple Bar Advisory in 2018. Clients include Eisler Capital and Pamplona Capital. Specializes in corporate communications and investor relations.NOTE: Complete listing appeared in August 7, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the “Rankings” section under “PR...



LISTING: PR Firms Advising Hedge Funds

Thu, 08 Aug 2019
Sloane & Co.New YorkContact:Dan Zacchei212-486-9500dzacchei@sloanepr.comArmel Leslie212-486-9500aleslie@sloanepr.comTwenty-year-old firm has diverse hedge fund practice known for expertise in shareholder activism, restructurings and crisis management. Clients include Consonance Capital, D.E. Shaw, Fir Tree Partners, Knighthead Capital, Legion Partners, Sachem Head Capital and Voce Capital.NOTE: Complete listing appeared in August 7, 2019, issue...



LISTING: PR Firms Advising Hedge Funds

Thu, 08 Aug 2019
Sard VerbinnenNew YorkContact:David Millar212-687-8080dmillar@sardverb.comJohn Christiansen415-618-8750jchristiansen@sardverb.comLeading hedge fund PR firm founded by George Sard and Paul Verbinnen in 1992. Client roster includes Atlas Partners, Blackstone, Breyer Capital, Carlyle Group, Coatue Management, Cerberus Capital, Corsair Capital, Golden Gate Capital, KKR, Moore Capital, Oaktree Capital, Providence Equity Partners, Rohatyn Group, Trian...



LISTING: PR Firms Advising Hedge Funds

Thu, 08 Aug 2019
RubensteinNew YorkContact:Steven Rubenstein212-843-8043steven@rubenstein.comCarolyn Sargent212-843-8030csargent@rubenstein.comAmong the biggest names in public relations, Rubenstein’s alternative-investment practice works with hedge fund, private equity, venture capital and real estate-investment businesses. Clients include Apollo Global, Bienville Capital, Citadel, Garda Capital, Pershing Square Capital, Third Point and Tiger Global.NOTE:...



LISTING: PR Firms Advising Hedge Funds

Thu, 08 Aug 2019
Rostron ParryLondonContact:Simon Rostron44-186-539-2094 simon@rostronparry.comFounded in 1991, focus has long been on managers of alternative investments and exchange-traded products. Clients include GQG Partners, Indos Financial, Insch Capital, London Bullion Market Association, Optima Fund Management, Payden & Rygel Investment and Truvalue Labs.NOTE: Complete listing appeared in August 7, 2019, issue of Hedge Fund Alert and can be found on...



LISTING: PR Firms Advising Hedge Funds

Thu, 08 Aug 2019
Prosek PartnersNew YorkContact:Russell Sherman212-279-3115rsherman@prosek.comFinancial-service specialist develops both proactive and defensive campaigns for established and emerging fund managers. Employs more than 200 professionals globally. Client roster includes Bridgewater Associates, Canyon Partners, Cheyne Capital, Elliott Management, Glenview Capital, Goldman Sachs Asset Management, Investcorp, Man Group, Marathon Asset Management, Varde...



LISTING: PR Firms Advising Hedge Funds

Thu, 08 Aug 2019
Profile AdvisorsNew YorkContact:Rich Myers347-774-1125rmyers@profileadvisors.comGreg Marose347-774-1215 gmarose@profileadvisors.comFounded in 2018 by former Edelman executives Greg Marose and Rich Myers. Fast-growing practice advises 25-plus clients on media relations, investor communications, content creation and special-situation investments including activist and distressed plays. Has added six alternative-investment clients in 2019, including...



LISTING: PR Firms Advising Hedge Funds

Thu, 08 Aug 2019
Polisi JonesNew YorkContact:Catherine Polisi Jones917-330-8934cjones@polisijones.comWorks with select number of clients, offering variety of communications and design services. Clients include public and private companies across all sectors globally, with particular emphasis on financial-service firms. Also has office in Greenwich, Conn.NOTE: Complete listing appeared in August 7, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com,...



LISTING: PR Firms Advising Hedge Funds

Thu, 08 Aug 2019
Perry Street CommunicationsDallasContact:Jonathan Morgan214-965-9955jmorgan@perryst.comTexas-focused shop founded in 2006 by former Kekst associate Jonathan Morgan, formerly head of research at MSD Capital, the family office of Michael Dell. Clients include HBK Capital, Preston Hollow Capital, Q Investments and fund-of-funds operator Crow Holdings Capital. Also has office in New York.NOTE: Complete listing appeared in August 7, 2019, issue of...



LISTING: PR Firms Advising Hedge Funds

Thu, 08 Aug 2019
Peregrine CommunicationsLondonContact:Max Hilton646-274-1424max.hilton@peregrinecommunications.comStaff of 40 in New York and London works exclusively with asset managers and service providers, advising on strategy, marketing, media relations, content distribution and website design. Clients include Advent Capital, Brevan Howard Asset Management, Cadian Capital, Campbell & Co, Citco, EJF Capital, Quest Partners and Wells Fargo Asset...



LISTING: PR Firms Advising Hedge Funds

Thu, 08 Aug 2019
PeppercommNew YorkContact:Jacqueline Kolek212-931-6166jkolek@peppercomm.comHedge fund practice led by Jacqueline Kolek. Specialties include media relations, crisis management, transaction support and integrated marketing. Client roster includes Advent Capital and Weiss Multi-Strategy Advisers.NOTE: Complete listing appeared in August 7, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the “Rankings” section under...



LISTING: PR Firms Advising Hedge Funds

Thu, 08 Aug 2019
Peaks StrategiesNew YorkContact:Thomas Walek917-353-7575twalek@peaksstrategies.comFounded by Thomas Walek in 2016 following his departure from Peppercomm, where he was president. Previously ran his own firm, Walek & Associates, from 1998-2013. Represents mix of clients including traditional and alternative-investment managers and financial-technology firms. Among them: currency trader Hathersage Capital, liquid-alternatives shop Kettera...



LISTING: PR Firms Advising Hedge Funds

Thu, 08 Aug 2019
MaitlandLondonContact:Jais Mehaji44-207-379-5151jmehaji@maitland.co.ukOne of London’s oldest PR firms has large financial-service team. Hedge fund clients include LumX Asset Management, North Asset Management and Toscafund Asset Management. Also advises activist shops including Amber Capital and Cevian Capital.NOTE: Complete listing appeared in August 7, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the...



LISTING: PR Firms Advising Hedge Funds

Thu, 08 Aug 2019
Macias PRNew YorkContact:Mark Macias646-770-0541info@maciaspr.comFounded in 2009 by former financial journalist Mark Macias. Has run national and international media campaigns for hedge fund, private equity and other financial firms. Clients include fund operators Sansar Capital and Sag Harbor Advisors; compliance consultant Blue River Partners; and law firm Sadis & Goldberg.NOTE: Complete listing appeared in August 7, 2019, issue of Hedge Fund...



LISTING: PR Firms Advising Hedge Funds

Thu, 08 Aug 2019
Ketchum ZitoFinancialNew YorkContact:Bob Zito917-692-0747bob@zitopartners.comFinancial-communications boutique, formed in 2014, is partnership between public-relations powerhouse Ketchum and former New York Stock Exchange executive Bob Zito. Combines Ketchum’s global reach with Zito’s financial-service experience. Zito separately runs public-relations firm Zito Partners.NOTE: Complete listing appeared in August 7, 2019, issue of Hedge...



LISTING: PR Firms Advising Hedge Funds

Thu, 08 Aug 2019
Kekst CNCNew YorkContact:Todd Fogarty212-521-4854 todd.fogarty@kekstcnc.comCounts more than two dozen hedge fund clients including Avenue Capital, Blue Harbour Group, Centerbridge Partners, D.E. Shaw, Highfields Capital, Melvin Capital, MSD Capital, Oak Hill Advisors, Paulson & Co., Silver Point Capital and Strategic Value Partners. Alternative-investment practice, which also serves more than three dozen private equity managers, advises on media...



LISTING: PR Firms Advising Hedge Funds

Thu, 08 Aug 2019
JConnellyNew YorkContact:Chris Cherry973-850-7329ccherry@jconnelly.comFounded in 2003 with a focus on financial services. Alternative-investment clients include DoubleLine Capital, Gemini Fund Services, IQ-EQ, Virtus Real Estate and the SALT Conference. Specializes in crisis and issues management, strategic positioning and executive visibility.NOTE: Complete listing appeared in August 7, 2019, issue of Hedge Fund Alert and can be found on...



LISTING: PR Firms Advising Hedge Funds

Thu, 08 Aug 2019
Hedge Fund PRMiamiContact:Mitch Ackles646-657-9230mitch@hedgefundpr.netFounded in 2005 by Mitch Ackles, president of the trade group Hedge Fund Association. Represents BroadRiver Asset Management, Castle Hill Partners, DaGrosa Capital and General American Capital. Also advises private equity firms and investors on media relations and business development. Does pro-bono work for charities Hedge Funds Care and A Leg To Stand On.NOTE: Complete...



LISTING: PR Firms Advising Hedge Funds

Thu, 08 Aug 2019
GreenbrookCommunicationsLondonContact:Andrew Honnor44-207-952-2000ahonnor@greenbrookpr.comLeading advisor to hedge funds and activist investors in Europe. Known to represent Andurand Capital, Kirkoswald Capital, Lansdowne Partners, Naya Capital, Oceanwood Capital, Strategic Value Partners, TCI, Third Point, Trian Fund Management and ValueAct Capital. Founder Andrew Honnor previously worked at News Corp.NOTE: Complete listing appeared in August 7,...



LISTING: PR Firms Advising Hedge Funds

Thu, 08 Aug 2019
Goldman CommunicationsTorontoContact:Corey Goldman416-322-2863corey@goldman-communications.comBoutique shop advises range of financial-service firms. Founded in 2012 by Corey Goldman, a former financial journalist with 20-plus years in communications and financial markets. Current and former clients include Canadian Association of Alternative Strategies and Assets, CMC Markets, IBV Capital, Ninepoint Partners, PenderFund Capital and Portag3...



LISTING: PR Firms Advising Hedge Funds

Thu, 08 Aug 2019
Global Strategy GroupNew YorkContact:Tanya Meck212-260-8813tmeck@globalstrategygroup.comEmploys nearly 100 professionals in five offices across the U.S. Financial-service team focuses on hedge fund firms and other alternative-investment managers, as well as banks, accounting firms, rating agencies and trade groups. Clients include Ernst & Young, Kroll, Legg Mason, Pershing Square Capital and Vulcan Capital.NOTE: Complete listing appeared in...



LISTING: PR Firms Advising Hedge Funds

Thu, 08 Aug 2019
Gasthalter & Co.New YorkContact:Jonathan Gasthalter212-257-4170jg@gasthalter.comPerhaps the best-known firm in the hedge fund PR field, Gasthalter handled the two biggest launches of 2018: ExodusPoint Capital and D1 Capital. Works with a number of alternative-investment giants, including private equity and venture capital shops. Has staff of more than 10 in New York and Chicago. Clients include Angelo Gordon & Co., HG Vora, LibreMax Capital,...



LISTING: PR Firms Advising Hedge Funds

Thu, 08 Aug 2019
Gagnier CommunicationsNew YorkContact:Dan Gagnier646-569-5897dg@gagnierfc.comFounder Dan Gagnier split from Sard Verbinnen in early 2016 to launch his own PR firm. Clients include Affiliated Managers Group, Axar Capital, Axon Capital, Blackwells Capital, Cat Rock Capital, Cation Capital, Cowen Investment Management, Engaged Capital, Janus Henderson, Mangrove Partners, Sandpiper Asset Management, Sanitas Peak Financial, Scopia Capital, Sentinel...



LISTING: PR Firms Advising Hedge Funds

Thu, 08 Aug 2019
FTI ConsultingWashingtonContact:Brian Maddox212-850-5661brian.maddox@fticonsulting.comPublicly traded firm has staff of 100-plus financial-service experts advising clients on strategic communications, investor relations, crisis and litigation management, shareholder activism and public affairs. Clients include London startup BlueCove Asset Management, as well as Investcorp, Squarepoint Capital and Teza Technologies.NOTE: Complete listing appeared...



LISTING: PR Firms Advising Hedge Funds

Thu, 08 Aug 2019
FinsburyLondonContact:Kal Goldberg (U.S.)646-805-2000kal.goldberg@finsbury.comMike Turner (U.K.)44-207-251-3801michael.turner@finsbury.comAdvises the boards, senior management and legal counsel of many of the world’s largest companies and institutions. Deep experience in capital markets and alternative investments. Has offices in major financial centers around the world. Recent client additions include BlueMountain Capital, ESL Investments...



LISTING: PR Firms Advising Hedge Funds

Thu, 08 Aug 2019
FeverPressNew YorkContact:David Press917-721-7046david@feverpress.comFounded in 2013 by David Press, a former corporate lawyer whose communications experience includes work at Brunswick Group, FTI Consulting and Kwittken. Clients include Atlas Impact Partners and Mariner Investment.NOTE: Complete listing appeared in August 7, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the “Rankings” section under “PR...



LISTING: PR Firms Advising Hedge Funds

Thu, 08 Aug 2019
Emerald PartnersFort Lee, N.J.Contact:Fraser Seitel201-784-8880yusake@aol.comSmall but well-regarded firm counts Maverick Capital and Tiger Management as clients. Founder Fraser Seitel known for former role as public affairs officer at Chase Manhattan, and public relations advisor to the family of the late David Rockefeller.NOTE: Complete listing appeared in August 7, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the...



LISTING: PR Firms Advising Hedge Funds

Thu, 08 Aug 2019
EdelmanNew YorkContact:Renee Calabro917-640-2100renee.calabro@edelman.comPR giant advises both established and emerging fund managers on strategic communications. Founded in 1952, firm has 350 financial-service specialists and operates on six continents. Clients include AQR Capital and Citadel, as well as financial-technology companies Addepar and Crux Informatics.NOTE: Complete listing appeared in August 7, 2019, issue of Hedge Fund Alert and...



LISTING: PR Firms Advising Hedge Funds

Thu, 08 Aug 2019
Dukas Linden Public RelationsNew YorkContact:Richard Dukas212-704-7385, ext. 3600richard@dlpr.comStaff of 25 advises fund managers and service providers. Ramped up representation of activist investors in the past 12 months. Clients include BlueMountain Capital, Brightsphere (formerly OMAM), Crayhill Capital, Muddy Waters Capital, Neuberger Berman’s alternatives business, Prescience Point Capital, Quintessential Capital, Spruce Point Capital...



LISTING: PR Firms Advising Hedge Funds

Thu, 08 Aug 2019
Citigate Dewe RogersonLondonContact:Christen Thomson44-207-282-2889christen.thomson@citigatedr.co.ukFinancial-service specialist has picked up more than 50 clients since establishing hedge fund practice in 2016. Clients include Capricorn Investment, Ecofin, LNG Capital, Mill Hill Capital, Quadra Capital and Sancus Capital. Also has offices in New York, Paris, Amsterdam, Hong Kong, Beijing, Shanghai and Singapore.NOTE: Complete listing appeared in...



LISTING: PR Firms Advising Hedge Funds

Thu, 08 Aug 2019
Brunswick GroupLondonContact:Michael O’Looney212-333-3810molooney@brunswickgroup.comAlex Yankus212-333-3810ayankus@brunswickgroup.comDiversified practice has financial-sector team of more than 60 professionals with broad industry experience, including backgrounds on the buy side, sell side and in regulatory agencies. Founded in 1987, firm has 23 offices globally. Hedge fund clients include Canyon Partners, Millennium Management and...



LISTING: PR Firms Advising Hedge Funds

Thu, 08 Aug 2019
Bode & AssociatesManhasset, N.Y.Contact:Meg Bode516-869-6610meg@bodeassociates.comFocused exclusively on alternative-investment businesses. Founder Meg Bode has represented Managed Funds Association and advised on the launch of the Credit Suisse Hedge Fund Index. Bode also runs a conference business called Talking Hedge Events.  NOTE: Complete listing appeared in August 7, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the...



LISTING: PR Firms Advising Hedge Funds

Thu, 08 Aug 2019
Baretz & BrunelleNew YorkContact:Spencer Baretz917-848-0472sbaretz@baretzbrunelle.comHas picked up five new clients since the start of the year. Current roster includes Adana Investing, Jadian Capital, Kawa Capital, Purchase Capital, StraTec Capital, Standard General and Wood Creek Capital. Also represents prominent hedge fund law firms including Seward & Kissel. Founded in February 2016 when Spencer Baretz and Cari Brunelle split with former...



LISTING: PR Firms Advising Hedge Funds

Thu, 08 Aug 2019
ASC AdvisorsStamford, Conn.Contact:Steve Bruce203-992-1230sbruce@ascadvisors.comWell-established practice works with 30-plus managers including Bardin Hill Investment, Deep Basin Capital, Farallon Capital, GoldenTree Asset Management, Graham Capital, Gramercy, Kingdon Capital and Franklin Templeton's K2 Advisors unit. Also represents private equity managers. Recent staff additions include senior advisor John Micek, formerly with Criterion Capital...



LISTING: PR Firms Advising Hedge Funds

Thu, 08 Aug 2019
Abernathy MacGregorNew YorkContact:Shawn Pattison212-371-5999shp@abmac.comOne of the first public relations firms with a dedicated hedge fund practice. Blue-chip client roster includes King Street Capital, Lone Pine Capital, Soroban Capital and Tudor Investment. In addition to media relations, advises on investor relations, shareholder activism, transactions and crisis management. Hedge fund practice led by Shawn Pattison, who began his career at...



LISTING: PR Firms Advising Hedge Funds

Thu, 08 Aug 2019
Zito PartnersNew YorkContact:Bob Zito917-692-0747bob@zitopartners.comFounded in 2010 by corporate-communications veteran Bob Zito, who has held senior roles at the New York Stock Exchange, Bristol-Myers Squibb and Sony. Staff includes former Bloomberg TV reporter Deborah Kostroun and Bob DeFillippo, former chief communications officer at Prudential Financial. Advises clients on branding, marketing and crisis communications. Client roster is heavy...



Platinum Equity Backing Archer Co-Founder

Wed, 07 Aug 2019
A co-founder of Archer Capital, a distressed-debt shop that shut down earlier this year, is building a new hedge fund operation with backing from private equity manager Tom Gores and his partners.The principals of Gores’ firm, Platinum Equity, have committed an undisclosed amount of startup capital to Joshua Lobel, who is setting up shop under the banner of Centerline Capital. Lobel plans to launch a fund that would buy stakes in publicly...



SocGen Axe Falls Hard on Cap-Intro Group

Wed, 07 Aug 2019
Societe Generale’s prime-brokerage division has largely dismantled its once-robust capital-introduction group.The team, which counted 15 professionals a year ago, is down to just two members. Most of the rest either quit or were let go in the past several months.Among those who were let go: Mike Boss in Chicago, Kristin Scherer in New York and Paula Wong and Kenji Yamauchi in Hong Kong. Matt McCarthy, who was based in New York, and...



Private Equity Shop Preps Debt Hedge Fund

Wed, 07 Aug 2019
Antarctica Capital, which runs a $2 billion private equity fund, is crafting a debt-focused hedge fund.The New York firm plans to launch the vehicle in the fourth quarter with $50 million to $100 million. Antarctica recently hired two veteran debt investors, and now is in the process of selecting a prime broker and other service providers.The fund would take an opportunistic approach to trading credit instruments, with an emphasis on structured...



GoldenTree Fund Posts Solid Gain

Wed, 07 Aug 2019
A GoldenTree Asset Management fund continues to outperform its peer group.Master Fund Select, a component of GoldenTree’s Master Strategy, gained 9% in the first half, versus a 5% increase for the HFRI Event Driven Distressed and Restructuring Index and a 7.9% advance for the HFRI Relative-Value Fixed Income Index. Distressed debt and performing corporate bonds and loans make up about three-quarters of the assets held by Master Fund...



Firefly Lays Blame on "Delusions'

Wed, 07 Aug 2019
Coming off a weak second quarter, Firefly Value Partners is urging limited partners to stay the course.In a July 31 letter, founders Ryan Heslop and Ariel Warszawski said a 5.9% loss during the April-June period reflected irrational behavior by other investors — while insisting that their value-oriented approach will pay off in the long term.Firefly mainly takes positions in the stocks of businesses that have fallen in price but that it...



New Menu Boosts Arcesium

Wed, 07 Aug 2019
Alternative-investment technology company Arcesium is growing rapidly.The New York firm is working with 20 clients that together run $125 billion, mostly through hedge funds. That’s up from 10 clients with $65 billion a year ago.To support the growth, Arcesium plans to expand its staff to encompass 800 data engineers, software developers and sales professionals, up from 700 a year ago.The growth reflects a jump in sales that began early...



LCM Shops European Loan Programs

Wed, 07 Aug 2019
European debt specialist LCM Partners is assembling two new pools of capital.LCM Partners Strategic Origination & Lending Opportunities has an equity-rising goal of €1.2 billion ($1.3 billion), while LCM Partners Credit Opportunities Strategy 4 is aiming for €4 billion. Park Hill Group is serving as placement agent for both offerings, which will draw investor capital as opportunities arise.LCM Partners Strategic Origination & Lending...



Marto Adds to Investment Mandate

Wed, 07 Aug 2019
Marto Capital is expanding its global-macro strategy to include physical commodities.The New York firm’s broadened mandate would include oil and gas, on top of its current investments in commodity derivatives, currencies, stocks and bonds.The move comes after the $200 million operation’s only fund, Marto Capital Master Fund, lost 10.6% in the first half of this year. That compares to a 4.9% gain for the HFRI Macro (Total) Index.The...



Ginzburg's Shop in Hiring Mode

Wed, 07 Aug 2019
Shay Capital is staffing up.The proprietary-trading shop, led by former First New York Securities executive Sam Ginzburg, recently hired a portfolio manager and plans to add additional investment professionals in the near future.“They are hiring a lot of folks,” a source said.When Ginzburg left First New York in 2017 after 15 years as a portfolio manager at the prop-trading firm, there was talk that he planned to start a hedge fund....



Altiq Preps Carve-Out Vehicle

Wed, 07 Aug 2019
Quantitative-investment shop Altiq Asset Management is talking to investors about a new offering that would isolate the equities book of its multi-strategy hedge fund.The London firm, with about $330 million under management, has produced disappointing returns via its flagship Altiq Global Fund, including a 12.8% loss last year, a 1.6% gain in 2017 and a 6.4% loss in 2016. The fund was up 1.6% in the first half of this year — thanks largely...



Investors Press Marathon on CLO

Wed, 07 Aug 2019
Marathon Asset Management has come under fire from investors in a commercial real estate collateralized loan obligation it issued last year.Bondholders balked when Marathon, best known as a manager of credit-focused hedge funds, tried to amend the terms of the $470 million CLO, which is backed by commercial real estate bridge loans Marathon originated. The deal documents require Marathon to maintain a weighted average spread of at least 375 bp...



Insurer Backs Small-Cap Vehicle

Wed, 07 Aug 2019
A small-cap equity manager has begun investing through a new vehicle it set up for an unidentified U.S. insurance company.Korr Acquisitions of Westbury, N.Y., launched Korr Value 2 Fund in late July with $25 million. The insurer, which supplied all of the day-one capital, has exclusive access to the fund for at least one year, after which Korr would open it to other investors.Prior to launching the new vehicle, Korr ran about $50 million via Korr...



The Grapevine

Wed, 07 Aug 2019
Robert Bovo, who left his job as a portfolio manager covering the stocks of technology, media and telecommunications companies at Millennium Management early this year, joined ExodusPoint Capital last week with the same title. Bovo earlier worked at Diamondback Capital and XI Capital. ExodusPoint, led by former Millennium executive Michael Gelband, had $8.5 billion under management at yearend...



The Grapevine

Wed, 07 Aug 2019
Global-macro manager PointState Capital added several employees to its New York office in July. Jamie Parrot signed on as head of investor relations. She earlier worked at Carlson Capital, Perry Capital and Lehman Brothers. Distressed-debt investor Ranjit Ahluwalia will start after waiting out a gardening leave. Ahluwalia’s former employers include Whitebox Advisors, Silver Point Capital and CarVal Investors. Asia-focused macro trader...



The Grapevine

Wed, 07 Aug 2019
Startup distressed-debt shop Snowcat Capital hired Eric Mark in July as a senior analyst. Mark’s former employers include Batuta Capital, BTG Pactual Asset Management and Moore Capital. New York-based Snowcat is led by former Omega Advisors executive Rebecca Pacholder.



The Grapevine

Wed, 07 Aug 2019
AllianceBernstein’s hedge fund unit, AB Arya Partners, hired two portfolio managers in July. Robert Stenhouse joined the operation’s San Francisco office with a focus on consumer-company stocks. He most recently was employed at Citadel’s now-defunct Aptigon Capital unit until February 2018, after stops at Visium Asset Management and Veraison Capital. Kenny Lee, meanwhile, signed on with Arya’s Singapore outpost to cover...



The Grapevine

Wed, 07 Aug 2019
Suvretta Capital lost analyst Adam Miller to Citadel unit Ashler Capital in July. Miller is stationed in Ashler’s New York office with a focus on consumer stocks. He earlier worked at Soros Fund Management and Trian Credit.



The Grapevine

Wed, 07 Aug 2019
Jet Capital has hired a senior analyst. Robert Greebel joins the event-driven manager’s New York headquarters from Davidson Kempner Capital. He also has worked at law firm Skadden Arps. Jet is led by Alan Cooper and Matthew Mark. It had $405 million under management on July 1.



The Grapevine

Wed, 07 Aug 2019
Separately, analyst Justen Scheule jumped from Jet Capital to P. Schoenfeld Asset Management in July. Before joining Jet, Scheule worked at Gleacher Partners and Credit Suisse. P. Schoenfeld is led by Peter Schoenfeld. The New York event-driven specialist had $2.2 billion under management at yearend 2018.



The Grapevine

Wed, 07 Aug 2019
Analyst Michael Wrick departed James Crichton’s Hitchwood Capital in July. Wrick covered technology stocks at Hitchwood, and before that was at Scout Capital and Karamaan Group. There’s no word on his next stop.



The Grapevine

Wed, 07 Aug 2019
Relationship manager David Miller exited Wells Fargo’s New York prime-brokerage group in July, with the bank eliminating his job and distributing his duties among existing sales staff. Miller joined Wells via the bank’s 2010 purchase of Merlin Securities, and assumed his most recent role in 2012. He also has worked at Goldman Sachs.



The Grapevine

Wed, 07 Aug 2019
Separately, Wells Fargo added a member to its capital-introduction team in Dallas in July. Brianna Letzelter previously worked in investor relations at private equity shop Baymark Partners. Her resume also includes stops in the prime-brokerage units of Cowen Group and Convergex.



Data Show Some Insurers Still Active as LPs

Wed, 31 Jul 2019
While a recent report from A.M. Best says insurance companies as a whole continue to reduce their exposure to hedge funds, the underlying data show a number of insurers are still actively deploying capital.Indeed, about a third of the 94 insurance companies that reported their hedge fund investments to the National Association of Insurance Commissioners made at least one new commitment last year. The total amount invested by those insurers: $643...



Equity Manager Succumbs to Adverse Market

Wed, 31 Jul 2019
Long/short equity shop SC Fundamental is shutting down after 30 years.In a July 24 letter signed by its five principals, the New York firm told limited partners it was returning their money because its value-oriented strategy had become less and less effective over the years. The letter neatly captures the challenges facing long/short equity managers as the market has come to be driven less by corporate fundamentals and more by the influence of...



Credit Manager Phase3 Preps Volatility Fund

Wed, 31 Jul 2019
Phase3 Capital, founded last year by a former Citadel portfolio manager, is launching a second strategy.The Glenview, Ill., firm, led by Ethan Youderian, plans to begin trading a credit-volatility vehicle later in the third quarter. Phase3’s flagship fund pursues a mix of credit-focused strategies including relative value and volatility.The new fund will target investments that are too complex for many traders and too small for big...



Lighthouse Splits With 2 Executives

Wed, 31 Jul 2019
Lighthouse Investment has parted ways with two multi-manager investment professionals it absorbed when it acquired Rothschild’s U.S. alternative-investment business in 2017.Managing directors Ki Akrami and Anthony Marzigliano left Lighthouse’s New York office last month. Still on board is managing director Shakil Riaz, who was head of alternative strategies at Rothschild when the French asset manager inked the deal with...



Heard Capital Shows Rapid Growth

Wed, 31 Jul 2019
Equity manager Heard Capital has secured more than $75 million of commitments for a new long-only vehicle.The Chicago firm, founded in 2010 by former Stark Investments analyst William Heard, began trading Heard High Conviction Long-Only Fund on July 1. The launch has contributed to a sharp increase in the firm’s overall assets.Heard currently has assets under management or signed commitments totaling $150 million, up from just $60 million...



Crescat LPs Whipsawed by Volatility

Wed, 31 Jul 2019
The same bearish stance that generated hefty profits for Crescat Capital last year punished its investors in the first half.The Denver firm’s flagship Crescat Global Macro Fund — among the top-performing hedge funds of 2018, with a 40.8% return — was down 25.9% in the first half of this year. Last year’s profits and this year’s losses both were driven by short positions in U.S. and Chinese markets, combined with long...



Millennium Nabs Seasoned Quant Pro

Wed, 31 Jul 2019
Millennium Management has hired a quantitative-investment specialist who previously helped run billions of dollars for BlackRock.Clinton Newman, who started this month, is assembling a small team in San Francisco that would run a sizeable chunk of Millennium’s multi-strategy fund, which has $38.8 billion under management and deploys capital to more than 200 portfolio managers.Newman manages a statistical-arbitrage strategy focused on...



Knighthead Finding Momentum

Wed, 31 Jul 2019
Distressed-debt shop Knighthead Capital has lined up $300 million for its latest fund.The New York firm locked in the commitments via an initial close for its Knighthead Distressed Opportunities Fund on June 28. The pledges reside in a founders-share class with fees equal to 1% of assets and 15% of profits.Knighthead began marketing the vehicle during the second quarter of 2018, with the goal of raising as much as $750 million overall. The fund...



Consumer-Stock Specialist Preps Fund

Wed, 31 Jul 2019
A consumer-cyclicals portfolio manager who last worked at Citadel equity-trading unit Surveyor Capital is setting up his own hedge fund operation.Brian Scudieri, who worked at Citadel from 2009 to 2018, is calling his new firm Kehrs Ridge Capital. Scudieri, Kehrs Ridge’s chief investment officer, aims to launch a long/short equity fund by the end of the third quarter.Prior to Citadel, Scudieri worked at Wachovia, where he analyzed...



Manager Adds CLO Product

Wed, 31 Jul 2019
Memphis asset manager Preserver Partners has launched a fund that invests in collateralized loan obligations.Preserver CLO Fund began trading in June with $6 million, mostly from Preserver’s own executives. The plan is to begin marketing the vehicle after an undetermined incubation period.The fund’s initial investments consist only of the debt pieces of CLOs. But it also is able to place capital with other hedge funds that trade in...



Microcap-Stock Vehicle on a Tear

Wed, 31 Jul 2019
The roller-coaster ride continues for clients of microcap stock-picker Park City Capital.After losing 63% of its value last year, Park City Capital Offshore Master Fund soared 106.7% in the first half of this year, more than doubling its assets to about $20 million. Remarkably, the triple-digit gain is equal to the fund’s cumulative return since inception in October 2008 — meaning day-one investors began 2019 flat after 11 years.Park...



The Grapevine

Wed, 31 Jul 2019
Ellington Management has hired a debt-focused portfolio manager. Tianheng Huang arrived at Michael Vranos’ Old Greenwich, Conn., multi-strategy shop this month from Highbridge Capital. Huang also has worked at BNP Paribas.



The Grapevine

Wed, 31 Jul 2019
Point72 Asset Management has hired an investment professional who most recently was a portfolio manager in charge of data science at Tokio Marine Asset Management. Ichihan Tai, who ran an event-driven fund at Tokio Marine, arrived in Point72’s New York office in June. Tai also has worked at Goldman Sachs.



The Grapevine

Wed, 31 Jul 2019
London multi-strategy firm LMR Partners has brought in a portfolio manager specializing in event-driven investments. Iain Raskin arrived this month from Qube Research & Technologies. He also has worked at UBS. LMR is led by Andrew Manuel. The firm, which has more than $6 billion under management, sold a minority stake to a Goldman Sachs Asset Management fund in...



The Grapevine

Wed, 31 Jul 2019
ExodusPoint Capital installed Jim Iorio as head of its London office this month. Iorio, whose job entails oversight of the outpost’s non-investment operations, previously led sales at derivatives exchange CME Group and predecessor Nex Group. He also worked at Barclays, by way of the bank’s takeover of Lehman Brothers’ U.S. investment-banking...



The Grapevine

Wed, 31 Jul 2019
Separately, Dinesh Mahajan left his job as a portfolio manager covering credit instruments in ExodusPoint Capital’s London office in June to join global-macro shop Amia Capital. Mahajan’s earlier employers include Decca Capital and BTG Pactual Asset Management. Amia is led by Antoine Estier, a former BTG executive who has recruited several other personnel from the Sao Paulo...



The Grapevine

Wed, 31 Jul 2019
Benefit Street Partners has brought in an analyst to cover the debt of financial companies. Muhammad Waqas arrived at the New York firm this month from Partners Group. Waqas also has spent time at Oaktree Capital and Lazard. Benefit Street, led by Thomas Gahan, was purchased by Franklin Templeton Investments in February. It has $26 billion under management.



The Grapevine

Wed, 31 Jul 2019
Investor-relations specialist Euan Stevenson signed on with Two Sigma Investments this month. Stevenson previously worked at Sachem Head Capital and Barclays Capital. Two Sigma, a New York multi-strategy firm led by John Overdeck and David Siegel, was managing $61 billion of gross assets at yearend 2018.



The Grapevine

Wed, 31 Jul 2019
New York value investor Atalan Capital has picked up an analyst. Yaron Shlesinger previously worked at Three Bays Capital, which shut down in 2018. He also has spent time at Bain Capital unit Sankaty Advisors, now known as Bain Capital Credit, and at Boston Consulting. Atalan, led by David Thomas, was managing $908 million of gross assets at yearend...



The Grapevine

Wed, 31 Jul 2019
Paloma Partners has added a director to its marketing team. Amin Molavi joined the Greenwich, Conn, multi-strategy firm this month from Melody Capital. Molavi’s former employers also include Third Point and Pimco. Paloma has $4.7 billion under management.



The Grapevine

Wed, 31 Jul 2019
London event-driven shop Oceanwood Capital added Andrew Baker to its business-development team in July. Baker, a director, previously worked at Kuvari Partners and before that was at TT International and Tarchon Capital. Oceanwood is led by Christopher Gate.



The Grapevine

Wed, 31 Jul 2019
Third Point added Priyanka Goyal to its New York office this month as an analyst. Goyal previously covered the stocks of technology, media and telecommunications companies in Citadel unit Surveyor Capital, after starting her career at Deutsche Bank.



Quant Startup Capitalizes on Coinbase's Woes

Wed, 24 Jul 2019
Coinbase’s pain is Aquatic Capital’s gain.Aquatic, a Paloma Partners-backed startup led by Jonathan Graham, has hired a team of 10 seasoned financial engineers who were let go by Coinbase in April when the cryptocurrency exchange closed its fledgling Chicago office. The computer programmers, who had been developing a high-frequency trading platform for Coinbase, previously worked at proprietary trading firms in Chicago, including DRW...



Hedged Equity Funds Deliver Upside Surprise

Wed, 24 Jul 2019
A surprisingly large number of long/short equity managers beat the S&P 500 Index during its strong run in the first half.A database of 167 equity funds maintained by a veteran fund-of-funds manager shows nearly three out of 10 outperformed the S&P’s 18.5% increase during the first six months of the year. The data should come as something of a relief to hedge fund investors who have endured years of meager profits from their equity...



Advent Capital Carving Out Volatility Book

Wed, 24 Jul 2019
Advent Capital is offering investors pure exposure to a well-performing volatility strategy within its flagship hedge fund.The new vehicle, dubbed Advent Vega, manages an “idiosyncratic volatility-arbitrage” portfolio that has been a component of the multi-strategy Advent Global Partners Fund since 2011. The sub-strategy has generated an annualized gross return of 12.75% since Jan. 1, 2012, with no down years and an enviable Sharpe...



Report: Long-Only Funds in Demand

Wed, 24 Jul 2019
Long/short equity managers may want to consider adding a long-only vehicle to their product mix.That’s the upshot of a report Jefferies’ prime-brokerage group is set to release this week. The group’s “capital intelligence” team examined investor searches across a wide swath of equity strategies over the past three years and found that demand for long-only offerings has nearly tripled. In the first half, long-only...



Family Office Adopts Fund Format

Wed, 24 Jul 2019
Blu Family Office launched a commingled vehicle this month in response to strong demand for its proprietary investment strategy.The London firm already was managing $1.2 billion in separate accounts for its founding family and other wealthy families in Europe when it began trading Blu Discretionary Fund on July 1 with $20 million. Amid increasing interest in his strategy, Blu chief executive Christian Armbruester decided to offer a commingled...



Legal-Finance Vehicle in Market

Wed, 24 Jul 2019
Victory Park Capital is marketing a fund that would provide debt financing to law firms.The Chicago firm aims to raise $400 million for the drawdown vehicle, which would lend money directly to law firms, as well as to specialty-finance firms focused on the legal industry. A first equity close is tentatively scheduled for the fourth quarter.Unlike litigation-finance funds, which help law firms cover the cost of research and expert witnesses in...



Sound Point Sets Fund-Raising Goal

Wed, 24 Jul 2019
Sound Point Capital aims to raise up to $1 billion for a planned drawdown fund that would buy corporate loans at steep discounts to face value.The offering, Sound Point Distressed Loan Opportunities Fund, would replace an open-end distressed-debt vehicle called Sound Point Beacon Fund. As previously reported, the firm is unwinding the Beacon fund after two years of disappointing performance and declining assets. In a letter to investors this...



Aberdeen Standard Preps Index Funds

Wed, 24 Jul 2019
Hedge fund data shop HFR has struck another deal with Aberdeen Standard Investments to launch an investable index.The partnership, set to be announced in the next week or two, entails HFR licensing a family of hedge fund indexes dubbed HFRI 500 to Aberdeen Standard, which would create a series of index funds. The new vehicles would invest in the 500 largest hedge funds in each of several HFR indexes that are open to investment and offer quarterly...



BlueMountain Alumnus Building Up

Wed, 24 Jul 2019
Former BlueMountain Capital executive Peter Greatrex continues to raise capital and add staff following the launch of his Boundary Creek Advisors.The credit-focused operation started trading this month with nearly $200 million, including an anchor investment from a large pension system, a source said. It is currently telling prospective limited partners that a founders share class with discounted fees will remain open until yearend.That differs...



New Manager Lands Backing

Wed, 24 Jul 2019
Startup Maximus Long Short Equity Management has landed an anchor investor.Maximus said in a July letter to prospective limited partners that the commitment would reside in a separate account. While the New York firm didn’t disclose the size of the investment, founder Greg Royce wrote that it “is expected to scale to relatively large size over time.”One source said the mandate eventually could grow to $100 million, while...



Newbrook Regaining Stride

Wed, 24 Jul 2019
Newbrook Capital’s flagship fund has returned to profitability.The equity-focused Newbrook Capital Partners gained 10.6% during the first half of 2019, without a down month.The fund launched in 2006 and made money in all but two of its first 10 years, with gains of 10.4% or better in seven of those years. But it subsequently entered a more volatile period, losing 5.6% in 2016, gaining 16.7% in 2017 and dropping 2.4% in 2018.The fund’s...



Army Vets Offer Equity Program

Wed, 24 Jul 2019
An investment firm whose founders include two U.S. Army veterans is about to launch its debut hedge fund.Bellator Asset Management plans to begin trading the vehicle in August or September with $10 million, using J.P. Morgan as its prime broker. It would cap the fund’s assets at $350 million.The fund would employ a so-called syndicate equity-trading strategy that involves buying into initial public offerings just prior to launch, along with...



REGULATORY ROUNDUP

Wed, 24 Jul 2019
SEC Initiative Bodes Well for Private-Fund IndustryThe big rollback of financial regulation that President Trump promised during his election campaign has yet to materialize – and likely won’t during the remainder of his first term, given the increasing political acrimony in Washington.“In terms of Dodd-Frank and subsequent regulations that could be rolled back, that really hasn’t happened,” said Marc Elovitz, a...



REGULATORY ROUNDUP

Wed, 24 Jul 2019
Accredited Investor — SECThe SEC is taking a hard look at longstanding rules that limit investments in private funds to accredited investors.In a June 18 concept release, the securities-market regulator said it would examine “whether the limitations on who can invest in certain exempt offerings, or the amount they can invest . . . pose an undue obstacle to capital formation or investor access to investment opportunities.” The...



REGULATORY ROUNDUP

Wed, 24 Jul 2019
Equity Trading – SECThe SEC wants to study the fees that exchanges charge for equity trades, with an eye toward lowering the cost for selling shares.Stock exchanges currently charge up to $0.0030 per share for executing sell orders. Under the maker-taker model, exchanges pay rebates to market makers that provide liquidity of as little as $0.0002 per share, while pocketing the difference.Critics of the current pricing model, including the...



REGULATORY ROUNDUP

Wed, 24 Jul 2019
Carried Interest — CongressThe Trump Administration continues to send mixed signals about eliminating the so-called carried-interest loophole, which reduces the effective tax rate for managers of buy-and-hold strategies.President Trump, whose campaign called for ending the carried-interest tax break, reiterated that position in an interview with Fox News in May. “I’d like to do it, I want to do it,” Trump said. “But...



REGULATORY ROUNDUP

Wed, 24 Jul 2019
Initial Coin Offerings — SECThe SEC in April issued long-awaited guidance on how U.S. securities law applies to initial coin offerings, or ICOs.“The SEC has confirmed their view that the Howey test should be used to determine if an ‘investment contract’ exists with respect to the sale of a digital asset, thus requiring the sale to either be registered or qualify for an exemption from registration,” law firm...



REGULATORY ROUNDUP

Wed, 24 Jul 2019
Enforcement Manual — CFTCOn May 8, the CFTC published its first enforcement manual, spelling out commission policies and offering interpretive guidance on a range of issues.The 52-page manual serves as a reference guide for the CFTC’s enforcement staff, while also providing the public “with information about [the agency’s] operations with the intent to increase transparency, certainty and consistency.”Gretchen Lowe,...



REGULATORY ROUNDUP

Wed, 24 Jul 2019
Data Security — SECThe SEC is holding hedge fund firms and other investment advisors accountable for data they store in the cloud.The regulator is looking in particular at how fund managers choose data-storage vendors and what efforts they are taking to ensure those vendors are protecting both investment data and clients’ personal information. Although the SEC has been ringing the alarm bell about cybersecurity for several years, this...



REGULATORY ROUNDUP

Wed, 24 Jul 2019
Electronic Messaging — SECOne of the trickier issues facing compliance officers and consultants these days is how to advise fund managers on employees’ use of electronic messaging – particularly encrypted systems like Signal and WhatsApp.Investment firms historically had policies restricting communications with clients and counterparties to business email. But that rigid approach is becoming less and less tenable as increasing...



REGULATORY ROUNDUP

Wed, 24 Jul 2019
Futures Data — CFTCThe CFTC’s Inspector General has raised fresh concerns about proprietary data the agency collects from futures traders.A June 7 report said the commission’s aging computer network is vulnerable to hackers, possibly exposing valuable trading data to theft. The Inspector General found “numerous weaknesses” in the CFTC’s technology and its protocol for tracking trade and other market data.The...



REGULATORY ROUNDUP

Wed, 24 Jul 2019
European Regulation – EU, UKWhile all eyes are on the U.K.’s efforts to negotiate an orderly exit from the European Union, financial regulators have advanced a handful of proposals affecting fund operators that do business in Europe.One measure concerns shares that are listed both on exchanges in E.U. nations and in Switzerland, which is outside of the bloc. Under an E.U. edict that took effect July 1, investment managers no longer...



The Grapevine

Wed, 24 Jul 2019
Gregory Thomas joined Carlson Capital this month as a portfolio manager focused on consumer-company stocks. Thomas most recently led a New York operation called Carbonado Capital through which he ran money for Blackstone, initially for the firm’s Senfina unit. When Senfina shut down in 2017, Blackstone shifted his $743 million portfolio to its Blackstone Equity Managed Account Platform. Thomas also has worked at 3G Capital and Kingdon...



The Grapevine

Wed, 24 Jul 2019
Senior managing director Rizwan Sabar left Corvex Management this month, destination unknown. Sabar had joined the New York activist shop in 2013, following stops at Perry Capital and Goldman Sachs. Corvex, led by Keith Meister, has produced a 20% return through its Corvex Master Fund so far this year. The firm was managing $2.4 billion of gross assets at yearend...



The Grapevine

Wed, 24 Jul 2019
Millennium Management has hired a researcher. Alex Forshaw arrived in the multi-strategy firm’s San Francisco office this month from Phalanx Global. Forshaw also has spent time at CloudAlpha Capital and J. Goldman & Co.



The Grapevine

Wed, 24 Jul 2019
Julianna Teeple returned to Citadel this month as an analyst in the firm’s Citadel Global Equities unit in New York. Teeple initially worked at Citadel from 2011 to 2014. She then spent time at Miura Global and, most recently, Senator Investment.



The Grapevine

Wed, 24 Jul 2019
Misada Capital returned all outside capital to investors in June, with founder Noah Elbogen taking a job as a partner at Act III Holdings — a Boston firm that invests in consumer and restaurant companies. Elbogen, who long has covered those same sectors, started Misada in 2016 after leaving Luxor Capital. His former employers also include SAC Capital and Highbridge Capital. Act III is led by Ron Shaich, the founder of Panera Bread. Act III...



The Grapevine

Wed, 24 Jul 2019
Aurelius Capital has hired a distressed-debt analyst. JT Hwang joined the New York operation this month from investment bank PJT Partners. Hwang also has worked at Goldman Sachs. Aurelius, led by Mark Brodsky, was managing $3.3 billion of gross assets at yearend 2018.



The Grapevine

Wed, 24 Jul 2019
Nathan Muller is joining CIBC’s prime-brokerage sales team in New York this week, reporting to Alexandra Krystal. Muller previously was chief operating officer at Purchase Park Capital, and before that spent time at NSM Advisors and Deutsche Bank.



The Grapevine

Wed, 24 Jul 2019
Cypress Funds has a new chief operating officer. Steven Baum joined the Los Angeles equity shop this month from IronChain Capital, a cryptocurrency-focused investment firm he co-founded after stops at JMB Capital and Ivory Investment. Cypress was up 13.9% in the first half of this year. The firm, led by founder Robert Day, has $596 million under management.



The Grapevine

Wed, 24 Jul 2019
Citadel has expanded the in-house recruiting team for its Ashler Capital unit, bringing in Sarah Wexler in a business-development role in New York. Wexler previously worked in equity sales at brokerage firm Telsey Advisory, and before that was at J.P. Morgan.



The Grapevine

Wed, 24 Jul 2019
Short-seller David Tice has produced his second movie. “The Housing Bubble,” which debuted in June, traces the causes and aftermath of the 2007-2008 financial crisis. It features Grant’s Interest Rate Observer founder James Grant, Euro Pacific Capital chief executive Peter Schiff and Barron’s economist Gene Epstein. Tice previously produced “Soul Surfer,” based on surfer Bethany Hamilton. In the hedge fund...



Sound Point Scraps Distressed-Debt Vehicle

Wed, 17 Jul 2019
Sound Point Capital is unwinding a distressed-debt fund whose recent returns have been disappointing.In a July 15 letter to investors in its Sound Point Beacon Fund, the New York firm said it decided to liquidate the vehicle’s assets and return limited-partner capital after concluding that the fund’s open-end structure was ill-suited for illiquid investments. The Beacon fund had $247 million under management in the first...



Genda's Blue Torch Building on Momentum

Wed, 17 Jul 2019
Special-situations lender Blue Torch Capital has begun assembling its second fund, less than two years after raising a substantial sum for its debut offering.The New York firm, led by former Cerberus Capital executive Kevin Genda, wants to raise at least the same amount it did for Blue Torch Credit Opportunities Fund 1. The drawdown vehicle had $626 million under management, on a gross basis, at yearend 2018.The fact that Blue Torch already has...



Another Equity Manager Throws in the Towel

Wed, 17 Jul 2019
Kane Street Capital has ceased operations after nearly 10 years of trading.The New York equity manager finished returning most, if not all, limited-partner capital in June. It had about $150 million of assets, on a gross basis, at yearend 2018.The firm’s flagship vehicle, Kane Street Fund, began trading a concentrated portfolio of global stocks on Sept. 1 2009. By 2015, it was running a little more than $180 million, on a gross basis...



Point72 Loses Energy-Stock Pro

Wed, 17 Jul 2019
Point72 Asset Management executive Kenneth Geren has left the firm amid chatter he may be planning to start a hedge fund.Geren is an energy-stock portfolio manager who had a solid, long-term track record at Point72, where he ran $1 billion, sources said. He had joined predecessor SAC Capital in a senior post in 2005, following stops at Jefferies, ABN Amro, American Electric Power and NCR.Point72 is characterizing Geren’s exit as a...



Angelo Gordon Offers Energy Fund

Wed, 17 Jul 2019
Angelo, Gordon & Co. is marketing the latest in a series of drawdown funds that invest in the debt of mid-size energy companies.The New York firm, which has been managing energy-focused credit portfolios since 2013, is seeking to raise $1.5 billion for AG Energy Credit Opportunities Fund 4. That’s roughly twice the amount Angelo Gordon raised for Fund 3, which began investing in 2016 and so far has generated a 12.4% internal rate of...



Highside Global Admits Offshore LPs

Wed, 17 Jul 2019
Highside Global has opened its well-performing hedge fund to offshore investors.The Dallas firm, led by former Highside Capital managing director Zach Petrone, raised an initial $22 million for the Cayman Islands-domiciled Highside Global Offshore Fund. The U.S.-domiciled Highside Global Fund, which launched in April 2016, has $183 million under management.Since inception, the value-oriented long/short equity fund has delivered an annualized gain...



AQR Alum Touts Arbitrage Play

Wed, 17 Jul 2019
An arbitrage specialist who exploits price dislocations in commodity markets has launched another fund.Greenland Investment of Mauritius began trading Greenland Global Fund 2 last month with an undisclosed amount of capital. The firm, led by former AQR Capital portfolio manager Anant Jatia, has begun reaching out to family offices and institutional investors, primarily in Europe and the Middle East.Using high-frequency algorithms, Jatia and his...



Huge First Half for Center Lake

Wed, 17 Jul 2019
Adam Parker’s Center Lake Capital continues to produce outsized returns, while adding assets and staff.The New York firm, which invests mainly in software-company stocks, generated an unleveraged gain of 44% in the first half of 2019. By comparison, the Nasdaq 100 Technology Sector Index rose 25.8%.Center Lake was up 76% in 2018, including a 54% gain over the first six months that reflected a move to focus more on small- and mid-cap stocks...



Asia-Focused Shop Lowers Fees

Wed, 17 Jul 2019
The manager of a highly volatile Asian-equities vehicle has cut its fees in an effort to attract more investors.Solitude Capital of Hong Kong now offers two share classes: one that charges a 1% management fee and a 10% performance fee, and another that charges only a 25% performance fee, without a management fee. The small-cap stock specialist currently has about $20 million under management, on a gross basis.The flagship Solitude Capital Fund...



Mudrick Records Big First Half

Wed, 17 Jul 2019
Mudrick Capital is having another strong year.The distressed-debt shop’s flagship Mudrick Distressed Opportunity Fund was up 29.4% during the first half of 2019. That far exceeds the annualized gain of 12.5% the vehicle has delivered since its inception in 2009.Over the same period, the HFRX Event Driven Index gained 1.8% on an annualized basis. The fund’s best year was 2016, when it was up 38.7%.New York-based Mudrick takes a...



The Grapevine

Wed, 17 Jul 2019
Jack Mo joined Pentwater Capital’s New York office this month as a portfolio manager. Mo previously worked briefly at BlueMountain Capital, following stints at Goldman Sachs Asset Management and P. Schoenfeld Asset Management. Pentwater, led by Matthew Halbower, pursues a mix of event-driven investments. It has $4.3 billion under management.



The Grapevine

Wed, 17 Jul 2019
Eric Choi, who left his post as Point72 Asset Management’s head of trading for Asia in June, resurfaced this month at TX Capital of Hong Kong. Choi holds the title of managing director. Before working at Point72 and predecessor SAC Capital, Choi spent time at Apex Capital and NewSmith. TX Capital is led by Danny Yung. It pursues value-oriented equity investments in China and other Asian...



The Grapevine

Wed, 17 Jul 2019
Och-Ziff Management has picked up two staffers. Marketing specialist Kosuke Ikeda started this month with a focus on institutional investors in Japan. Ikeda is stationed in New York, but likely will transfer to Tokyo. He previously worked at fund-of-funds operator Constellar Capital. Also arriving in New York was Steven Vames, who holds an investor-relations post. He most recently worked at HSBC, and before that was at Davidson...



The Grapevine

Wed, 17 Jul 2019
Peter Fisher joined Vista Equity’s credit-investing unit in New York last month as a director responsible for evaluating special-situations investments. Fisher previously worked at PointState Capital, Blackstone unit GSO Capital and Deutsche Bank. Vista Credit Partners has $2.6 billion under management. Vista Equity runs about $50 billion overall, mostly in private equity...



The Grapevine

Wed, 17 Jul 2019
A researcher has jumped to AO Asset Management from Millennium Management. Martyn Moskovich started at the New York fund operator this month as a principal. Earlier, he worked at Andor Capital and Augusta Columbia Capital. AO, led by Nicholas Romano, invests in technology, media and telecommunications stocks. It was managing $1.1 billion of gross assets at yearend...



The Grapevine

Wed, 17 Jul 2019
Michael Chiara has joined CIBC’s prime-brokerage sales team in New York. Chiara last was employed from 2008 to August 2018 at Barclays, which he joined by way of the bank’s purchase of Lehman Brothers’ U.S. investment-banking business. He held a number of roles during that time, most recently as a credit-product trader. At CIBC, he reports to Alexandra...



The Grapevine

Wed, 17 Jul 2019
Naya Capital of London has hired a researcher. Tristan Dunn joined the value-oriented equity manager in June from Silver Lake. Dunn also has spent time at McKinsey & Co. and the Bank of England. Naya, headed by Masroor Siddiqui, had $2 billion under management on July 1.



The Grapevine

Wed, 17 Jul 2019
Fixed-income manager Bramshill Investments will open a sales office in New York this week. The outpost will house three marketing professionals who currently work in the firm’s Hackensack, N.J., headquarters. Among them is executive director John Wasilewski, who arrived from Marto Capital in May with a focus on institutional investors. Bramshill, led by Art DeGaetano, has $2.6 billion under...



The Grapevine

Wed, 17 Jul 2019
Neuberger Berman unit Dyal Capital hired Glynell Bradley this month as head of consultant relations. The New York-based Bradley previously worked at Crescent Capital and Goldman Sachs. At Dyal, he is part of a business-service group, led by John Dyment, that offers operational assistance to portfolio companies. Dyal had $20.3 billion under management on June...



The Grapevine

Wed, 17 Jul 2019
An analyst who helped manage the Kresge Foundation’s investments in hedge funds has left the Troy, Mich., operation to join Commonfund of Wilton, Conn. Tor Martinsen had worked at Kresge since graduating college in 2016. Drew Hopper is picking up the bulk of his duties. The $3.6 billion foundation has $350 million invested in hedge funds, while the $16 billion Commonfund has a $1.8 billion hedge fund portfolio, according to...



Equity Manager Seen Poised for Big Launch

Wed, 10 Jul 2019
A highly regarded portfolio manager who most recently was a partner at Valinor Management is setting up his own hedge fund operation.Jason McDougall aims to begin trading a global-equities fund in 2020 via his recently formed 11 Capital of New York. Sources described McDougall as an intensely focused investment professional whose experience includes personally backing several financial-service startups, including Novus, whose products are widely...



Former Viking Sector Head Opens Fund Shop

Wed, 10 Jul 2019
A consumer-stock specialist who previously held a senior position on Viking Global’s investment team is getting ready to launch a hedge fund.It’s unclear if Steve Mykijewycz has picked a name for his firm, which still is in the early planning stages. But indications are that he hopes to launch in 2020 with $200 million or more.Sources said Mykijewycz plans to invest in the stocks of real estate and consumer companies. The...



Industry Lawyers Take Stock of CFTC Case

Wed, 10 Jul 2019
Lawyers advising commodity-trading advisors say the CFTC’s action against Elephas Investment last week highlights the challenges of complying with position limits on agricultural futures.On July 2, the futures commission fined the Hong Kong manager $160,000 for exceeding the number of CBOT contracts a speculative trader can hold for soft red winter wheat. Elephas also paid a penalty of more than $166,000 to CME Group, which operates the...



Strong Demand for Saba Strategy

Wed, 10 Jul 2019
The amount of money Saba Capital manages in its closed-end-fund arbitrage program has roughly doubled since the start of the year, and now accounts for about half of the firm’s overall assets.As of July 1, the New York firm was running a little more than $800 million in the strategy, which buys shares of closed-end funds trading at significant discounts to their net asset values. Since December, Saba has raised $350 million of fresh capital for...



Distressed-Debt Pros Join Forces

Wed, 10 Jul 2019
Distressed-debt specialists Sergei Filipov and David Tiomkin are crafting a hedge fund operation.The plan is to spend the next few months lining up service providers, including prime brokers. A capital-raising campaign would follow, starting in perhaps 6-9 months.Filipov and Tiomkin have yet to name their management firm, which likely will be based in New York.Filipov most recently was a principal at distressed-debt investor MHR Fund Management...



Glenview Alum Readies Offering

Wed, 10 Jul 2019
A former Glenview Capital partner is laying the groundwork for a hedge fund that would manage a highly concentrated equity portfolio focused on the industrial and material-science sectors.John McMonagle, who spent 12 years at Larry Robbins’ Glenview, aims to begin trading in the fourth quarter via his newly formed Candelo Capital. The New York firm is lining up several anchor investors for its planned fund, which would mainly invest in...



Ex-Laurion Partner Nears Launch

Wed, 10 Jul 2019
Details are emerging about a hedge fund startup led by former Laurion Capital portfolio manager Frank Fu.Fu, a partner at Laurion for nearly 11 years before leaving in March, set up CaaS Capital last month. He’s now assembling the pieces for a quantitative, multi-strategy vehicle with help from at least three other former Laurion staffers. Fu plans to begin trading in the next several months.Also on board at CaaS are quantitative traders Ke...



Balter Pulls Backing From Invenomic

Wed, 10 Jul 2019
Fund-of-funds manager Balter Capital has unwound a seed investment in small-cap stock shop Invenomic Capital.Balter helped launch Invenomic in 2017 with $25 million, plus operational support, while taking a 25% equity stake in the Boston firm. But Balter withdrew most of its money from Invenomic on July 1.The move comes as Balter, led by founder Brad Balter, is severing ties with his original backer: the Sackler family, which controls Perdue...



Self-Storage Investor Pitches Fund

Wed, 10 Jul 2019
One of the leading developers and managers of self-storage facilities in the U.S. is offering its first commingled fund.William Warren Group of Santa Monica, Calif., so far has raised nearly $100 million for William Warren Group Self Storage Income Fund. The company will use the capital, plus a modest amount of leverage, to fund additional investments in self-storage properties it operates under the StorQuest brand.The offering is structured like...



MAK Alumnus Up and Running

Wed, 10 Jul 2019
A small-stock specialist has launched a fund with $20 million of friends-and-family money.Brian Finn, who spent the previous five years researching investments in small-company stocks at MAK Capital, began trading on July 1 from his newly formed FIN Capital of New York. Finn is now drafting marketing documents for the FIN Capital Partners fund, with the aim of conducting a broader capital-raising campaign later this year. He believes his strategy...



Tough Sledding Continues for Arbiter

Wed, 10 Jul 2019
Arbiter Partners’ flagship fund, once known for delivering huge profits, is in the midst of its second losing year in a row.The Arbiter Partners QP vehicle finished the first half with a 1.5% loss. That largely was the result of a 3.2% decline in June, when its long bets underperformed.Those positions were concentrated outside the U.S. Arbiter’s short bets, mostly in the States, outperformed for the month, the New York firm wrote in...



Compliance Shop Broadens Scope

Wed, 10 Jul 2019
Compliance consultant Titan Regulation is expanding its services to include advising hedge fund managers on other aspects of their operations.Effective this week, the Chicago firm is rebranding itself as Titan Regulation & Advisory. And to expand its footprint beyond its core markets of Chicago and San Francisco, Titan has added two partners, hiring industry veterans Ed Fasano and Thomas King. Fasano most recently held the position of chief...



Iron Triangle Team Takes Shape

Wed, 10 Jul 2019
Iron Triangle Partners, a healthcare-focused startup led by former Jana Partners portfolio manager Kevin Molloy, is building out its team.The New York firm has added three staffers in the past three months, including former Jana analyst Jeff Ho, chief operating officer Mike O’Brien and research assistant Michaela Brown. Meanwhile, the firm has raised more than $100 million for its debut fund, a source said.A founders share class with...



The Grapevine

Wed, 10 Jul 2019
Former Incline Global head trader Evan Halpern joined UBS O’Connor in June as a portfolio manager covering credit-product investments. Halpern, who is based in New York, worked at Incline from 2017 to May 2018, and before that was at King Street Capital and Bank of America. Chicago-based UBS O’Connor had $8.3 billion under management at yearend...



The Grapevine

Wed, 10 Jul 2019
Global-macro startup Commonwealth Asset Management hired Natalie Smith in June as president. Smith previously was president and chief operating officer of Arts & Sciences Investment, which began unwinding in June. Before that, she led business development at Commonwealth Opportunity Capital, a now-shuttered firm led by Commonwealth Asset Management founder Adam Fisher. Smith also has spent time at Morgan Stanley. Los Angeles-based Commonwealth is...



The Grapevine

Wed, 10 Jul 2019
Point72 Asset Management has hired Yosh Nakahara to cover the stocks of Asia-based technology, media and telecommunications companies from its Singapore office. Nakahara had worked until May at AllianceBernstein unit AB Arya Partners. His former employers also include Ivaldi Capital and Journey Investment.



The Grapevine

Wed, 10 Jul 2019
King Street Capital has hired a researcher. Chambers Loomis joined the New York debt-fund operator in June from the special-situations group at Goldman Sachs. Loomis also has spent time at private equity firm Graham Partners and the SEC. King Street, led by Francis Biondi and Brian Higgins, had $20.5 billion under management at yearend 2018.



The Grapevine

Wed, 10 Jul 2019
Hong Kong startup PanView Capital hired Chris Farrell in June as head of investor relations and marketing. The New York-based Farrell counts Sanoor Capital, Discovery Capital and UBS as previous employers. PanView, led by former Goldman Sachs Asset Management equity specialist Ryan Thall, is on track to launch during the first quarter of 2020.



The Grapevine

Wed, 10 Jul 2019
Andres Schumann joined Leucadia Asset Management’s New York office this month as head of consultant relations. Schumann previously worked at Och-Ziff Capital, Legal & General Investment and Alliance Bernstein. Leucadia is a unit of Jefferies Financial, formerly known as Leucadia National.



The Grapevine

Wed, 10 Jul 2019
Apex Fund Services has a new head of sales for North America and South America. Howard Eisen joined the fund administrator’s New York office this week from DMS Governance. Eisen’s previous employers include Moelis Asset Management and Conifer Financial. Apex serves as administrator for some $650 billion of assets across a range of businesses, including hedge...



The Grapevine

Wed, 10 Jul 2019
Bill Henderson joined Marcum this month to lead business-development efforts for the New York accounting firm’s alternative-investment practice. Henderson previously led sales for Deloitte’s private-fund auditing division, and spent time at Maitland and Butterfield Fulcrum. Marcum ranks 15th among hedge fund auditors, representing 51 funds in the first quarter, according to Hedge Fund Alert’s Manager...



The Grapevine

Wed, 10 Jul 2019
Fund administrator Citco has added a business-development executive to its New York office. David Gaynes started in June with the title of executive vice president. His coverage area includes operators of single-manager and multi-manager hedge funds. Gaynes previously worked at executive-search firm A-L Associates. Prior employers include Barclays and Deutsche...



The Grapevine

Wed, 10 Jul 2019
London equity shop Ananda Asset Management hired Samson Jayes in June as an analyst. Jayes previously worked at Evercore. Former Moore Capital portfolio manager Louis Villa launched Ananda in March with $60 million. The firm invests across Europe and North America. Goldman Sachs is its prime broker.



Ex-GSAM Stock Picker Prepares for Launch

Wed, 03 Jul 2019
Former Goldman Sachs Asset Management executive Sean Gallagher is starting a hedge fund firm that could launch with a substantial amount of capital.Gallagher, who left his post as co-chief investment officer of Goldman’s fundamental U.S. equity business in September, is calling the New York operation Connacht Asset Management. He formed the company’s initial corporate entities last week.The plan is to offer a flagship hedge fund that...



Borealis Seeding Vehicle Gains Momentum

Wed, 03 Jul 2019
Borealis Strategic Capital has raised about $175 million for a vehicle that supplies new and emerging fund managers with seed or acceleration capital.The Chicago firm, led by former Aurora Investment executive Scott Schweighauser, aims to hold a final equity close by yearend with a total of $400 million, including co-investment capital. Borealis is joining a small field of active seeding-fund managers including Blackstone, Stable Asset Management...



APS Founder Shedding Chief Executive Role

Wed, 03 Jul 2019
The founder of APS Asset Management, one of the first Asia-focused hedge fund managers, is giving up the title of chief executive to focus more on investing.Wong Kok Hoi launched APS in 1995 with $15 million and seven employees working in one office in Singapore. Today, the firm has $3.2 billion under management and 54 employees across six offices in Asia and New York.Hoi will relinquish his role as chief executive in September, while retaining...



Equity Shop Aims Pitch at Institutions

Wed, 03 Jul 2019
Valley Forge Capital, a value-equity manager that’s beating the S&P 500 Index on an annualized basis, is reaching out to institutional investors for the first time since launching 12 years ago.The Wayne, Pa., firm, with $430 million under management, plans to hire 1-2 investor-relations professionals to reach out to pensions, endowments and other institutional investors. The first of the new staffers is set to join in the next month or...



Healthcare Specialists Prep Vehicle

Wed, 03 Jul 2019
Add Avidity Capital to the roster of healthcare-focused startups slated to launch funds in the second half.The Dallas firm is led by former Highland Capital executive Michael Gregory and one-time Citadel portfolio manager David Witzke. Their Avidity Master Fund is expected to begin trading in the fourth quarter with “north of $100 million,” a source said. The vehicle will take equity positions in biotechnology companies and other...



MGG Offering Hits Capacity

Wed, 03 Jul 2019
MGG Investment is aiming for the third quarter to wrap up capital-raising efforts for a vehicle that writes loans to small- and mid-size businesses.The New York firm so far has lined up $950 million of commitments for the vehicle, MGG Specialty Finance Fund 2.MGG had set out to raise $750 million to $1 billion for the fund, which employs a drawdown format. Investors can choose between a closed-end version with a two-year investment period and a...



Crestline Absorbs Tetrahedron Team

Wed, 03 Jul 2019
Financial-stock specialist Bradley Davis has shuttered his Tetrahedron Capital and moved his investment team to Crestline Investors.Tetrahedron launched last year with $200 million of seed capital from Crestline, a Fort Worth, Texas, alternative-investment manager with $12.7 billion of gross assets at yearend 2018. But last month, the New York fund shop withdrew its SEC registration as an investment advisor. Now, Bradley and his team of three...



Industry Lobbyist Opens Law Firm

Wed, 03 Jul 2019
The former general counsel for the Managed Funds Association has started his own law practice, with the aim of advising hedge fund managers and other sophisticated investors on complex regulatory matters.Stuart Kaswell opened shop last month in Potomac, Md., where he’s begun reaching out to prospective clients seeking rule changes or guidance about whether new business models comply with existing regulations.Kaswell joined the MFA in...



Israeli Administrator Targeting US

Wed, 03 Jul 2019
The most active hedge fund administrator in Israel is setting its sights on the U.S.Tzur Management of Tel Aviv has begun hiring for an office it soon plans to open in New York. The first recruit is Adam Okin, who previously oversaw business development at New York hedge fund manager Seven Six Capital. Okin already has proposals out to several U.S. fund operators.In Israel, Tzur administers $6 billion of hedge fund assets on behalf of 150 clients...



Equity Advisor Plans Fund Unit

Wed, 03 Jul 2019
A research firm that licenses its strategy to institutional consultants and asset managers wants to develop its own fund-management business.Enhanced Investment of Chicago is reaching out to prospective backers including private equity firms with hopes of raising $5 million of operating capital, in exchange for a 40% ownership stake in the fund manager. Enhanced would use the money to open a new office, purchase technology and hire investment...



Marble Arch Alums Set Up Shop

Wed, 03 Jul 2019
A startup led by a group of former Marble Arch Investments executives is coming into focus.Founders Timothy Jenkins and Joseph Talia, along with chief operating officer Jon Luick, have dubbed their New York management firm Noble Path Asset Management. They are aiming for the fourth quarter to launch Noble Path Master Fund.Noble Path’s investment strategy is expected to encompass long and short positions in the stocks of small and mid-size...



Family Office Pooling Capital

Wed, 03 Jul 2019
A family office in Austin has started a debt-focused hedge fund.Ocelot Capital, which primarily invests for founder Andrew Townsend, began trading its Ocelot Tactical Income Fund on July 1 with $25 million. A portion of the capital came from Ocelot, with the rest from at least two other family offices.Investor-relations head Vinny Natarajan is marketing the fund to investors in the U.S. and abroad. Commitments from early limited partners are...



The Grapevine

Wed, 03 Jul 2019
Daniel Bae returned to event-driven manager Pentwater Capital in June as an equity-focused portfolio manager in New York. Bae had worked at Pentwater from 2014 to 2018, then spent less than a year at BlueMountain Capital. Pentwater, led by Matthew Halbower, has $4.3 billion under management.



The Grapevine

Wed, 03 Jul 2019
Balyasny Asset Management has hired two investment professionals in London. Simon Chiavarini will join the Chicago multi-strategy firm this month as a portfolio manager focused on financial-company stocks in Europe. He most recently worked as an analyst at Citadel. Also coming on board from Citadel is Eric Fahrenbach, who starts in October as a consumer-stock portfolio...



The Grapevine

Wed, 03 Jul 2019
Separately, portfolio manager Joshua Wyss departed Balyasny Asset Management’s San Francisco outpost in June while Tomas Pieter signed on as a senior analyst. Both cover the stocks of technology, media and telecommunications companies. There’s no word on Wyss’ next stop. He previously worked at Ascend Capital and First Oak Capital. Pieter’s former employers include Ascend, Merced Capital and...



The Grapevine

Wed, 03 Jul 2019
Startup Candlestick Capital has hired an analyst who most recently served as head of research at Jana Partners. Steven DiDominica joined the New York equity manager in May. In addition to Jana, DiDominica’s resume includes a stop at Balyasny Asset Management. Candlestick is led by Jack Woodruff, formerly a portfolio manager at Citadel unit Surveyor Capital. It is preparing to launch by yearend with at least $1...



The Grapevine

Wed, 03 Jul 2019
Former Lone Pine Capital managing director Brian Eizenstat is starting a hedge fund. Eizenstat left Lone Pine at the end of May. Last month, he established a Greenwich, Conn., management firm called Dilation Capital. Details of the effort have yet to emerge. Eizenstat’s former employers also include Cadmus Capital and Seneca Capital.



The Grapevine

Wed, 03 Jul 2019
Och-Ziff Capital hired equity trader Jake Hyatt away from AQR Capital in June. Hyatt, who focuses on event-driven investments from New York, also has worked at AllianceBernstein.



The Grapevine

Wed, 03 Jul 2019
Andrew Johnson will join Koya Law in the coming weeks with the task of helping hedge fund operators conduct derivatives transactions with banks. Johnson, who is moving to Chicago from New York to take the assignment, previously worked in Deutsche Bank’s prime-brokerage group, and before that was in the bank’s legal department. He also counts Safeco Asset Management as a former employer. Koya, led by Devi Koya, represents about 115...



The Grapevine

Wed, 03 Jul 2019
Artisan Partners has hired a credit-product analyst. Lanny Benson arrived in the Milwaukee firm’s Denver office in May from GoldenTree Asset Management. Benson also has spent time at Deutsche Bank and Bank of America. Artisan, led by chief executive Eric Colson, operates a range of investment vehicles employing multiple strategies. It had $107 billion under management on May...



The Grapevine

Wed, 03 Jul 2019
Former Midway Group staffer Jack Weiner resurfaced in June as a senior member of Paloma Partners’ business-development team. Weiner had been on the sidelines since Midway shut down in 2018. His earlier stops include International Standard Asset Management and QFS Asset Management.



MD Sass Revives Hedge Fund-Seeding Effort

Wed, 26 Jun 2019
Hedge fund backer M.D. Sass has inked its first seed-capital deal in more than a decade.The alternative-investment manager, led for nearly 50 years by Martin Sass, has provided an undisclosed amount of investment and operating capital to Cladrius Partners, presumably in exchange for a stake in the business. M.D. Sass has seeded more than 30 fund operators over the years, including hedge fund managers and commodity-trading advisors, but has been...



Ex-FrontPoint Pro Preps Healthcare Vehicle

Wed, 26 Jun 2019
A healthcare-stock specialist who once co-managed a $2 billion portfolio at FrontPoint Partners is starting his own hedge fund.Working from his newly formed Alera Partners of Greenwich, Conn., Jason Bonadio is laying the groundwork for a fund that would manage a portfolio of biotechnology, pharmaceutical and medical-technology companies, with low net exposure. He’s aiming to launch by yearend.Bonadio plans to earmark about 5% of the...



Morgan Creek Marketing New Crypto Fund

Wed, 26 Jun 2019
Morgan Creek Capital is looking to raise $250 million for its next crypto-asset fund.The Chapel Hill, N.C., firm has just begun talking to investors about Morgan Creek Blockchain Opportunities Fund 2, which would take venture capital positions in blockchain startups while also investing in liquid digital currencies. The fund-raising effort comes as the values of cryptocurrencies and other digital assets have risen sharply this year following last...



Fir Tree Alum Recruiting LPs

Wed, 26 Jun 2019
A former Fir Tree Partners portfolio manager is close to launching a hedge fund.Working through a New York management shop called Akaris Global that he set up last year, Aman Kapadia appears to be on track to start trading his Akaris Global Partners Fund in the third quarter.The fund is expected to follow a generalist strategy with an emphasis on the stocks of consumer, industrial and technology companies worldwide. It also would pursue...



ACK Lifts Commitment Embargo

Wed, 26 Jun 2019
ACK Asset Management is open to new investors for the first time in years.The firm, which stopped admitting limited partners in 2009 or 2010, plans to limit fresh contributions to $200 million. And the window for subscriptions will last only until yearend.Why is ACK tapping investors again? The small-cap stock specialist sees trading opportunities emerging as other investors avoid less-liquid positions. “The values of the businesses . . ....



Sciens Preps Volatility Offering

Wed, 26 Jun 2019
Sciens Capital is teaming up with volatility specialist Warshaw Asset Management to launch a fund designed to capitalize on market turmoil.The vehicle, dubbed Sciens Warshaw Diversified Vol, is scheduled to begin trading in the second half of this year. The portfolio will be managed by Warshaw founder Bill Warshaw, who has spent more than 20 years running volatility strategies for firms including O’Connor & Associates, Paloma Partners, SAC...



T Rowe Price Alums Open Shop

Wed, 26 Jun 2019
Several small-cap stock specialists who previously worked together at T. Rowe Price are getting ready to launch a hedge fund.The team includes former T. Rowe Price associate portfolio manager Barry Henderson and analyst Anouk Dey, who left the Baltimore asset manager in April and are now setting up shop in the Washington area under the banner Durable Capital. Various indications also point to the involvement of Henry Ellenbogen, a top-performing...



Real Estate Firm Pooling Capital

Wed, 26 Jun 2019
Real estate investor Oval Capital is planning its debut hedge fund.The New York firm has been contacting family offices in a bid to gauge investor appetite for the vehicle, which could start trading next year. Oval would use the capital it raises to buy distressed real estate debt, mainly in the form of troubled commercial mortgages in the U.S.Oval already is a buyer of distressed properties and debt, with a focus on retail and multi-family...



Startup Pitching Niche Strategies

Wed, 26 Jun 2019
An alternative-investment startup has begun allocating capital to unconventional strategies including factoring and real estate bridge loans.Since forming earlier this year, Migration Asset Management has raised at least $13 million for a series of private funds the Boulder, Colo., firm appears to be running internally or through affiliated sub-advisors. The strategy mix also includes managed futures. Migration registered as a commodity pool...



CKC Courting Institutional Investors

Wed, 26 Jun 2019
Multi-strategy credit shop CKC Capital is rolling out a new share class that offers discounted fees for investments of $5 million or more.The New York firm, which has consistently beat its benchmarks both on an absolute and risk-adjusted basis, is marketing the shares to institutional investors with the aim of raising $250 million of fresh capital. CKC currently has $250 million under management, of which $200 million is in its flagship credit...



Endowments Line Up for Millstreet

Wed, 26 Jun 2019
Junk-bond specialist Millstreet Capital has signed three university endowments as limited partners.The fresh capital, totaling $80 million, will boost the assets of the Millstreet Credit Fund to $130 million on July 1. At that point, the Boston firm’s total assets under management, including parallel separate accounts, will exceed $500 million.Two of the endowments support Ivy League schools.Millstreet invests in below-investment-grade...



The Grapevine

Wed, 26 Jun 2019
GSA Capital has picked up a portfolio manager who specializes in statistical-arbitrage equity investments. Manish Singh arrived in the London firm’s New York office this month from Point72 Asset Management unit Cubist Systematic Strategies. Singh also has worked at BlackRock and UBS. GSA is led by David Khabie-Zeitoune. The quantitative operation spun off from Deutsche Bank in 2005. It had $7.9 billion under management at yearend...



The Grapevine

Wed, 26 Jun 2019
Och Ziff Capital added three analysts to its structured-credit investment desk this month. Jessy Monnin joined the firm’s London office from S&P, following stops at Natixis and Powernext. Andriy Voshchevskyy, also in London, previously spent time at Bank of America, Barclays and UBS. In New York, Daniel Spencer arrived after stops at Citigroup and Ernst & Young. Och Ziff has $32.9 billion under management. Its Oz Master Fund was up 9.4%...



The Grapevine

Wed, 26 Jun 2019
Global-macro startup Baymount Capital hired Evans Apeadu in May as its chief financial officer and chief operating officer. Apeadu previously worked at Casdin Capital, and before that was at Rock Springs Capital and SS&C GlobeOp. Baymount is led by Andrew Casino, who is phasing out of his role as a partner at Appaloosa Management. The Miami firm is aiming to raise $500 million for its debut...



The Grapevine

Wed, 26 Jun 2019
In a related move, Casdin Capital has hired Lawrence Canzoneri as chief financial officer. Canzoneri, who is stationed in New York, counts Aksia, Argonaut Management and Level Global Investors as former employers. Casdin, led by Eli Casdin, invests in the stocks of biotechnology companies. It was managing $731 million of gross assets at yearend 2018.



The Grapevine

Wed, 26 Jun 2019
Citadel has re-hired Mark Klebanov to oversee risk management for its fundamental-equity units, Ashler Capital, Citadel Global Equities and Surveyor Capital. The New York-based Klebanov previously worked at Lord Abbett and Ziff Brothers, and before that was at Citadel from 2003-2004.



The Grapevine

Wed, 26 Jun 2019
Victor Consoli joined Avenue Capital’s New York headquarters this month as a managing director tasked with investing in distressed debt. Consoli previously worked at Smith Cove Capital, the family office of former Perry Capital investment chief Dave Russekoff. He also has spent time at Perella Weinberg Partners and Bear Stearns. Avenue, led by Marc Lasry and Sonia Gardner, has $10 billion under...



The Grapevine

Wed, 26 Jun 2019
Portfolio manager Ben Joseph signed on this month with London equity startup Crake Asset Management, a move that reunites him with one-time supervisor Martin Taylor. Joseph had been at wealth manager Westgrove Partners since 2014, and before that was at Taylor’s Nevsky Capital. Taylor shut down Nevsky in 2015 and remained on the sidelines until emerging with plans to launch Crake this...



The Grapevine

Wed, 26 Jun 2019
Jenny Wood is leaving her post as head of marketing at Senator Investment of New York. Wood’s destination is unknown. She earlier worked at Cantillon Capital. Replacing Wood is Zlata Gleason, who was promoted from her prior role as head of client relations. Senator, an event-driven firm led by Alexander Klabin and Douglas Silverman, was managing $11 billion of gross assets at yearend...



The Grapevine

Wed, 26 Jun 2019
Chief operating officer John Carlisle parted ways with Dallas startup Six Columns Capital this month. There’s no word on Carlisle’s destination. Before Six Columns, he worked at Morgan Stanley, UBS and ABN Amro. Six Columns, led by former Scopus Asset Management portfolio manager Brad Stephens, is aiming for this year to launch a consumer-stock fund with some $100...



LISTING: Large Hedge Fund Practices

Thu, 20 Jun 2019
Akin GumpContact:Stephen Vine212-872-1030svine@akingump.comPrakash Mehta212-872-7430pmehta@akingump.comRepresents some of the world’s largest managers of hedge funds and private equity funds, with increasing emphasis on private-debt vehicles. Services run gamut from fund formation and structuring to transaction work and advising on compliance, regulatory and operational issues. Has 21 offices in eight countries, including growing hedge fund...



LISTING: Large Hedge Fund Practices

Thu, 20 Jun 2019
Alston & BirdContact:Tim Selby212-210-9494tim.selby@alston.comInvestment-management group has expertise structuring alternative-investment vehicles including hedge funds, private equity funds and managed-futures offerings. Has growing digital-asset and financial-technology practice. Advises on compliance and regulatory matters including SEC, CFTC and NFA enforcements. Also represents investors, including seed-capital providers and managed-account...



LISTING: Large Hedge Fund Practices

Thu, 20 Jun 2019
Arnold & PorterContact:Robert Holton212-715-1137robert.holton@apks.comSimon Firth44-207-786-6178simon.firth@apks.comAdvises on structuring of hedge funds and separate accounts, as well as private equity, venture capital and real estate vehicles. Clients include York Capital. Hedge fund team is concentrated in New York, San Francisco and London, supported by regulatory practice in Washington.NOTE: Complete listing appeared in June 19, 2019, issue...



LISTING: Large Hedge Fund Practices

Thu, 20 Jun 2019
BakerHostetlerContact:Jessie Gabriel212-271-1508jgabriel@bakerlaw.comAdam Gale212-589-4294agale@bakerlaw.comNamed New York-based partners Jessie Gabriel and Adam Gale co-heads of private-funds practice in November 2018. Gale joined from law firm Mintz, while Gabriel has been with Baker since 2006. Services include fund formation, regulatory compliance and SEC exams. Taps lawyers in other practice areas to advise clients on litigation, privacy and...



LISTING: Large Hedge Fund Practices

Thu, 20 Jun 2019
Bryan CaveContact:Mark Weakley303-417-8549mark.weakley@bryancave.comMerged with Berwin Leighton in 2018 to form global firm with more than 1,400 lawyers and offices in all major financial centers. Advises on formation and operation of U.S., European, Asian and offshore vehicles across broad range of strategies. Services include fund structuring, compliance, compensation, distribution waterfalls, marketing, ERISA obligations and tax advice.NOTE:...



LISTING: Large Hedge Fund Practices

Thu, 20 Jun 2019
Cadwalader WickershamContact:Steven Lofchie212-504-6700steven.lofchie@cwt.comDorothy Mehta212-504-6846dorothy.mehta@cwt.comHas been working with hedge funds since the 1970s. Clients include more than half of 100 largest managers, family offices and wealth-management firms. Strategy expertise includes asset-backed securities, commodities and real estate. Former Pershing Square Capital executive Stephen Fraidin joined in June 2018 as a partner....



LISTING: Large Hedge Fund Practices

Thu, 20 Jun 2019
Cole-Frieman & MallonContact:Karl Cole-Frieman415-352-2300karl@colefrieman.comBart Mallon415-352-2300bmallon@colefrieman.comSan Francisco firm, founded in 2009, originally focused on West Coast, but now has nationwide practice with more than 900 fund-manager clients. Handles about 90 launches annually. Comfortable with emerging asset classes including peer-to-peer lending and cryptocurrencies. Clients include Colorado Blockchain Capital,...



LISTING: Large Hedge Fund Practices

Thu, 20 Jun 2019
Davis PolkContact:Nora Jordan212-450-4684nora.jordan@davispolk.comStarted out in 1990s representing Soros Fund Management and Tiger Management. Practice runs gamut from fund formation to prime brokerage, compliance and litigation. Also advises asset managers and technology companies on digital-asset initiatives, including crypto-fund formation, compliance and transactions. Clients include Avenue Capital, Bridgewater Associates, Citadel,...



LISTING: Large Hedge Fund Practices

Thu, 20 Jun 2019
Day PitneyContact:Peter Bilfield212-297-5853pbilfield@daypitney.comHenry Nelson Massey212-297-2416hmassey@daypitney.comAdvises fund managers in the U.S., Europe, Asia and Australia on all aspects of their businesses, including fund formation, regulatory compliance, employment, compensation, tax and ERISA issues. Also represents institutional investors including pension funds, family offices and funds of funds in their dealings with...



LISTING: Large Hedge Fund Practices

Thu, 20 Jun 2019
DechertContact:David Vaughan212-698-3540david.vaughan@dechert.comU.S.-based hedge fund practice has offices in Dubai, Dublin, Frankfurt, Hong Kong, London, Luxembourg, Paris and Singapore. Heavily engaged with U.S. regulators. Vaughan is former SEC official who served as senior private-fund advisor during implementation of the Dodd-Frank Act.NOTE: Complete listing appeared in June 19, 2019, issue of Hedge Fund Alert and can be found on...



LISTING: Large Hedge Fund Practices

Thu, 20 Jun 2019
DLA Piper<br&rt;Giant law firm has hedge fund lawyers in major financial centers around the globe. Has broad experience working with alternative-investment managers and family offices. In 2018, hired six partners from Texas law firm Jackson Walker. Austin team advises institutional investors on alternative strategies.NOTE: Complete listing appeared in June 19, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the “Rankings”...



LISTING: Large Hedge Fund Practices

Thu, 20 Jun 2019
Drinker BiddleContact:Joshua Deringer215-988-2859joshua.deringer@dbr.comFocuses on startup and mid-size managers of hedge funds, commodity funds and private equity vehicles. Strategy expertise includes long/short equity, managed futures and multi-manager offerings. Services run gamut from fund formation and structuring to regulatory compliance, enforcement, litigation, tax and ERISA advice.NOTE: Complete listing appeared in June 19, 2019, issue...



LISTING: Large Hedge Fund Practices

Thu, 20 Jun 2019
Faegre BakerContact:Jeff Blumberg312-356-5119jeff.blumberg@faegrebd.comZeke Johnson612-766-8134zeke.johnson@faegrebd.comServes diverse mix of established and emerging managers, promising cost-effective advice. Areas of expertise include domestic and offshore fund structures and management organizations, ERISA rules and regulatory issues. Some attorneys have prior experience in the asset-management industry. Recent additions to the practice...



LISTING: Large Hedge Fund Practices

Thu, 20 Jun 2019
Finn DixonContact:Matthew Eisenberg203-325-5084meisenberg@fdh.comFinance-focused firm headquartered in Stamford, Conn. Works with hedge funds, private equity funds, broker-dealers, family offices and institutional investors. Advises on formation and structuring of private funds, seed investments and joint ventures, regulatory compliance, marketing and distribution, employment and tax issues.NOTE: Complete listing appeared in June 19, 2019, issue...



LISTING: Large Hedge Fund Practices

Thu, 20 Jun 2019
Florio LeahyContact:Gregory Florio212-257-5781gflorio@orical.orgCounts 130 clients, primarily hedge fund shops. Handles fund formation, registrations, regulatory audits, mock exams and investor due-diligence requests. Offers compliance consulting via affiliate called Orical. Florio previously was senior counsel and chief compliance officer at Marathon Asset Management. Partner James Leahy was Marathon&rsquo;s chief financial officer.NOTE:...



LISTING: Large Hedge Fund Practices

Thu, 20 Jun 2019
Foley HoagContact:Jeffrey Collins617-832-1265jcollins@foleyhoag.comInvestment-management practice focuses on hedge funds and managed-account operations in the U.S. and abroad. Clients range from $90 billion fund operator to startups with as little as $10 million at launch. Firm also represents hedge fund investors including funds of funds and outsourced chief investment officers.NOTE: Complete listing appeared in June 19, 2019, issue of Hedge...



LISTING: Large Hedge Fund Practices

Thu, 20 Jun 2019
Fried FrankContact:Lawrence Barshay212-859-8551lawrence.barshay@friedfrank.comClients include BlackRock, Brookfield Asset Management, Citadel, D.E. Shaw, EJF Capital, Goldman Sachs, Point72 Asset Management and Tudor Investment. Diversified practice handles structuring and distribution of onshore and offshore vehicles, as well as compliance matters. Hired partner Stacey Song in 2018 from SEC&rsquo;s private-funds unit, where she was senior...



LISTING: Large Hedge Fund Practices

Thu, 20 Jun 2019
Friedman KaplanContact:Anne Beaumont212-833-1245abeaumont@fklaw.comEric Seiler212-833-1103eseiler@fklaw.comBoutique firm handles high-stakes litigation on both plaintiff and defendant side, as well as transactional and regulatory matters. Counsels hedge fund clients on compliance, employment and operations issues. Clients include large alternative-investment managers, with emphasis on distressed-debt and activist investors.NOTE: Complete listing...



LISTING: Large Hedge Fund Practices

Thu, 20 Jun 2019
Greenberg TraurigContact:Todd Mazur312-456-8448mazurt@gtlaw.comHedge fund lawyers stationed in Boston, Chicago, New York and some of the firm&rsquo;s 35 other offices. In addition to fund formation, advises on trading strategies, special-situations transactions, derivatives and structured products. A specialist in private investments in public entities.NOTE: Complete listing appeared in June 19, 2019, issue of Hedge Fund Alert and can be found on...



LISTING: Large Hedge Fund Practices

Thu, 20 Jun 2019
Haynes & BooneContact:Taylor Wilson214-651-5615taylor.wilson@haynesboone.comRicardo Davidovich212-835-4837ricardo.davidovich@haynesboone.comLarge private-fund unit focuses mostly on hedge funds, including those investing in digital assets. Handles fund formation, trading, compliance, regulations and enforcement issues. Also advises managers on tax and ERISA obligations. Separately, represents family offices and other investors that back hedge...



LISTING: Large Hedge Fund Practices

Thu, 20 Jun 2019
Herrick FeinsteinContact:Irwin Kishner212-592-1435ikishner@herrick.comFounded in 1928, firm primarily works with emerging and mid-size managers. Full-service practice covers funds across diverse asset classes, including hybrid vehicles and those that invest in niche securities. Client roster includes family offices and seed-capital investors. Also represents a number of players in growing digital-asset sector, including hedge funds, trading...



LISTING: Large Hedge Fund Practices

Thu, 20 Jun 2019
Hutner KlarishContact:Noah Klarish212-868-3777noah@klarishlaw.comPrivate-fund practice led by Klarish, who has helped launch more than 150 hedge funds and private equity vehicles since the 1990s. Also advises on seed deals and assists portfolio-management teams in jumping from one firm to another. Clients include Financial Edge Funds, North Star Partners, Raffles Capital and Wynnefield Capital.NOTE: Complete listing appeared in June 19, 2019,...



LISTING: Large Hedge Fund Practices

Thu, 20 Jun 2019
Investment Law GroupContact:Brent Gillett404-607-6940bgillett@investmentlawgroup.comAndrew Kalt404-607-6932akalt@investmentlawgroup.comGilbert Davis770-481-7205ghdavis@investmentlawgroup.comHedge funds &mdash; including fund formation and related regulatory work &mdash;account for two-thirds of the firm&rsquo;s practice. Typically launches 60-plus private funds per year. In addition to startup services, offers ongoing compliance support. Also...



LISTING: Large Hedge Fund Practices

Thu, 20 Jun 2019
K&L GatesContact:Mark Goshko617-261-3163mark.goshko@klgates.comHedge fund team is part of investment-management group with more than 100 lawyers globally. Expertise in formation of private funds and SEC-registered alternative-investment vehicles. Also advises on ERISA, regulatory and tax issues. Clients include Eaton Vance, Loomis Sayles, Man Group, Pacific Alternative Asset Management and Wells Fargo Investment Institute&rsquo;s alternatives...



LISTING: Large Hedge Fund Practices

Thu, 20 Jun 2019
Katten MuchinContact:Henry Bregstein212-940-6615henry.bregstein@kattenlaw.comLance Zinman312-902-5212lance.zinman@kattenlaw.comAdvises both buy-side and sell-side clients globally on fund formation, transactions, regulatory, tax and enforcement matters. Long experience working with managers running strategies including quantitative programs, insurance-dedicated funds and litigation-finance vehicles. Clients include AQR Capital, Brown Brothers...



LISTING: Large Hedge Fund Practices

Thu, 20 Jun 2019
Kirkland & EllisContact:Norm Champ212-446-4966norm.champ@kirkland.comRobert Sutton212-446-4897robert.sutton@kirkland.comHedge fund team part of 400-member investment-funds group. Specialties include fund and operator formation, seed-capital investments, co-investments and regulatory work. Staff includes a number of former SEC officials.NOTE: Complete listing appeared in June 19, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in...



LISTING: Large Hedge Fund Practices

Thu, 20 Jun 2019
Kleinberg KaplanContact:Jason Grunfeld212-880-9887jgrunfeld@kkwc.comHedge fund work accounts for about three-quarters of legal practice. Clients include blue-chip firms Elliott Management and Paulson & Co., but also works with emerging managers. Expertise in investor activism, distressed debt, litigation, risk management, executive compensation and tax issues.NOTE: Complete listing appeared in June 19, 2019, issue of Hedge Fund Alert and can be...



LISTING: Large Hedge Fund Practices

Thu, 20 Jun 2019
Kramer LevinContact:Kevin Scanlan212-715-9374kscanlan@kramerlevin.comAdvises on fund formation and complex investments. New York-based team also guides private-fund clients on fund-raising, seed-capital deals and regulatory compliance. Has expertise in various asset classes, including digital assets and opportunity zone funds. Works with large, established managers as well as startups.NOTE: Complete listing appeared in June 19, 2019, issue of...



LISTING: Large Hedge Fund Practices

Thu, 20 Jun 2019
Latham & WatkinsContact:Christopher Clark212-906-1350christopher.clark2@lw.comHandles fund formation, financing, litigation, regulatory matters and restructurings. Has hedge fund lawyers in Chicago, Los Angeles, New York, London and Frankfurt. Clients include Appaloosa Management, Centerbridge Partners, Gapstow Capital, Reservoir Capital and York Capital.NOTE: Complete listing appeared in June 19, 2019, issue of Hedge Fund Alert and can be found...



LISTING: Large Hedge Fund Practices

Thu, 20 Jun 2019
LinklatersContact:Andrew Morris212-903-9048andrew.morris@linklaters.comGlobal firm has long experience working with private-fund operators. Advises on formation, taxation and regulation across all types of fund, separate-account and co-investment structures. Separate regulatory, tax, employment and pension teams have dedicated fund specialists. Known for cross-border expertise, London-based firm has offices in New York, Washington, Luxembourg,...



LISTING: Large Hedge Fund Practices

Thu, 20 Jun 2019
Lowenstein SandlerContact:Robert Minion646-414-6930rminion@lowenstein.comAdvises prominent managers on all aspects of fund formation and structuring, compliance, tax and ERISA issues, capital-market litigation, private equity deals, mergers and acquisitions, derivatives and structured products. Clients include Appaloosa Management, Benefit Street Partners, BlueMountain Capital, Cerberus Capital, Icahn Enterprises and Marathon Asset Management....



LISTING: Large Hedge Fund Practices

Thu, 20 Jun 2019
Maples GroupContact:Jon Fowler345-814-5526jon.fowler@maples.comPreviously known as Maples & Calder, firm has more than 50 years of experience advising alternative-investment managers on all aspects of offshore funds. Handled more than a third of Cayman Islands launches in 2018. Also has expertise in private-fund regimes of the British Virgin Islands, Ireland, Jersey and Luxembourg. Employs 2,000 professionals in 18 offices around the world.NOTE:...



LISTING: Large Hedge Fund Practices

Thu, 20 Jun 2019
Morgan LewisContact:Rich Goldman617-951-8851rich.goldman@morganlewis.comJedd Wider212-309-6605 jedd.wider@morganlewis.comGlobal hedge fund practice works with about half of the 50 largest managers, and six of the top 10 -- including AQR Capital and Och-Ziff Capital. Also represents many of the biggest institutional investors, including public pensions and sovereign wealth funds. Hedge fund lawyers stationed in offices around the world, including...



LISTING: Large Hedge Fund Practices

Thu, 20 Jun 2019
OgierContact:Giorgio Subiotto345-815-1872giorgio.subiotto@ogier.comMajor offshore firm has lawyers in the British Virgin Islands, Cayman Islands, Guernsey, Hong Kong, Jersey and Luxembourg. Increasingly focused on digital-currency businesses and transactions, including formation of cryptocurrency funds and initial coin offerings.NOTE: Complete listing appeared in June 19, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the...



LISTING: Large Hedge Fund Practices

Thu, 20 Jun 2019
Paul HastingsContact:Arthur Zwickel212-683-6161artzwickel@paulhastings.comIra Kustin212-318-6094irakustin@paulhastings.comDiverse client roster runs gamut from global asset managers to hedge fund startups. Specialties include complex fund structures, regulatory enforcement, litigation and transactional work. Clients include Dalton Investments, First Quadrant, Guggenheim and Rimrock Capital. Has hedge fund lawyers in Beijing, London, Los Angeles,...



LISTING: Large Hedge Fund Practices

Thu, 20 Jun 2019
Paul WeissContact:Udi Grofman212-373-3918 ugrofman@paulweiss.comMarco Masotti212-373-3034mmasotti@paulweiss.comPrivate-funds group advises on complex fund-formation and risk-management issues. Client roster anchored by heavy-hitters including Apollo Global, AQR Capital, Avenue Capital, D1 Capital, Glenview Capital, HPS, KKR Credit, PointState Capital, Silver Point Capital and Tilden Park Capital. Has extensive experience advising seed-capital...



LISTING: Large Hedge Fund Practices

Thu, 20 Jun 2019
Pepper HamiltonContact:Irwin Latner212-808-2701latneri@pepperlaw.comGregory Nowak212-808-2723nowakg@pepperlaw.comFull-service practice covers everything from fund and management-company formation to compliance, product development, tax structuring, derivatives, seed-capital deals and mergers and acquisitions. Represents emerging and established managers in all strategy areas. Hedge fund practice is part of larger investment-funds group that also...



LISTING: Large Hedge Fund Practices

Thu, 20 Jun 2019
Pillsbury WinthropContact:Ildiko Duckor415-983-1035ildiko.duckor@pillsburylaw.comKimberly Mann202-663-8281kimberly.mann@pillsburylaw.comInvestment-management practice works with hedge funds and other alternative-investment vehicles, as well as institutional investors. Specialties include quantitative strategies and new and emerging managers. Also advises crypto-asset hedge funds, digital-trading platforms and &ldquo;roboadvisors&rdquo; with hedge...



LISTING: Large Hedge Fund Practices

Thu, 20 Jun 2019
ProskauerContact:Christopher Wells212-969-3600cwells@proskauer.comMichael Mavrides212-969-3670mmavrides@proskauer.comRobert Leonard212-969-3355rleonard@proskauer.comHedge fund team part of international investment-management group with 130-plus lawyers. Advises hedge funds and funds of funds on variety of matters including fund formation, seed-capital transactions, complex tax structuring, regulatory and compliance issues. Took early interest in...



LISTING: Large Hedge Fund Practices

Thu, 20 Jun 2019
Pryor CashmanContact:Bertrand Fry212-326-0134bfry@pryorcashman.comJonathan Shepard212-326-0496jshepard@pryorcashman.comWorks with both established and emerging managers, leveraging deep operations knowledge from one of the practice co-head&rsquo;s 14 years at D.E. Shaw. Advises on fund formation, management company structuring, regulatory compliance, employment contracts, spinoffs, litigation, complex transactions and ERISA and tax law. Has...



LISTING: Large Hedge Fund Practices

Thu, 20 Jun 2019
Purrington MoodyContact:David Moody212-431-7010dmoody@purringtonmoody.comTess Weil212-431-1934tweil@purringtonmoody.comBoutique firm focuses exclusively on private funds including hedge funds, private-credit vehicles and private equity funds. Advises on fund formation and operations, seeding arrangements, trading and transactions, and regulatory and compliance issues.NOTE: Complete listing appeared in June 19, 2019, issue of Hedge Fund Alert and...



LISTING: Large Hedge Fund Practices

Thu, 20 Jun 2019
Reed SmithContact:James McCarroll212-549-0209jmccarroll@reedsmith.comHedge fund group largely focused on regulatory issues, as well as fund formation, due-diligence and deal-structuring. Also represents large allocators on bespoke investments and sale of fund stakes on the secondary market.NOTE: Complete listing appeared in June 19, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo; section under...



LISTING: Large Hedge Fund Practices

Thu, 20 Jun 2019
Ropes & GrayContact:Laurel FitzPatrick212-596-9000laurel.fitzpatrick@ropesgray.comLeigh Fraser212-596-9000leigh.fraser@ropesgray.comRepresents major alternative-investment managers including Angelo Gordon & Co., Blackstone, Convexity Capital, Grosvenor Capital, Maverick Capital, Och-Ziff Capital, Pimco and Tiger Management. Advises on all aspects of fund-sponsorship including fund formation and operations, regulation and compliance, derivatives...



LISTING: Large Hedge Fund Practices

Thu, 20 Jun 2019
Sadis & GoldbergContact:Ron Geffner212-573-6660rgeffner@sadis.comAdvises on formation of 60-70 private funds per year, with client roster that includes several hundred SEC-registered investment advisors and CFTC-registered commodity pool operators. Senior practice members include former SEC lawyers and attorneys with experience at other major Wall Street firms.NOTE: Complete listing appeared in June 19, 2019, issue of Hedge Fund Alert and can be...



LISTING: Large Hedge Fund Practices

Thu, 20 Jun 2019
Schulte RothContact:Stephanie Breslow212-756-2000stephanie.breslow@srz.comDavid Efron212-756-2000david.efron@srz.comDavid Nissenbaum212-756-2000david.nissenbaum@srz.comRepresents more than half of the 100 largest hedge fund operators, including Blackstone, Baupost Group and Centerbridge Partners. Has experience working with managers across all major alternative-investment strategies, including activist, digital assets, distressed assets,...



LISTING: Large Hedge Fund Practices

Thu, 20 Jun 2019
Securities Law GroupContact:Jim Grand415-644-9501jgrand@tslg-law.comPitches itself as cost-effective alternative to big law firms. Has roughly 360 investment-management clients, including more than 150 hedge funds. Many clients are new or emerging managers.NOTE: Complete listing appeared in June 19, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Law...



LISTING: Large Hedge Fund Practices

Thu, 20 Jun 2019
Seward & KisselContact:Patricia Poglinco212-574-1247poglinco@sewkis.comRobert Van Grover212-574-1205vangrover@sewkis.comSteven Nadel212-574-1231nadel@sewkis.comRenowned for deep institutional knowledge, having helped form the first hedge fund firm, A.W. Jones & Co., in 1949. Home to one of the largest investment-management practices among law firms in the U.S. Advises hedge fund managers on range of issues including compliance, employee benefits,...



LISTING: Large Hedge Fund Practices

Thu, 20 Jun 2019
Shartsis FrieseContact:John Broadhurst415-421-6500jbroadhurst@sflaw.comWest Coast firm represents hundreds of investment advisors. Hedge fund practice began in early 1980s. Partners fill general-counsel roles for many clients, advising on issues including compliance, taxes, regulatory enforcement and litigation. Clients include Colchis Capital, Universa Investments and Valiant Capital.NOTE: Complete listing appeared in June 19, 2019, issue of...



LISTING: Large Hedge Fund Practices

Thu, 20 Jun 2019
Sidley AustinContact:Michael Schmidtberger212-839-5458mschmidtberger@sidley.comWorks with about two-thirds of 100 largest hedge fund managers. Besides fund formation, handles compliance, litigation, trade-documentation work and seed-capital deals. Has dedicated hedge fund staff in Chicago, Hong Kong, London, Los Angeles, New York, San Francisco and Singapore.NOTE: Complete listing appeared in June 19, 2019, issue of Hedge Fund Alert and can be...



LISTING: Large Hedge Fund Practices

Thu, 20 Jun 2019
Simmons & SimmonsContact:Richard Perry44-207-825-4310richard.perry@simmons-simmons.comLargest U.K. hedge fund practice represents many of the biggest fund managers, including Brevan Howard Asset Management, Lansdowne Partners and Man Group. Clients also include top U.S. fund operators seeking Europe-focused regulatory and transactional advice. Offers LaunchPlus online resource for fund startups. Has referral agreement with U.S. law firm Seward &...



LISTING: Large Hedge Fund Practices

Thu, 20 Jun 2019
StroockContact:Michael Emanuel212-806-6202memanuel@stroock.comAdvises fund sponsors, investors and distributors on all aspects of fund formation and management, including structuring, seed deals, financing and investments. Client roster includes many of the largest hedge fund managers, family offices, private banks and pension plans.NOTE: Complete listing appeared in June 19, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the...



LISTING: Large Hedge Fund Practices

Thu, 20 Jun 2019
Tannenbaum HelpernContact:Michael Tannenbaum212-508-6701tannenbaum@thsh.comRepresents numerous hedge fund and private equity fund managers across virtually every strategy, from startups to multi-billion-dollar firms. Specialties include complex fund formation and structuring, SEC compliance, marketing, taxes, dispute resolution, seed investments and mergers and acquisitions.NOTE: Complete listing appeared in June 19, 2019, issue of Hedge Fund...



LISTING: Large Hedge Fund Practices

Thu, 20 Jun 2019
WalkersContact:Ingrid Pierce345-814-4667ingrid.pierce@walkersglobal.comTop offshore firm works with many of the world&rsquo;s largest asset managers, banks and trust companies. Headquartered in Cayman Islands, with offices in Bermuda, British Virgin Islands, Guernsey, Ireland and Jersey, among other offshore domiciles. Also has large Asia practice, with offices in Hong Kong and Singapore.NOTE: Complete listing appeared in June 19, 2019, issue of...



LISTING: Large Hedge Fund Practices

Thu, 20 Jun 2019
Willkie FarrContact:Barry Barbash212-728-8000bbarbash@willkie.comJoe Cunningham212-728-8161jcunningham@willkie.comStoried firm founded in 1888. Longstanding hedge fund practice led by former SEC investment-management division director Barry Barbash. Represents managers across range of strategies and structures. Has expertise in key areas affecting hedge funds, including fund formation, SEC registration, trading, commodities, broker-dealer...



LISTING: Large Hedge Fund Practices

Thu, 20 Jun 2019
WilmerHaleContact:Timothy Silva617-526-6502timothy.silva@wilmerhale.comAdvises on fund structuring, regulatory matters, taxes and ERISA obligations. Practice includes lawyers dedicated to prime brokerage and derivatives. Highly experienced in management-company successions and restructurings. Some practice members previously worked in senior government roles.NOTE: Complete listing appeared in June 19, 2019, issue of Hedge Fund Alert and can be...



LISTING: Large Hedge Fund Practices

Thu, 20 Jun 2019
Winston & StrawnContact:Jay Gould212-294-9575jgould@winston.comAdvises managers on range of issues including fund formation, governance and regulatory examinations. In addition to more than 50 hedge fund clients, works with private equity funds, alternative mutual funds, business development companies and other alternative-investment vehicles. San Francisco firm also has lawyers in Chicago, Los Angeles, New York and Washington.NOTE: Complete...



Ikigai Knocked by Former Marketing Chief

Wed, 19 Jun 2019
A recently departed partner at crypto-fund operator Ikigai Asset Management took a rare parting shot at her former employer.Christina Martin, who oversaw marketing at the Los Angeles firm, sent an email to numerous industry contacts last week that pointedly questioned Ikigai&rsquo;s compliance and investment practices. Martin said she left to pursue &ldquo;greater opportunities in fintech and capital markets.&rdquo;&ldquo;While I bear no ill will...



Funds Examined on Cloud-Storage Vendors

Wed, 19 Jun 2019
In its latest effort to ensure money managers are taking cybersecurity seriously, the SEC is examining two dozen hedge fund firms and other investment advisors that store data in the cloud.The securities regulator is looking in particular at how fund managers choose data-storage vendors and what efforts they are taking to ensure those vendors are protecting both investment data and clients&rsquo; personal information. Although the SEC has been...



Westwood Alumnus On Track for Big Launch

Wed, 19 Jun 2019
A former top executive at Westwood Holdings has lined up at least $150 million for the launch of a long-only vehicle.Mark Freeman, who previously ran the multi-asset investment team at the $16 billion Westwood, plans to begin trading on July 1 from his newly formed Socorro Asset Management of Dallas. Day-one limited partners include a Texas endowment and a family office that invests the fortune of the late real estate developer Fred Trammell...



Boothbay Switches Marketing Menu

Wed, 19 Jun 2019
Boothbay Fund Management is simultaneously preparing to launch a hedge fund and close its flagship vehicle to new investors.The New York multi-strategy firm expects to start trading its Boothbay Diversified Alpha Fund during the third quarter with an undetermined amount of capital. The operation also is eyeing the next few months to stop accepting capital for its $470 million Boothbay Absolute Return Strategies Fund.That move reflects a desire by...



Ex-Laurion Manager Maps Launch

Wed, 19 Jun 2019
A portfolio manager has left the quantitative-driven Laurion Capital to set up his own hedge fund operation.Frank Fu exited the $2.3 billion Laurion around the end of March. Indications are that he could begin trading through his new firm by the end of September.Some of Fu&rsquo;s colleagues might follow him to the new operation. &ldquo;He was partner level and an important portfolio manager for them,&rdquo; one source said.Fu joined Laurion in...



OPERS Seeks Hedge Fund Consultant

Wed, 19 Jun 2019
Ohio Public Employee Retirement System is looking for help managing its sizable hedge fund portfolio, even as it shrinks its allocation to the sector.The $99.7 billion pension is circulating a request for proposals among consulting firms that specialize in guiding large institutional allocators on hedge fund investments. The consultant would assist the pension&rsquo;s investment staff in strategy research, manager selection, operational...



GMT Alum Soliciting Investors

Wed, 19 Jun 2019
Details are emerging about a hedge fund firm that former GMT Capital executive Marc Pearson is starting.Working through his Atlanta-based Highland View Capital, Pearson is expected to launch a fundamental-driven fund called Highland View Horizon Fund 1 during the third quarter with at least $10 million. He would use the vehicle to build a portfolio of long-biased positions in 30-50 stocks, with an emphasis on identifying winning sectors.In...



Bank Forms Feeder for Point72

Wed, 19 Jun 2019
Morgan Stanley has added Point72 Asset Management to a roster of blue-chip fund managers accessible to its wealth-management clients.Via a newly formed feeder fund in its HedgePremier program, the bank raised an initial $29 million from 77 U.S. investors for Point72&rsquo;s flagship multi-strategy fund. In the past few years, Morgan Stanley has set up feeder funds for vehicles managed by Balyasny Asset Management, ExodusPoint Capital, Marshall...



Ex-Merrill Advisor Preps for Launch

Wed, 19 Jun 2019
A veteran financial advisor is starting a hedge fund.Luis de la Garza, who spent more than 20 years at Merrill Lynch and then Bank of America advising international clients, has formed LG3 Capital of San Antonio. He has begun soliciting capital for an equity vehicle dubbed North West Quadrant Fund.When de la Garza plans to begin trading &mdash; and with how much &mdash; is unclear. But he&rsquo;s telling prospective limited partners that the fund...



Typhon Expands Strategy Lineup

Wed, 19 Jun 2019
Managed-futures shop Typhon Capital is adding another commodity-trading advisor to a platform that offers investors access to niche strategies.London-based Mercurio Quantitative Program, led by Roberto Vernazza, will begin trading on July 1 with some $40 million from separate-account clients of Typhon&rsquo;s Argos Alternative Funds Platform. The new vehicle will substantially increase Typhon&rsquo;s assets under management, currently about $80...



Ex-Citadel Analyst Readies Offering

Wed, 19 Jun 2019
A consumer-stock analyst is starting his own hedge fund.Greg Blotnick, who most recently analyzed consumer and retail stocks at Schonfeld Strategic Advisors and Citadel, is aiming for a third-quarter launch for his Brattle Street Capital of New York. He&rsquo;s hoping to begin trading with about $50 million.The fund would take long and short positions in retailers and other consumer-focused businesses, with an emphasis on small- and mid-cap...



The Grapevine

Wed, 19 Jun 2019
ExodusPoint Capital gained three portfolio managers this month, while losing one. Global-macro specialist Noah Singerman joined the New York firm from Carlson Capital. He also has worked at Morgan Stanley and J.P. Morgan. Also in New York is currency-volatility specialist Jack DeCamp, formerly of BNP Paribas, Hutchin Hill Capital and Credit Suisse. And Jeremie Levy, who aims to exploit index rebalancings, came on board in London following stops...



The Grapevine

Wed, 19 Jun 2019
Millennium Management subsidiary Decade Capital has hired a senior analyst. Brian Konigsberg joined the firm&rsquo;s Greenwich, Conn., office this month from EverPoint Asset Management, an equity-focused unit of Point72 Asset Management. Konigsberg also has spent time at Vertical Research and Citigroup.



The Grapevine

Wed, 19 Jun 2019
Separately, Millennium Management hired a portfolio manager and a senior strategist this month. The portfolio manager, Mahmood Reza, covers financial-company stocks from New York. He previously worked at BlueMountain Capital, Omega Advisors and Brahman Capital. The strategist, Omair Sharif, previously was a senior economist at Societe General and RBS. He also is stationed in New...



The Grapevine

Wed, 19 Jun 2019
Global-macro firm Eisler Capital added a portfolio manager to its London headquarters this month, assigning Bisser Filiov to handle relative-value investments in government bonds. Filiov most recently was a trader on Citadel&rsquo;s fixed-income team. He also has worked at Scotiabank. Eisler is led by Edward Eisler.



The Grapevine

Wed, 19 Jun 2019
Citadel added an associate portfolio manager to its global-macro investment team in New York this month. The recruit, Dylan Gordan, previously worked at PointState Capital and Goldman Sachs.



The Grapevine

Wed, 19 Jun 2019
Cantor Fitzgerald added a vice president to its capital-introduction team. Kelly Hohertz joined the firm&rsquo;s Dallas office this month from an investment-analyst post at wealth manager View Capital. Hohertz also has worked at Mt. Vernon Investments and Annandale Capital.



The Grapevine

Wed, 19 Jun 2019
Alternative-investment professional R.J. Price has left Shumway Capital, where he had worked since 2015 as a principal. His new job: pursuing public and private equity investments at Allen Investment, the wealth-management division of investment bank Allen & Co. The New York-based Price also has worked at TPG and Greenhill & Co. Allen Investment, led by Ashok Chachra, had $5.5 billion under management at yearend...



The Grapevine

Wed, 19 Jun 2019
Lian Kor joined London fixed-income shop Elan Capital this month as a portfolio manager. Kor previously was a global-macro trader at Elliott Management, and before that was at Goldman Sachs. Elan spun off from Pine River Capital in 2018. The firm is led by Renos Dimitriou.



The Grapevine

Wed, 19 Jun 2019
Technology-stock investor KCL Capital has picked up an analyst. Brandon Dewji joined the New York firm in May from Citadel unit Aptigon Capital. Dewji also has spent time at Goldman Sachs and Aurora Investment. KCL is led by Chris LaSusa and Kevin Cottrell. It had $440 million under management on June 1.



The Grapevine

Wed, 19 Jun 2019
BlueCrest Capital has picked up a portfolio manager to oversee a mix of securities and derivatives in Europe, the Middle East and Africa. Slimane Naji joined the firm&rsquo;s London office in May from the Merrill Lynch unit of Bank of America. BlueCrest, formerly a hedge fund manager, converted to a family office for founder Michael Platt in 2015.



LISTING: Brokers Offering Trade-Execution Services to Hedge Funds

Thu, 13 Jun 2019
BTIGSan FranciscoContact:Chris Casanovas415-248-2288chris@btig.comA leader in the field, BTIG formed via 2004 merger of Bass Trading and Baypoint Trading. Team of 30 traders offers 24-hour coverage from offices in New York, Dallas, San Francisco, London, Hong Kong, Sydney and Singapore. Trade-execution services separate from prime-brokerage offering.NOTE: Complete listing appeared in June 12, 2019, issue of Hedge Fund Alert and can be found on...



LISTING: Brokers Offering Trade-Execution Services to Hedge Funds

Thu, 13 Jun 2019
Capital Institutional ServicesDallasContact:Christopher Hurley214-978-4777churley@capis.comMatt Krebs214-978-4758mkrebs@capis.comFounded in 1977, CAPIS touts global trading capabilities in equities, fixed-income securities and derivatives. Works with clients through entire trade life cycle, from research and execution to post-trade compliance and commission management. Also advises clients on outsourcing middle- and back-office functions. Status...



LISTING: Brokers Offering Trade-Execution Services to Hedge Funds

Thu, 13 Jun 2019
CF Global TradingNew YorkContact:Ed Dejoux212-888-4717edejoux@cfglobal.comScott Chace44-207-400-8686sc@cfglobal.comRobert Fleming852-3961-8500rf@cfglobal.comOffers customized, broker-neutral execution services for hedge funds, traditional asset managers and pension funds via live desks in New York, London and Hong Kong. Operates either as extension of a fund&rsquo;s own trading desk or as fully dedicated service, with no additional fixed costs or...



LISTING: Brokers Offering Trade-Execution Services to Hedge Funds

Thu, 13 Jun 2019
Celadon FinancialChatham, N.J.Contact:Daryl Hersch973-701-8033dhersch@celadonfinancial.comKnown as a mini-prime broker in the hedge fund field, Celadon has been offering trade-execution services to family offices and institutional investors for more than 30 years. Supports strategies including long/short equity, equity market neutral, high-frequency trading and volatility arbitrage. Dedicated options desk can execute complex trades. Fixed-income...



LISTING: Brokers Offering Trade-Execution Services to Hedge Funds

Thu, 13 Jun 2019
CowenNew YorkContact:Bobby Croswell646-562-1633bobby.croswell@cowen.comHired Croswell from rival BTIG in August 2018 to lead business development for outsourced-trading unit. Group heads Michael Rosen and Jack Seibald tout experience as hedge fund managers, having previously run consumer-stock shop Whiteford Advisors. They also serve as co-heads of Cowen&rsquo;s prime-brokerage division. Trade-execution unit counts 140 clients. Employs 25 traders...



LISTING: Brokers Offering Trade-Execution Services to Hedge Funds

Thu, 13 Jun 2019
Dalzell TradingBostonContact:Dave Dalzell617-340-5313ddalzell@dalzelltrading.comFounded in 2018 by trade-execution specialist Robert Dalzell, once a top trading executive at BlackRock. Offers algorithmic and manual trading services, touting more experience than execution traders at banks. Part of pitch is a simple fee structure and free advice on best-execution policies and practices. Clients include Disciplined Alpha.NOTE: Complete listing...



LISTING: Brokers Offering Trade-Execution Services to Hedge Funds

Thu, 13 Jun 2019
JefferiesNew YorkContact:Brett Finer212-284-1740bfiner@jefferies.comHas signed about 70 clients since establishing outsourced-trading unit in June 2018. Half are emerging managers that also use Jefferies as a prime broker, according to research firm Opimas. Outsourced-trading desk has half-dozen traders in New York, Dallas and London. Clients also gain access to Jefferies research.NOTE: Complete listing appeared in June 12, 2019, issue of Hedge...



LISTING: Brokers Offering Trade-Execution Services to Hedge Funds

Thu, 13 Jun 2019
JonesTradingNew YorkContact:Jeff LeVeen212-907-5375leveen@jonestrading.comTrade-execution business has nearly 50 clients, up from just a handful in 2015. Employs 10 traders covering U.S. market plus three focused on Asia and two on Europe. Also has two traders handling derivatives. In addition to New York, has trading desks in San Francisco and Charleston, S.C.NOTE: Complete listing appeared in June 12, 2019, issue of Hedge Fund Alert and can be...



LISTING: Brokers Offering Trade-Execution Services to Hedge Funds

Thu, 13 Jun 2019
Northern TrustLondonContact:Gary Paulin44-797-482-7059gdp2@ntrs.comTom Zita212-909-0922tcz1@ntrs.comGrant Johnsey312-557-5164gj24@ntrs.comFormed outsourced-trading unit in September 2017 following acquisition of Aviate Global, a global-equity brokerage led by Paulin. Has 38 clients, mostly long-only shops, but also works with handful of hedge fund managers including Lucerne Capital. In addition to providing execution services, works with...



LISTING: Brokers Offering Trade-Execution Services to Hedge Funds

Thu, 13 Jun 2019
Outset Global TradingNew YorkContact:Adam Bandeen44-207-731-9561adam@outsetglobal.comRaymond McCabe44-207-731-9561raymond@outsetglobal.comMassimo Bufalini212-390-0904massimo@outsetglobaltrading.comIndependent firm focuses exclusively on trading, with 10 traders across global equity markets providing 24-hour coverage to roughly 120 clients. Clients range from family offices and emerging managers to large hedge fund operations and...



LISTING: Brokers Offering Trade-Execution Services to Hedge Funds

Thu, 13 Jun 2019
Tourmaline PartnersStamford, Conn.Contact:Aaron Hantman203-302-7330ah@tourmalinellc.comFirm&rsquo;s 30 traders average more than 15 years of experience. Offers 24-hour buy-side execution across global equities and derivatives to hedge funds, mutual funds, family offices, sovereign wealth funds and financial advisors. Client roster of more than 300 ranges from startups to firms with more than $100 billion of assets. Has trading desks in London and...



LISTING: Brokers Offering Trade-Execution Services to Hedge Funds

Thu, 13 Jun 2019
Wall Street AccessNew YorkContact:Glenn Cochin201-782-3324glenn.cochin@wsaccess.comTeam of 20 traders serves more than 100 hedge funds. Emphasizes status as independent firm focused primarily on executing trades for institutional clients. Founded in 1981 as Wall Street Clearing Co.NOTE: Complete listing appeared in June 12, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Market&rdquo; section under &ldquo;Outsourced...



LISTING: Brokers Offering Trade-Execution Services to Hedge Funds

Thu, 13 Jun 2019
Weeden Prime ServicesGreenwich, Conn.Contact:Eric Savitz203-388-4800eric.savitz@weedenprime.comFormed execution business via 2015 deal under which Weeden & Co.&rsquo;s prime-services unit absorbed trading firm Greenwich Prime. Caters to small and mid-size hedge fund managers. Parent company to be acquired by Piper Jaffray in deal slated to close in July 2019, but prime-services unit will remain independent.NOTE: Complete listing appeared in June...



LISTING: Brokers Offering Trade-Execution Services to Hedge Funds

Thu, 13 Jun 2019
Wells FargoSan FranciscoContact:Eric Morgan415-848-4051e.morgan@wellsfargo.comEstablished by mini-prime broker Merlin Securities, which Wells acquired in 2012. Employs six traders. Touts robust technology infrastructure including transaction-cost analysis. Clients gain access to prime-brokerage resources including business consulting, capital introduction, risk management and investor reporting.NOTE: Complete listing appeared in June 12, 2019,...



LISTING: Brokers Offering Trade-Execution Services to Hedge Funds

Thu, 13 Jun 2019
Williams TradingWestport, Conn.Contact:David &ldquo;Tiger&rdquo; Williams203-353-7610tiger@wtco.comFirst independent outsourced-trading shop founded by Williams in 1997 to handle trading for managers spinning off from Tiger Management. Offers 24-hour coverage for developed markets globally, as well as emerging and frontier markets. Compensates traders based on client satisfaction, rather than trading volume. In 2019, formed partnership with Cowen...



Balyasny Jumpstarts Client-Relations Engine

Wed, 12 Jun 2019
Balyasny Asset Management is rebuilding its investor-relations team following a period of heavy staff turnover amid a sharp decline in assets under management.David Mullane, a former Goldman Sachs executive who came on board only 18 months ago as co-head of investor relations, will leave the multi-strategy fund operator at the end of this month. His unit has lost three other members since yearend 2018: fellow co-head Stephanie Mesheski and...



Study Examines Costs of Trade Outsourcing

Wed, 12 Jun 2019
Trade-execution shop JonesTrading is wrapping up a study that attempts to quantify the cost savings small and mid-size fund operators can realize by outsourcing trading functions versus handling them in-house.A hedge fund startup running $50 million via a high-turnover strategy could save more than $200,000 annually by hiring an outsourced-trading firm, as opposed to building and operating a trading desk itself, according to a draft of the study....



Former Koch Investment Pros Set to Launch

Wed, 12 Jun 2019
Three portfolio managers who previously worked together in Koch Industries&rsquo; investment-management division are starting a hedge fund with backing from their former employer.Daniel Nesbitt, Thong Nguyen and Utkarsh Samant already have received investor commitments totaling $200 million for a fund they plan to launch from their Greenwich, Conn., firm, Keebeck Alpha. Word has it that Koch will contribute a good chunk of the day-one capital.The...



Ex-Millennium Team Breaking Up

Wed, 12 Jun 2019
A large equity-trading team that recently split from Millennium Management to launch its own hedge fund appears to have disbanded.Led by portfolio manager Jonathan Siscovick, Dayah Capital was among the investment teams at the $38.7 billion Millennium that operated under a separate name. Hedge Fund Alert reported in March that Siscovick and his 12-member group were leaving Millennium and planned to re-form as an independent fund-management...



Manager Opts for Bigger Employer

Wed, 12 Jun 2019
Another hedge fund manager has shuttered his firm to join a big multi-strategy operation.Ilya Boroditsky recently unwound his New York-based Precision Path Capital in anticipation of starting at Millennium Management in the coming months. Analysts Andrew Chen and Spencer Washburn already have jumped from Precision Path to Millennium.Boroditsky&rsquo;s maneuver adds to a string of instances in which the leaders of smaller hedge fund firms have...



Multi-Strategy Startup Loses Backer

Wed, 12 Jun 2019
Antecapio Investment is trying to regroup after an investor promising a big chunk of seed capital backed out.The New York firm, co-founded by former Weiss Multi-Strategy Advisers president Rick Doucette, originally planned to launch a multi-strategy fund in the third quarter of 2017 with about $300 million, Reuters reported at the time. But Antecapio has yet to begin trading, even though it continues to employ 18 investment and operations...



Jones Road Pencils in Final Close

Wed, 12 Jun 2019
Former Eton Park Capital partner Aaron Wertentheil wants to raise a total of $500 million or more for a drawdown fund he launched in the first quarter with a seed investment from Blackstone.Wertentheil&rsquo;s New York firm, Jones Road Capital, so far has secured $320 million of commitments &mdash; including $150 million from a Blackstone seeding vehicle, Strategic Alliance Fund 3. Jones Road aims to hold a final close for Jones Road Opportunity...



Pine River Alum Hangs Own Shingle

Wed, 12 Jun 2019
A former Pine River Capital portfolio manager has started a hedge fund firm.Working through his Dubai-based Permaneo Capital, Luca Toietta plans to follow a relative-value approach to trading liquid fixed-income products from major industrial nations. The operation is set to start trading in July with $15 million.Toietta joined Pine River in 2013 as co-manager of a fund that invested in liquid interest-rate products. He then moved to a portfolio...



Middle East Pros Up and Running

Wed, 12 Jun 2019
A firm that invests in the stocks of companies in the Middle East and North Africa has launched its debut fund.London-based Longdean Capital started trading Longdean MENA Opportunities Fund in May with an undisclosed amount of capital from founder Karim Jetha, partner Mustafa Salih, and friends and family members. It now is talking to prospective limited partners, primarily in the U.S.The firm&rsquo;s targeted investors include endowments,...



Middle East Pros Up and Running

Wed, 12 Jun 2019
A firm that invests in the stocks of companies in the Middle East and North Africa has launched its debut fund.London-based Longdean Capital started trading Longdean MENA Opportunities Fund in May with an undisclosed amount of capital from founder Karim Jetha, partner Mustafa Salih, and friends and family members. It now is talking to prospective limited partners, primarily in the U.S.The firm&rsquo;s targeted investors include endowments,...



Short-Seller Stands Out in Europe

Wed, 12 Jun 2019
The only short-biased hedge fund manager in Europe is seeking to raise outside capital after running a small amount of partner money for the past 18 months.As part of its marketing campaign, ShadowFall Capital is highlighting a move to upgrade its service providers, including its prime broker. In the next month or so, the London firm will sign with a major prime broker whose capital-introduction team is eager to begin promoting the firm&rsquo;s...



Lower Threat Level on Rule 105

Wed, 12 Jun 2019
The SEC appears to be easing up on enforcement of short-selling restrictions under Rule 105 of Regulation M — welcome news for hedge fund managers and compliance officers.In the latest in a series of compliance reports to its fund-manager clients, law firm Proskauer notes the securities regulator hasn’t brought a Rule 105 enforcement action since 2017. And it anticipates that under Chairman Jay Clayton, the SEC “will likely focus its...



Survey Highlights Mezz Lenders

Wed, 12 Jun 2019
A survey of banks and asset managers that invest in high-yield subordinate debt on commercial real estate identifies the most active hedge fund operators in the field.The survey, conducted by sister publication Commercial Mortgage Alert, counts 158 firms that originate or buy mezzanine loans on commercial properties. The list includes Wall Street banks that arrange traditional mezzanine debt, secured by the borrower&rsquo;s equity interest in a...



Weiss Uses Algorithm on Recruits

Wed, 12 Jun 2019
Weiss Multi-Strategy Advisers has expanded the use of data analytics in evaluating new recruits.The move is aimed at improving the efficiency of the $1.9 billion firm&rsquo;s hiring process as it attempts to double its assets by yearend. The operation currently employs 60 investment professionals across 20 market-neutral trading teams, and is set to expand that number to 22 as recent hires arrive in the coming months.The data-analytics play comes...



The Grapevine

Wed, 12 Jun 2019
Man GLG added one portfolio manager and two analysts to its London team this month. Event-driven specialist Tej Johar signed on as a portfolio manager from Broad Bridge Capital, a firm he founded after stops at BlueCrest Capital and Credit Suisse. Also coming from Broad Bridge was Rafael Lopes, a quantitative analyst who earlier worked at Cantor Fitzgerald. Meanwhile, analyst Nikolaus von Abercron joined Man GLG to work on a long-only fund. His...



The Grapevine

Wed, 12 Jun 2019
Portfolio manager Robert Banham joined Point72 Asset Management&rsquo;s London office this month. Banham, who covers the stocks of materials, energy and utility companies, most recently worked at Balyasny Asset Management. He also has spent time at Marshall Wace and Threadneedle Asset Management.



The Grapevine

Wed, 12 Jun 2019
Healthcare-stock specialist Matthew Philippe joined Schonfeld Strategic Advisors&rsquo; Hong Kong outpost in June as a portfolio manager. Philippe comes to the New York multi-strategy firm from an analyst position at Karst Peak Capital. He also has worked at Deutsche Bank and Avet Capital.



The Grapevine

Wed, 12 Jun 2019
New York equity manager Palestra Capital signed Vickram David this month to lead its investor-relations efforts. David previously worked at Kingdon Capital, and spent time at SRS Investment and the now-shuttered Diamondback Capital.



The Grapevine

Wed, 12 Jun 2019
JonesTrading has added two members to its prime-brokerage unit. Rich Mormile arrived in New York on June 7 as head of the division&rsquo;s capital-introduction team. Mormile previously worked at Permanens Capital, Burnham Asset Management, Revere Capital and EIM Management. Also arriving this month was Boston-based prime-brokerage salesman Robert Jordan. His former employers include Weeden Prime Services, Wells Fargo and Merlin...



The Grapevine

Wed, 12 Jun 2019
Meanwhile, JonesTrading this month lined up Goldman Sachs to handle trade-clearing and settlement functions for clients of its prime-brokerage division. The arrangement marks the first time in years that Goldman has expanded its roster of introducing brokers, adding Jones to a list that includes BTIG, Cowen Group and Weeden Prime Services. Jones also routes clearing and settlement work to Bank of...



The Grapevine

Wed, 12 Jun 2019
Business-development specialist Lucy Alexander joined Chenavari Investment&rsquo;s London office this month as a managing director. Alexander previously worked at Tufton Oceanic. She additionally co-founded hedge fund advisory and capital-raising firm DNA Advisors and spent time at Hyde Park Investments. Chenavari, a Europe-focused debt shop led by Loic Fery, has $5 billion under...



The Grapevine

Wed, 12 Jun 2019
Trader Kyle Kemp signed on at New York multi-strategy firm Centiva Capital in May. Kemp covers financial-company debt. He previously traded the debt of energy and healthcare companies at Mizuho, and before that was at MUFG. Centiva, headed by Karim Abbadi and Edward McBride, was managing $1.9 billion of gross assets at yearend 2018.



The Grapevine

Wed, 12 Jun 2019
Senior marketing and investor-relations specialist Jamie Parrot departed Carlson Capital in May, destination unknown. Parrot earlier worked at the now-defunct Perry Capital and Lehman Brothers. Her exit from Carlson followed the departure of Kevin Silva, who started this month at Bardin Hill Investment.



The Grapevine

Wed, 12 Jun 2019
Balyasny Asset Management is adding two portfolio managers to its Anthem training program, which assigns pools of capital to younger investment professionals. Jaime Brandwood and Charlie Witmer will start in August, with Brandwood overseeing a book of consumer-company stocks from London and Witmer running a portfolio of healthcare stocks from New York. Brandwood previously worked at Millennium Management. Witmer was at Point72 Asset...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
TradingScreenNew Yorktradingscreen.comFormed partnership with block-trading powerhouse BIDS Trading in February 2019 that offers TradingScreen clients a new source of liquidity. Flagship product, TradeSmart, is a multi-asset, multi-broker execution- and order-management system that&rsquo;s compatible with leading portfolio-management systems. Founded in 1999.NOTE: Complete listing appeared in June 5, 2019, issue of Hedge Fund Alert and can be...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
Trading TechnologiesChicagotradingtechnologies.comFutures-trading specialist added feature in May 2019 allowing users to connect with bitcoin-futures exchange CoinFLEX. Trading Technologies&rsquo; X_Trader product executes high-speed derivatives trades through any broker on exchanges worldwide. Other products simulate trades and test strategies against live prices and monitor risks of trading positions.NOTE: Complete listing appeared in June 5,...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
TPG SoftwareHoustontpgsoftware.comFlagship product, Portfolio Genius, automates fixed-income trading, risk-management and operations functions. Derivative Genius covers futures, options, swaps and other types of derivatives. Founded in 1991.NOTE: Complete listing appeared in June 5, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Market&rdquo; section under &ldquo;Tech...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
Tora Trading ServicesBurlingame, Calif.tora.comSigned Schonfeld Strategic Advisors as client in March 2019 and Zurich-based Systematic Investment Management in April. In 2018, partnered with MarketAxess unit Trax to help clients meet reporting requirements of MiFID 2. Combines Trax&rsquo;s regulatory-reporting engine with Tora&rsquo;s trade-execution and order-management software for hedge funds, mutual funds and proprietary-trading desks.NOTE:...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
TemenosGenevatemenos.comEntered fund-management sector in 2015 by acquiring Multifonds of Luxembourg. Before that, Temenos primarily was known as vendor of banking software. Multifonds Global Accounting product adaptable to all fund structures and asset classes across 30 jurisdictions.NOTE: Complete listing appeared in June 5, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Market&rdquo; section under &ldquo;Tech...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
Tethys TechnologyNew Yorktethystech.comFlagship product performs real-time portfolio-management, trade-execution and risk-management functions. Gives users access to major algorithmic- and program-trading desks, sell-side traders and floor brokers. Has been offering U.S. equity algorithms since 2004, and was first to market with options algorithms in 2007.NOTE: Complete listing appeared in June 5, 2019, issue of Hedge Fund Alert and can be found...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
StatProLondonstatpro.comRevenue rose 13% in 2018 to &#163;54.8 million ($69 million). Flagship product, StatPro Revolution, analyzes performance and risk. It allows managers to share analytics with clients and service providers. In 2017, acquired UBS risk- and performance-analytics system called Delta and folded that product into Revolution offering.NOTE: Complete listing appeared in June 5, 2019, issue of Hedge Fund Alert and can be found on...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
SS&CWindsor, Conn.ssctech.comPublic firm is top-tier fund administrator and financial-technology powerhouse, thanks to purchase of Eze Software in 2018 and Advent in 2015. SS&C offers products whose functions include trade execution, portfolio management, connecting trading partners, supporting algorithmic trading, risk management, research management, profit-loss allocation and debt- and derivative-product accounting.NOTE: Complete listing...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
Sky RoadDowners Grove, Ill.skyroad.comDevelops trade-execution and risk-analysis technology. Cloud-based system, which is fully integrated with Bloomberg, supports trading and portfolio-management functions for managers of derivatives portfolios. Formed in 2005 when Ritchie Capital spun off its information-technology unit.NOTE: Complete listing appeared in June 5, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
SimCorpCopenhagensimcorp.comOrder book totaled &#8364;47.1 million ($52.5 million) on March 31, 2019 &mdash; more than double the year-ago total. Flagship product is multi-asset system that performs front-, middle- and back-office functions via centralized &ldquo;investment book of record.&rdquo; Clients use SimCorp technology to manage combined $19 trillion of assets. U.S. headquarters is in New York.NOTE: Complete listing appeared in June 5,...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
SEIOaks, Pa.seic.comIn April 2019, reported 8% increase in first-quarter revenue from investment managers. Best known as a fund administrator, SEI also provides technology and services for data and compliance management. Users aren&rsquo;t limited to clients of SEI&rsquo;s fund-administration business.NOTE: Complete listing appeared in June 5, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Market&rdquo; section...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
S3 PartnersNew Yorks3partners.comCounts more than 400 institutional clients. Technology helps hedge funds, other asset managers and financial intermediaries determine total cost of ownership and deal terms. Flagship product calculates return on assets and return on equity, among other functions. Founded in 2003.NOTE: Complete listing appeared in June 5, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Market&rdquo;...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
RiskVal Financial SolutionsNew Yorkriskval.comSystem performs real-time, relative-value analytics for fixed-income traders. Cloud-based technology facilitates multi-strategy, multi-currency bond trading. In April 2019, formed partnership with New Jersey Institute of Technology to apply advanced data-science techniques to model fluctuations in the bond market. Founded in 2001.NOTE: Complete listing appeared in June 5, 2019, issue of Hedge Fund...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
RefinitiNew Yorkrefinitiv.comFormed in 2018 when Thomson Reuters sold majority stake in its financial data and technology business to Blackstone. Products include Elkon, which performs pre-trade analytics; REDI order-management system; and FXall, for currency traders. In May 2019, agreed to acquire AlphaDesk, which markets a cloud-based order-management system. REDI originally was developed by Spear Leeds in the early 1990s.NOTE: Complete listing...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
Risk-AIBrooklynrisk-ai.comOffers web-based tool that allows funds of funds and other hedge fund investors to compare return and risk metrics. Founded in 2008 by Aleksey Matiychenko, formerly with Ivy Asset Management.NOTE: Complete listing appeared in June 5, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Market&rdquo; section under &ldquo;Tech...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
Rebar SystemsFort Lee, N.J.rebarsys.comFlagship order-management product, Rome, incorporates pre- and post-trade compliance functions. Vendor also offers consulting services to clients including Bridgewater Associates. Partnered in 2017 with Orchestrade to give hedge funds access to a front- and middle-office system that handles trading workflows for all asset types.NOTE: Complete listing appeared in June 5, 2019, issue of Hedge Fund Alert and...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
Real World ComplianceNew Yorkorical.orgAffiliate of hedge fund-compliance consultant Orical offers fully automated system for private fund operators. Functions include pre-trade review, monitoring of employees&rsquo; personal trades and electronic-communication forensics. Designed to enhance and simplify clients&rsquo; supervisory capabilities while reducing costs. Orical founded in 2010 by former Marathon Asset Management executives.NOTE:...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
Real Time Risk SystemsNew Yorkrealtimerisksystems.comSystem analyzes derivatives positions to show real-time changes in a portfolio&rsquo;s risk. Targets multi-strategy hedge funds. Founded in 2004 by Robert Navin, who previously ran $1 billion alternative-investment firm in Stamford, Conn., and earlier worked at Highbridge Capital.NOTE: Complete listing appeared in June 5, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
RavenPackMalaga, Spainravenpack.comLaunched product in March 2019 that ranks stock portfolios based on sentiment culled from some 19,000 sources, including news reports, social media and regulatory filings. Provider of big-data analytics offers tools that harvest information from written sources with aim of delivering machine-readable data. Founded in 2003.NOTE: Complete listing appeared in June 5, 2019, issue of Hedge Fund Alert and can be found...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
Quantitative BrokersNew Yorkquantitativebrokers.comDevelops trading algorithms designed to help investors in the futures and cash Treasury markets achieve best-execution. Available through more than 20 order-management systems including Aladdin, Bloomberg Tradebook, Charles River, Eze Software, Portware, REDI and TradingScreen. Another product helps clients analyze and manage trading costs. Founded in 2008 by Robert Almgren and Christian Hauff,...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
QuantifiNew Yorkquantifisolutions.comPosted 62% growth in new business in 2018, with 96% client-retention rate. Flagship product designed for managers that trade complex over-the-counter instruments. System encompasses functions including pre- and post-trade analytics, pricing and risk management. Signed credit-focused Ellington Management as client in April 2019. Other clients include CQS, OFI Asset Management and Pine River Capital.NOTE:...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
QuantConnectSeattlequantconnect.comCloud-based system designed for startup and smal quantitative managers. Users can craft strategies and back-test trading programs, drawing computing power from hundreds of servers. Maintains massive financial database covering U.S. equities, options, futures and currencies back to 1998.NOTE: Complete listing appeared in June 5, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
ProTrak InternationalNew Yorkprotrak.comLeading developer of customer relationship management software for investment managers including hedge funds. Clients include Elliott Management, Optima Fund Management, Paloma Partners, Pershing Square Capital and Trian Partners. Hedge Fund CRM product enables users to view all aspects of investor accounts, keep track of fund-raising prospects and produce reports on client activity. Founded in 1988.NOTE:...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
PrevalentPhoenixprevalent.netCloud-based cybersecurity platform helps clients manage third-party risk. Automates risk-tiered assessments, monitoring and evidence-sharing to improve collaboration between fund manager and vendors. Used by some 200 companies, including top financial, legal-service and healthcare businesses. Vendor founded in 2004.NOTE: Complete listing appeared in June 5, 2019, issue of Hedge Fund Alert and can be found on...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
Profile SoftwareLondonprofilesw.comReleased new version of investment-management product, Axia Suite, in February 2019. Signed Dubai-based MADA Capital as client in May 2019. Founded in 1990, Profile offers variety of investment, risk-management, data-management, compliance and trading software. Acquired treasury and risk-management software provider Login in 2017.NOTE: Complete listing appeared in June 5, 2019, issue of Hedge Fund Alert and can...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
PortfolioShopSyosset, N.Y.portfolioshop.comSoftware performs reconciliation, reporting, cost-basis and other accounting functions, as well as performance analysis and risk management. Used by more than 1,100 investment managers, including hedge funds. Founded in 1999.NOTE: Complete listing appeared in June 5, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Market&rdquo; section under &ldquo;Tech...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
Orchestrade Financial SystemsSan Mateo, Calif.orchestrade.comFlagship product performs full range of front- to back-office functions. Used by 20-plus clients managing more than $50 billion combined, including emerging-market specialist Finisterre Capital.NOTE: Complete listing appeared in June 5, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Market&rdquo; section under &ldquo;Tech...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
PortfolioScienceNew Yorkportfolioscience.comFlagship product, RiskAPI, allows fund managers and service providers to perform sophisticated value-at-risk calculations from their existing spreadsheets. Another product, ReportLab, allows users of RiskAPI to generate visual images of complex portfolio data. Founded in 2000.NOTE: Complete listing appeared in June 5, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
OpEff TechnologiesHicksville, N.Y.opeff.comFlagship product, dubbed Perfona, is cloud-based system that performs trading, portfolio-management, middle- and back-office functions. Fully accessible from standard web browser, requiring minimal infrastructure. Hedge funds account for about 80% of total revenue. Vendor founded in 2010.NOTE: Complete listing appeared in June 5, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
Option Technology SolutionsChicagooptech-usa.comHas been developing options-trading software for 30-plus years. In 2018, teamed up with securities broker and financial technology provider ITG to form a derivatives execution and technology business called MatrixEx. Joint venture offers derivatives-trading technology and execution services to brokers, trading desks and hedge funds.NOTE: Complete listing appeared in June 5, 2019, issue of Hedge Fund...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
OneMarketDataHoboken, N.J.onetick.comFlagship product, dubbed OneTick, stores, retrieves and analyzes real-time and historic tick data for any type of asset. Back-testing feature helps quantitative managers design and test strategies. Also offers OneTick Elastic Analytics, a cloud-based service that provides varying computing power based on each client&rsquo;s needs.NOTE: Complete listing appeared in June 5, 2019, issue of Hedge Fund Alert and...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
OmgeoNew Yorkdtcc.comUnit of Depository Trust & Clearing sells software that automates post-trade process by matching trades of stocks, bonds and exchange-traded derivatives. Omgeo Alert is web-based system that enables investment managers, brokers and custodians to share account information and standing settlement instructions.NOTE: Complete listing appeared in June 5, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
NumerixNew Yorknumerix.comMain offering for hedge funds, Oneview, allows managers to price assets and manage risk in real time. Covers full gamut of derivatives, from plain-vanilla options to exotic OTC contracts, as well as cash securities. Enables easy connection to data sources including vendors, exchanges and prime brokers. Also performs middle- and back-office functions.NOTE: Complete listing appeared in June 5, 2019, issue of Hedge Fund...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
ObjecutiveFort Lee, N.J.fundstudio.comFlagship product, FundStudio, performs portfolio operations and reporting functions in real time. Integrated system includes a &ldquo;report writer&rdquo; tool that presents customized portfolio views on demand. Designed for fund managers investing across multiple asset classes and instrument types.NOTE: Complete listing appeared in June 5, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
NovusNew Yorknovus.comSystem helps investment managers analyze risk and performance based on data from multiple sources. Bain Capital Ventures holds undisclosed stake in Novus, which was founded in 2007. In 2018, partnered with Epsilon Asset Management to develop quantitative equity strategies for family offices and institutional investors.NOTE: Complete listing appeared in June 5, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com,...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
Nirvana SolutionsNew Yorknirvanasolutions.comCloud-based system handles order management, risk management, portfolio management, accounting, reporting, portfolio analytics and data management. Clients include hedge funds, fund administrators and other service providers. Founded in 2006.NOTE: Complete listing appeared in June 5, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Market&rdquo; section under &ldquo;Tech...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
NinjaTraderDenverninjatrader.comIn May 2019, began supporting trades of &ldquo;micro&rdquo; equity futures with margins starting at $50 per contract. NinjaTrader is popular with solo managers and small firms. Automates pre-trade and execution functions, including data analysis, strategy back-testing and trade management.NOTE: Complete listing appeared in June 5, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
NeovestOrem, Utahneovest.comMain product performs pre-, post- and in-trade analytics along with order- and execution-management functions. Supports high-frequency operations with multiple prime brokers. A unit of J.P. Morgan since 2005.NOTE: Complete listing appeared in June 5, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Market&rdquo; section under &ldquo;Tech...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
NewOak CapitalNew Yorknewoak.comProducts assess cashflow risks of structured products, monitor services and perform market-data interface. Founded in 2008 by Ron D&rsquo;Vari, former head of structured finance at BlackRock. NewOak also has an asset-management unit.NOTE: Complete listing appeared in June 5, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Market&rdquo; section under &ldquo;Tech...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
National Regulatory ServicesEvanston, Ill.nrs-inc.comMix of products automate various back-office functions including regulatory filings and development of compliance policies and procedures. Unit of Reed Elsevier&rsquo;s Accuity division. Signed Chalice Financial as a client in May 2019.NOTE: Complete listing appeared in June 5, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Market&rdquo; section under &ldquo;Tech...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
MurexParismurex.comLaunched product in April 2019 designed to help credit managers deal with pending phase-out of Libor. Offers cloud-based, customizable versions of risk-management, compliance and collateral-management systems to variety of buy- and sell-side shops. Founded in 1986.NOTE: Complete listing appeared in June 5, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Market&rdquo; section under &ldquo;Tech...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
MSCINew Yorkmsci.comBest known for its stock indexes, MSCI offers products that identify, measure and manage risk associated with financial instruments. Entered risk-management arena via 2010 acquisition of RiskMetrics, whose model originally was developed by J.P. Morgan.NOTE: Complete listing appeared in June 5, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Market&rdquo; section under &ldquo;Tech...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
Mosaic Research ManagementNew Yorkmosaicrm.comThe European Space Agency released two machine-learning algorithms to Mosaic, which is working to apply them to the analysis of trading behavior. The algos were developed by ESA to monitor thousands of instruments aboard deep-space satellites. Mosaic&rsquo;s offerings include software that gathers feedback and quantifies value of managers&rsquo; research vendors. Founded in 2010. Backers include...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
Molecule SoftwareHoustonmolecule.ioRisk- and data-management technology designed for smaller commodity-trading shops specializing in energy contracts. Handles thousands of exchange-traded and over-the-counter instruments. Cloud-based system allows managers to plug in and begin trading the same day. Founded in 2012.NOTE: Complete listing appeared in June 5, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
Milestone GroupSydneymilestonegroup.comFirm&rsquo;s pControl product line performs fund-processing tasks. Users of pControl include Artemis Management and Jupiter Asset Management. NAV Oversight system verifies portfolio valuations by third-party administrators. Draws on multiple methodologies to compute NAVs. Vendor, founded in 1998, targets private-fund operators. Has offices in Cape Town, London, Luxembourg and Boston.NOTE: Complete listing...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
MIK Fund SolutionsNew Yorkmikfs.comData Warehouse product stores performance, risk, transactional and regulatory data about investments on real-time basis. Integrates with users&rsquo; accounting and portfolio-management systems. Founded in 2006 by software developer Fadi Kaddoura, MIK focuses exclusively on alternative-investment industry.NOTE: Complete listing appeared in June 5, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com,...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
MeetylSan Franciscomeetyl.comWeb-based tool helps some 2,500 institutional investors and asset managers connect with corporate executives. Includes proprietary algorithm that identifies &ldquo;best-fit&rdquo; meetings and coordinates schedules. Vendor is unit of corporate-governance specialist Glass Lewis.NOTE: Complete listing appeared in June 5, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Market&rdquo; section...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
Markov Processes InternationalSummit, N.J.markovprocesses.comMPI Stylus Pro tool gauges risk of investment ideas. Product is part of Stylus Pro Suite, which integrates in-house and third-party data to perform returns-based analysis. Helps hedge funds and other asset managers develop leverage and short-position strategies, understand risk factors, separate alpha from beta and carry out other analytical tasks. Founded in 1990 by Michael Markov and...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
MackeyBostonmackeyrms.comIn March 2019, poached Nathan Walker from Thomson Reuters for new post overseeing business development in Asia. MackeyRMS product is mobile web-based system that organizes research from variety of sources to make it available in a format sortable by ticker, topic, timeline, contact, keyword and other criteria.NOTE: Complete listing appeared in June 5, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
LUX Fund Technology and SolutionsNew Yorkluxfts.comFlagship product, LUX Transcend, is a data warehouse and dashboard that allows hedge fund managers to quickly access and analyze a wide range of internal and external data. Founded in 2012 by Mark Christine, formerly an information-technology executive at SAC Capital and MIK Fund Solutions. Jeremy Siegel, formerly of Credit Suisse&rsquo;s prime-brokerage group, took over as chief executive in...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
Lucena ResearchAtlantalucenaresearch.comFormed partnership with corporate-event tracker Wall Street Horizon in March 2019 to develop products incorporating Lucena&rsquo;s technology and Wall Street Horizon&rsquo;s database. Lucena&rsquo;s product suite includes &ldquo;price forecaster,&rdquo; &ldquo;portfolio optimizer&rdquo; and &ldquo;hedge finder&rdquo; functions. Vendor founded by former F-15 fighter pilot Tucker Balch, a Georgia Tech...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
LinedataParislinedata.comInked deal with ICE Data Services in March 2019 under which Linedata clients will gain access to pricing data on more than 3 million securities. Founded in 1998, Linedata has deep roster of hedge fund clients for its investment-management products.NOTE: Complete listing appeared in June 5, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Market&rdquo; section under &ldquo;Tech...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
LightkeeperBostonlightkeeper.comLightkeeper Portfolio Intelligence system integrates data from brokers, custodians, fund administrators and internal sources. Latest version offers ability to save multiple dashboards to perform repeatable analyses. Developing machine-learning and natural language-processing applications. Founded in 2010 by Danny Dias, Larry Longo and Robert Tishman, who previously ran hedge fund shop 033 Asset Management.NOTE:...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
Ledgex SystemsWaltham, Mass.ledgex.comMarkets portfolio- and data-management software to funds of funds, other alternative-investment firms and institutional investors. Vendor founded in 2008.NOTE: Complete listing appeared in June 5, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Market&rdquo; section under &ldquo;Tech...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
KogerParamus, N.J.kogerusa.comProduct handles investor-registration, cash-management, trade-processing, fee-processing, compliance and reporting functions. Technology used by 8,000-plus asset managers, including hedge fund shops and private equity firms, that oversee some $2 trillion of assets combined. Founded in 1994.NOTE: Complete listing appeared in June 5, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
Kensho TechnologiesCambridge, Mass.kensho.comAcquired by S&P Global in 2018 for $550 million. Kensho&rsquo;s machine-learning software scans thousands of corporate and government actions, then weighs their impact on asset values. Continues to operate as an independent entity. Investors include Goldman Sachs and J.P. Morgan.NOTE: Complete listing appeared in June 5, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
Itiviti GroupStockholmitiviti.comHired former FIS executive Rob Mackay as chief executive in March 2019. Itiviti&rsquo;s trading technology covers all asset classes, regions and regulatory jurisdictions. Owned by private equity firm Nordic Capital.NOTE: Complete listing appeared in June 5, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Market&rdquo; section under &ldquo;Tech...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
ION TradingDubliniongroup.comIn April 2019, acquired Dallas-based financial-technology shop Allegro Development. ION also owns Wall Street Systems, a provider of administration and accounting technology, and Patsystems, whose technology handles pre-trade and risk-management tasks for exchange-traded derivatives.NOTE: Complete listing appeared in June 5, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Market&rdquo;...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
InfoReachNew Yorkinforeachinc.comPartnered with Magma Trading in April 2019 to bolster liquidity for U.S. equities. Customizable trade-management software performs pre- and post-trade analysis for equities, options, futures and currencies. Also serves high-frequency traders.NOTE: Complete listing appeared in June 5, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Market&rdquo; section under &ldquo;Tech...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
InfoHedge TechnologiesNew Yorkinfohedge.netUsing InfoHedge Hosted Platform, hedge funds, family offices and brokers perform front-, middle- and back-office functions on private cloud with built-in compliance and disaster-recovery features. Founded in 2005 by staffers of Alexandra Investment, which that year sold its portfolio-management software to Paladyne, predecessor to Broadridge. Was acquired by Thrive in 2018.NOTE: Complete listing appeared...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
Indus Valley PartnersNew Yorkivp.inMiddle-office specialist caters to fund managers running combined $1.5 trillion. In January 2019, launched new version of IVP Raptor regulatory-reporting tool in response to new Finra rules. Counts 135 clients globally, including hedge fund and private equity managers.NOTE: Complete listing appeared in June 5, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Market&rdquo; section...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
IndataGreenwich, Conn.indataipm.comRolled out product in May 2019 called iPM Portal, a web-based system that incorporates data-analytics tools and investor-relations functions. Other offerings include iPM Portfolio Architect AI, which employs artificial intelligence and machine learning, and iPM Epic, an order-management system geared for big data. Founded in 1997, vendor offers full suite of buy-side technology products.NOTE: Complete listing...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
Imagineer Technology GroupNew Yorkitgny.comFormed partnership with Solovis in February 2019 under which Imagineer will supplement the fundamental-research capabilities of its Synap tool with Solovis&rsquo; quantitative models.Investor-relations product, dubbed Clienteer, allows hedge funds and other asset managers to automate capital raising, investor reporting and document management. Also offers web portal for managers to communicate with...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
Imagine SoftwareNew Yorkimaginesoftware.comSystem handles portfolio-management functions for equities, bonds, currencies and derivatives. Also offers trade analytics, real-time pricing, trade capture, real-time profit-and-loss reports, risk analytics, stress-testing and valuation modeling. Founded in 1993.NOTE: Complete listing appeared in June 5, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Market&rdquo; section...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
IHS MarkitLondonihsmarkit.comAims to repurchase $500 million of its own shares and reduce debt by yearend 2019. Founded in 2003 as credit-derivatives pricing service, Markit has since become sprawling provider of information and analytics. Offers variety of trading, risk-management and accounting tools.NOTE: Complete listing appeared in June 5, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Market&rdquo; section...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
IBMArmonk, N.Y.ibm.comIBM&rsquo;s Algorithmics program is highly customizable portfolio-construction and risk-management tool. Available in both on-premise and cloud-based versions. Another offering, IBM Algo Risk, performs multiple risk-management functions including sensitivity, stress and statistical analysis.NOTE: Complete listing appeared in June 5, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Market&rdquo;...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
HedgeFactsCincinnatihedgefacts.comCloud-based system supports middle- and back-office functions. Designed for smaller managers trading wide range of strategies and asset classes. Generates monthly, daily, and intra-day profit/loss displays and attribution analysis for any fund, account, trader/strategy, sector or market.NOTE: Complete listing appeared in June 5, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
HazeltreeNew Yorkhazeltree.comMarkets technology that supports cash-balance analysis, long/short financing, margin reporting, collateral management, counterparty-risk reporting, cash reconciliation and wire authorization. Signed Bain Capital Credit as client in May 2019. Teamed up with Northern Trust to develop cash-management tool that debuted in 2018.NOTE: Complete listing appeared in June 5, 2019, issue of Hedge Fund Alert and can be found on...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
Harvest ExchangeHoustonhvst.comHosts free online network where investors and professional money managers exchange research and ideas. Offers investor-relations tool to hedge funds and other asset managers, as well as a secure platform for managers to communicate with existing and prospective investors. Backed by hedge funds including GoldenTree Asset Management and Third Point.NOTE: Complete listing appeared in June 5, 2019, issue of Hedge Fund...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
Global RelayVancouver, Canadaglobalrelay.comWeb-based system archives electronic messages, enabling management to monitor emails. Instant-messaging system complies with SEC and NASD requirements. Recently opened London office to capitalize on Brexit turmoil. Founded in 1999.NOTE: Complete listing appeared in June 5, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Market&rdquo; section under &ldquo;Tech...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
GoldenSourceNew Yorkthegoldensource.comOffers product suite that integrates and standardizes data from internal and external sources to present &ldquo;holistic&rdquo; view of business. Counts banks, asset managers and service providers as clients, including Apex Fund Services, Franklin Templeton, Oppenheimer, RBC and UBS.NOTE: Complete listing appeared in June 5, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
FundCountBostonfundcount.comSupports portfolio and partnership accounting through integrated, multicurrency general ledger. Automates P&L and cashflow calculations for complex master-feeder structures. Allocates gains and losses, calculates NAVs, figures management and performance fees, and tracks capital calls and commitments. Vendor, founded in 1999, has more than 100 clients, a third of them hedge funds. Also used by family offices, fund...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
FSMTimeAustinfsmlabs.comCreated system that maintains sub-microsecond synchronization of transaction times for networks of traders. Meets time-stamp rules of the SEC, NASD and U.K.&rsquo;s Financial Conduct Authority. Formerly known as FSMLabs.NOTE: Complete listing appeared in June 5, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Market&rdquo; section under &ldquo;Tech...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
ForcepointAustinforcepoint.comIn March 2019, was awarded five-year contract by the FBI for cybersecurity software that&rsquo;s also used by hedge funds. Vendor, a unit of Raytheon, automates compliance functions using pattern recognition and machine learning to sift reams of communications and transaction data.NOTE: Complete listing appeared in June 5, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Market&rdquo;...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
Frost ConsultingLondonfrostconsulting.co.ukRegulatory consultant offers software that helps managers allocate research expenses to various funds and accounts in accordance with MiFID 2.NOTE: Complete listing appeared in June 5, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Market&rdquo; section under &ldquo;Tech Vendors.&rdquo;



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
FlexTradeGreat Neck, N.Y.flextrade.comPartnered with OpenFin in April 2019 to bolster buy-side technology offering. FlexTrade offers execution-management functions including pre- and post-trade analytics and algorithmic strategies. Handles wide variety of assets. Clients include ExodusPoint Capital, an $8 billion-plus multi-strategy fund operator led by Michael Gelband.NOTE: Complete listing appeared in June 5, 2019, issue of Hedge Fund Alert and...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
FIX FlyerNew Yorkfixflyer.comOffers technology that facilitates high-speed trades (less than 25 microseconds) via links to brokers, exchanges and electronic-trading networks. Teamed up with data-transmission firm Solace to improve performance of trades under financial information exchange (FIX) protocol. Roster of 120 clients includes UBS and Bank of America.NOTE: Complete listing appeared in June 5, 2019, issue of Hedge Fund Alert and can be...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
FiserBrookfield, Wis.fiserv.comIn January 2019, acquired First Data in an all-stock deal valued at about $22 billion. Financial-technology giant offers products that perform functions including portfolio management, post-trade monitoring, accounting and billing. Vendor, founded in 1984, counts more than 12,000 clients in 80-plus countries.NOTE: Complete listing appeared in June 5, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com,...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
FISJacksonvillefisglobal.comOffers array of technology and services for banks and asset managers, with more than 20,000 clients in 130 countries. Software performs such functions as risk modeling, collateral management, foreign-exchange analysis and front- to back-office connectivity for accounting purposes. Firm, founded in 1968, has long been a stock-market darling.NOTE: Complete listing appeared in June 5, 2019, issue of Hedge Fund Alert and...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
FinlogikMontrealfinlogik.comAcquired by Toronto-based financial-services firm Canaccord Genuity in 2018. Finlogik&rsquo;s cloud-based system employs advanced algorithms to manage portfolios of complex assets including over-the-counter derivatives. Founded in 1998.NOTE: Complete listing appeared in June 5, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Market&rdquo; section under &ldquo;Tech...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
FINCADVancouver, Canadafincad.comInvestor group led by Vistara Capital injected $12 million of equity capital in April 2019. FINCAD&rsquo;s main product, F3, provides a financial-analytics library that allows users to value and price derivatives and fixed-income securities, measure counterparty risk, perform stress tests, calculate value-at-risk and mark to market. Vendor, founded in 1990, also has offices in New York, London and Dublin.NOTE:...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
Ferential SystemsSouth Orange, N.J.ferential.comFlagship product, Pyramid, is used by hedge funds and financial institutions to automate risk-management and portfolio-management functions. Upgraded in 2017 to cover fixed-income and currency instruments. Firm has been led for more than 20 years by John Dukich, an accountant and former trader at HSBC.NOTE: Complete listing appeared in June 5, 2019, issue of Hedge Fund Alert and can be found on...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
FinastraLondonfinastra.comMark Miller became chief financial officer in May 2019, replacing Rob Bins. Miller most recently was finance chief at Marketo. Finastra offers host of fintech products that perform front- to back-office functions. Buy-side products include FusionInvest, which manages workflows for portfolio managers, as well as risk and compliance officers.NOTE: Complete listing appeared in June 5, 2019, issue of Hedge Fund Alert and can...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
FactSetNorwalk, Conn.factset.comFactSet&rsquo;s Quant and Risk Analytics tool designed to help fund managers more efficiently process reams of market data across major asset classes. Publicly traded company, founded in 1978, has 60 offices in 24 countries. Acquired Bisam Technologies in 2017 after buying Cymba Technologies and Vermilion Software in 2016. Also owns Portware, whose enterprise product allows clients to customize execution-management...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
Eze Castle IntegrationBostoneci.comIn April 2019, launched Eze Dark Web Monitoring Service, which helps protect clients from online identity theft. Vendor is pioneer in developing web-based technology for hedge fund managers, having launched industry&rsquo;s first cloud-computing system for a large New York manager in 2005. Eze Private Cloud went live in 2009. Eze Castle counts 650 clients.NOTE: Complete listing appeared in June 5, 2019, issue of...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
ExegySt. Louisexegy.comProducts include Trade Port FX, an order-execution system designed for currency traders; Exegy Trading Application Platform (TAP) and Exegy Ticker Plant. TAP allows high-speed processing of data feeds on the same servers that host trading applications. Ticker Plant offers faster connections. Founded in 2003 by four Washington University faculty members to commercialize data-mining technology they developed.NOTE: Complete...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
Equity Data ScienceNew Yorkequitydatascience.comWrites customized software for equity managers who want to add a big-data component to their strategies. Technology has been tested by several managers including Bridger Capital, Sage Asset Management and Senvest. EDS began marketing in March 2018 after hiring Don Wood as head of sales. Firm is backed by Steve Galbraith, previously chief macroeconomic strategist at Maverick Capital and one-time...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
ENSO Financial AnalyticsNew Yorkensofinancial.comIn April 2019, CME Group said it would use ENSO&rsquo;s technology to help fund managers benchmark various costs and metrics including trade-financing rates. Enso specializes in technology that optimizes managers' counterparty relationships. One application combines treasury, counterparty-risk and portfolio-financing functions. Another helps managers monitor and optimize relationships with brokers....



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
Enfusion SystemsChicagoenfusionsystems.comIntroduced data warehouse called Enfusion Visual Analytics in 2018. Flagship Integrata product, launched in 2006, is cloud-based system encompassing front-, middle- and back-office functions including trade execution, portfolio management, asset valuation and trade reconciliation. Founded in 1997, Enfusion has more than 300 clients globally. Growth-equity investor FTV Capital acquired a minority stake in...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
Electra Information SystemsNew Yorkelectrainfo.comLeader in post-trade technology reached milestone in 2017 when assets handled by its Electra Data engine topped $20 trillion. A third of the 200 largest asset managers are clients. Products include Electra Reconciliation, Electra Settlements and Electra FailSafe, which tracks pending trades, trades at risk of failing and failed trades. Founded in 1998.NOTE: Complete listing appeared in June 5,...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
EidoSearchTorontoeidosearch.comQuantitative-investing software employs pattern recognition to analyze equity, futures, foreign-exchange and global-macro markets. Clients include Bridgewater Associates and TIG Advisors. Chief executive Steven Zhang has worked with NASA and on the Human Genome Project.NOTE: Complete listing appeared in June 5, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Market&rdquo; section under...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
Eagle Investment SystemsWellesley, Mass.eagleinvsys.comInked deal with Zurich-based SIX Financial Information in April 2019 to give clients access to SIX&rsquo;s database of government-ordered prohibitions on investing in particular jurisdictions. Separate deal in February 2019 gives Eagle access to artificial intelligence and natural-language processing tools developed by Arria NLG of Morristown, N.J. Eagle&rsquo;s cloud-based system performs...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
Digital ReasoningFranklin, Tenn.digitalreasoning.comIn February 2019, Macquarie joined an investor group that contributed $30 million of equity capital in 2018. Flagship offering, Synthesys, employs machine-learning algorithms to monitor communications for signs of illegal trading, money laundering and other breaches. System designed to speed detection and reduce costs of subsequent investigations.NOTE: Complete listing appeared in June 5, 2019,...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
DeltixNatick, Mass.deltixlab.comSoftware suite allows quantitative managers to aggregate and analyze vast sums of data, develop trading algorithms, back-test models and execute trades. Employee-owned company founded in 2005.NOTE: Complete listing appeared in June 5, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Market&rdquo; section under &ldquo;Tech...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
DeloitteNew Yorkdeloitte.comAccounting giant markets software products to hedge funds and other investors via its risk and financial advisory unit. Offerings include Solvas Accounting, a financial accounting and reporting package; Solvas Portfolio, a multi-asset portfolio-administration and reporting system; and Compliance Suite, which automates filing of regulatory forms and handles performance-measurement and risk-management functions.NOTE:...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
DataminrNew Yorkdataminr.comAppointed former Cision president Jason Edelboim as chief commercial officer in January 2019. Asset-management product monitors and analyzes Twitter feeds and provides customized real-time alerts. Vendor, founded in 2009 by three Yale graduates, raised $50 million of venture capital. In July 2018, raised another $221 million from an undisclosed source.NOTE: Complete listing appeared in June 5, 2019, issue of Hedge Fund...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
DataArtNew Yorkdataart.comAnnual revenue reached record $140 million in 2018. In November 2018, private equity shop Da Vinci Capital invested an undisclosed amount in DataArt, whose offerings for asset managers include automated Form PF filings. Another application helps managers meet new E.U. reporting requirements. Employs 2,500 analysts and engineers in offices around the world.NOTE: Complete listing appeared in June 5, 2019, issue of Hedge...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
CorpAxeNew Yorkcorpaxe.comMark Pellegrino took over as chief executive in May 2019. He joined from Balyasny Asset Management, where he oversaw broker relations and corporate relationships, as well as the firm&rsquo;s response to MiFID 2. He replaced CorpAxe co-founder Ed Byon, who retains the titles of chairman and chief technology officer. Vendor&rsquo;s cloud-based system helps buysiders including hedge funds manage corporate access, broker...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
Confluence TechnologiesPittsburghconfluence.comAppointed Joe Bree, previously of U.S. Bank Global Fund Services, as senior global strategic account executive in March 2019. Also hired former FIS executive Jory Wheeler to fill new role of senior vice president for engineering. Flagship product, Unity NXT, automates compilation of firmwide data for regulatory-reporting purposes. Separate tool culls data from trading systems to create Form PF....



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
ComplySciNew Yorkcomplysci.comRevenue grew by record 43% in 2018. Hired Kyri Yiannakis in May 2019 to oversee global expansion. Yiannakis, head of EMEA markets, previously was a founding member of iLevel, a Blackstone spinoff. Flagship product, Personal Trading Control Center, counts more than 1,000 clients, including three of the five biggest hedge fund firms. Control Center allows compliance officers to monitor personal trading of employees....



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
Compliance Solutions StrategiesNew Yorkcompliancesolutionsstrategies.comOffers suite of tools that automate compliance functions, from due diligence on vendors to monitoring workflow and creating audit trails. Formed in 2017 when private equity shop CIP Capital acquired and combined Advise Technologies, Ascendant Compliance Management and MoneyMate Group.NOTE: Complete listing appeared in June 5, 2019, issue of Hedge Fund Alert and can be found...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
ClearStructure Financial TechnologyDanbury, Conn.clearstructure.comFlagship product, Sentry PM, performs real-time functions including pre-trade analytics, order management, risk management, performance measurement and reconciliation. Founded in 2004 by team that developed investment-management technology for large Connecticut asset manager.NOTE: Complete listing appeared in June 5, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com,...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
Citycom SolutionsLondoncitycomsolutions.comSoftware designed to capture and store staff communications including email, phone calls and mobile data, both for regulatory-compliance and trade-reconstruction purposes. Product aimed at financial firms, including hedge fund managers, on lookout for insider trading. Founded in 2013.NOTE: Complete listing appeared in June 5, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
CatelasWoburn, Mass.catelas.comCatelas&rsquo; eComms Surveillance tool uses patented algorithms to monitor employee communications and trading activity for compliance breaches, including insider trading and market manipulation. In March 2018, formed partnership with B-next to develop trade-surveillance technology.NOTE: Complete listing appeared in June 5, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Market&rdquo;...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
Charles River DevelopmentBurlington, Mass.crd.comAcquired by State Street in October 2018 for $2.6 billion. Leading buy-side technology vendor caters to investment firms in 40 countries with combined $25 trillion under management. Formed partnership with Neptune Networks in May 2019 to add fixed-income capabilities to Charles River&rsquo;s order- and execution-management system.NOTE: Complete listing appeared in June 5, 2019, issue of Hedge Fund...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
Calypso TechnologySan Franciscocalypso.comDidier Bouillard took over as chief executive in 2018. He previously was chief executive of trading-technology firm Ullink, which was acquired by Itiviti Group in 2018. Calypso software performs front-to-back-office functions including order management, liquidity control, collateral management and risk analysis. Supports trading of stocks, bonds, currencies, money-market instruments, commodities and...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
Broadridge FinancialLake Success, N.Y.broadridge.comAgreed in May 2019 to buy RPM Technologies, a Canadian vendor of wealth-management software, in a deal valued at about $300 million. Broadridge best known for automating shareholder communications, but also offers suite of tools for hedge funds and other investment managers. They include Broadridge Portfolio Master, an order- and portfolio-management system developed by Paladyne Systems, which...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
BloombergNew Yorkbloomberg.comIn addition to its widely used data terminal, Bloomberg offers end-to-end, multi-asset trading platforms including Bloomberg AIM and data-management tools including Bloomberg Vault. Other products help automate research management, idea-generation and compliance functions including know-your-customer obligations.NOTE: Complete listing appeared in June 5, 2019, issue of Hedge Fund Alert and can be found on...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
Black Mountain SystemsSan Diegoblackmountainsystems.comVista Equity Partners agreed in May 2019 to acquire Black Mountain from Stone Point Capital. Black Mountain acquired Chicago-based financial-technology firm Mariana Systems in January 2019. Mariana&rsquo;s cloud-based software supports research, analysis and portfolio-management functions for credit managers. Black Mountain is integrating Mariana&rsquo;s product with its system while...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
Backstop SolutionsChicagobackstopsolutions.comHired Paul Bonessi in April 2019 to oversee product management and client relationships for Backstop&rsquo;s accounting program. His resume includes defunct fund-of-funds shop Ivy Asset Management and data provider PerTrac. In March 2019, Backstop disclosed $20 million equity infusion from an investor group. Announced acquisition of hedge fund database BarclayHedge in December 2018. Products include...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
AxiomSLNew Yorkaxiomsl.comFormer Charles River Development executive David Weber named chief operating officer and chief financial officer in January 2019. Weber played key role in sale of Charles River to State Street in 2018. At AxiomSL, he replaced Eyal Amsalem, who was promoted to chief administrative officer.Vendor specializes in data management and analytics, as well as risk and regulatory reporting. The firm&rsquo;s Dynamic Data Warehouse...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
AxiomaNew Yorkaxioma.comReached agreement in April 2019 to be acquired by German stock exchange owner Deutsche Boerse in a deal valued at $850 million. Axioma will be attached to new data-analytics unit led by Axioma chief executive Sebastian Ceria. Private equity shop General Atlantic agreed to invest about $715 million for a minority stake in the new unit.NOTE: Complete listing appeared in June 5, 2019, issue of Hedge Fund Alert and can be...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
Athena SystemsNorth Andover, Mass.athenasystems.comFront-to-back-office system performs order-management, portfolio-management, risk-management, accounting and compliance functions for equities, equity derivatives, currencies, credit products, commodity futures and other assets. Founding partners Scott Sykowski, Stefano Guarnieri and Luis Otero previously worked at MacGregor, a trading-technology developer acquired by ITG in 2005.NOTE: Complete...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
ATA RiskStationDallasatariskstation.comSigned Dallas-based Fusion Capital as client in March 2019. Fusion supplies financial technology to 400 financial advisors and 2,700 insurance agents. ATA&rsquo;s web-based tool functions as a &ldquo;risk utility,&rdquo; performing daily reviews of exposures across portfolios. Firm founded in 2006 by alternative-investment veteran Aladin Abughazaleh.NOTE: Complete listing appeared in June 5, 2019, issue of...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
Asset ControlLondonasset-control.comAdded Mizuho International to client roster in February 2019. Flagship product, AC Plus, handles high volumes of data from multiple sources. Cleans and integrates data to ensure consistency. Founded in 1991, Asset Control was among first data-management vendors to target financial-services industry. Owned by Marlin Equity Partners.NOTE: Complete listing appeared in June 5, 2019, issue of Hedge Fund Alert and...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
ArcesiumNew Yorkarcesium.comIn February 2019, pledged to add 100 new positions by yearend, increasing staff to 800. Plans to unbundle its back-office suite and make applications available as stand-alone products. Spun off from D.E. Shaw in 2015 with backing from Blackstone. Suite of post-trade services uses technology D.E. Shaw developed. Clients include Balyasny Asset Management and EJF Capital, in addition to Blackstone and D.E. Shaw.NOTE:...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
Arbor Financial SystemsLondonarborfs.comFlagship product, Arbor Portfolio Manager, designed specifically for hedge funds, funds of funds and family offices. Supports in-depth portfolio analysis, plus middle- and back-office functions including risk management, compliance and general-ledger reporting. Arbor also offers order-management system. Business-development head Bob Gobey spent 17 years at Goldman Sachs, where he led team that developed...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
AlphaDeskTorontoalphadesk.comAgreed in May 2019 to be acquired by Refinitiv, the new name for Thomson Reuters&rsquo; financial data and analytics business following its purchase by Blackstone in 2018. AlphaDesk has grown rapidly since opening offices in New York and London in 2016, signing more than 65 new clients in the following two years. Cloud-based multi-asset system performs front-to-back-office functions including order management, risk...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
Alpha TheoryNew Yorkalphatheory.comCore software offering designed to help fundamental equity managers reduce emotional biases and mental errors by ensuring their portfolios stay in synch with their research. Clients have outperformed peer group for seven consecutive years, most recently posting an average return of minus-3% for 2018, compared to a 6.9% drop for the HFRI Equity Hedge Index. Vendor founded in 2005 by former Credit Suisse and...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
AIM SoftwareViennaaimsoftware.comInstalled former IBM executive Florian Rosenberg as global head of engineering in September 2018. Formed partnership with West Highland Support Services to combine AIM&rsquo;s GAIN Data Management product with West Highland&rsquo;s Reference Data Framework. AIM counts some of the world&rsquo;s largest asset managers and fund administrators as clients, with suite of products including GAIN Security Master, GAIN...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
Abacus GroupNew Yorkabacusgroupllc.comCompleted acquisition of rival Proactive Technologies in February 2019, picking up 120 alternative-investment managers as clients. Total client roster now numbers 520. Reported 23% revenue growth for 2018. Uses private cloud to help clients securely store massive quantities of data and share encrypted files. Founded in 2008 by Chris Grandi and other former Eze Software executives.NOTE: Complete listing...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
ACA Compliance GroupNew Yorkacacompliancegroup.comReleased updated version of trade-surveillance program Decryptex in March 2019. Has been expanding via series of acquisitions, most recently buying rival compliance shop Cordium in 2018. Originally focused on compliance software, ACA acquired NorthPoint Financial in 2014 and now offers suite of data-management products. Clients include 70 of 100 largest hedge fund firms. Founded in 2002 by former...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
TraianaNew Yorktraiana.comOffers system that allows investment managers to report on a timely, consistent basis to swap-data and trade repositories in compliance with U.S. and E.U. rules. Parent is London-based NEX Group, an inter-dealer broker formerly known as ICAP.NOTE: Complete listing appeared in June 5, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Market&rdquo; section under &ldquo;Tech...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
Tribeca TechnologyLondontribeca-it.comCloud-based tool backs up data from managers&rsquo; servers. Also markets technology-support services to hedge fund clients in Asia, Europe and U.S.NOTE: Complete listing appeared in June 5, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Market&rdquo; section under &ldquo;Tech Vendors.&rdquo;



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
UnilogicNew Yorkfundstotal.netFlagship product, FundsTOTAL, is cloud-based portfolio-management, risk-analysis and performance-attribution system that can be easily customized by clients. Product launched in 2001.NOTE: Complete listing appeared in June 5, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Market&rdquo; section under &ldquo;Tech...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
VermegAmsterdamvermeg.comAcquired collateral-management software vendor Lombard Risk in 2018. Vermeg, founded in 1993, also offers Soliam, software that handles accounting processes and other functions for asset managers.NOTE: Complete listing appeared in June 5, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Market&rdquo; section under &ldquo;Tech...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
VestServeWaltham, Mass.vestserve.comTechnology performs middle- and back-office functions including accounting, real-time data management, performance measurement, analytics and reporting.NOTE: Complete listing appeared in June 5, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Market&rdquo; section under &ldquo;Tech Vendors.&rdquo;



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
Watson WheatleyLondonwatsonwheatley.comOffers software and client-server databases that match positions and balance trades and cashflows. Also handles margin-account reconciliation for derivatives.NOTE: Complete listing appeared in June 5, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Market&rdquo; section under &ldquo;Tech...



LISTING: VENDORS OF BUY-SIDE TECHNOLOGY

Thu, 06 Jun 2019
Wolfe ResearchNew Yorkwolferesearch.comOffers variety of equity and macro data feeds and research capabilities, including tools designed for quantitative managers. Clients can license Wolfe&rsquo;s models and factors to develop their own strategies. Advises managers on designing their technology infrastructure and selecting vendors. Founded in 2008 by Ed Wolfe, who previously spent 10 years focused on equity research at Bear Stearns and was a...



Caffray Leaving Tiger to Pursue New Ventures

Wed, 05 Jun 2019
Gil Caffray is parting ways with Julian Robertson&rsquo;s Tiger Management, where he spent a total of 15 years in senior-management roles.Caffray, who for the past eight years served as chief investment officer, plans to leave Tiger at the end of the month to focus on two new business ventures. One is MPW Capital, an Abu Dhabi startup that provides outsourced capital-raising and investor-relations services to alternative-investment managers....



Harbert Scouts Managers for Hedge Fund Push

Wed, 05 Jun 2019
Harbert Management is seeking to rebuild its hedge fund business, whose assets have waxed and waned since the firm launched its first fund in 2001 with Phil Falcone as portfolio manager.The Birmingham, Ala., firm, led by Raymond Harbert, is getting ready to launch a vehicle called Harbert Stoneview that would invest in the debt of financially stressed mid-cap companies. Harbert has hired a credit-investing team from Roystone Capital to manage the...



New Backer Makes Big Pledge to Short-Seller

Wed, 05 Jun 2019
Orso Partners, a short-biased hedge fund startup, has secured a commitment of up to $200 million from Atom Investors.The hefty pledge underscores Atom&rsquo;s rapid emergence as a meaningful source of capital for both new and established equity managers. The Austin firm, led by Novus founder Basil Qunibi, began investing in mid-2018 via an equity market-neutral vehicle that deploys capital to independent fund managers while running a hedging...



Tremblant Co-President Heads for Exit

Wed, 05 Jun 2019
Tremblant Capital is parting ways with its co-president, Daniel Waters.Waters told colleagues at the New York equity shop in May that he plans to join some industry contacts in running a global-macro hedge fund.At Tremblant, Waters oversaw marketing and played a risk-management role in which he helped the firm&rsquo;s investment professionals understand the effects of macroeconomic factors on individual positions. He shared the president title...



Ex-GMT Manager Making Pitch

Wed, 05 Jun 2019
Five months after he started trading at his own firm, former GMT Capital portfolio manager Ben Gordon has begun marketing his Blue Grotto Capital fund.The global long/short equity vehicle, Blue Grotto Master Fund, was up 9.7% at the end of May, versus a 10.1% increase for the MSCI World Index. The fund, with about $80 million under management currently, is expected to reach $100 million by the end of June.Blue Grotto launched Jan. 1 with $50...



Event-Driven Clearfield on a Tear

Wed, 05 Jun 2019
Clearfield Capital is off to a strong start this year.At the end of May, the event-driven Clearfield Master Fund was up 27%, compared to a 9.8% increase for the S&P 500 Index. Clearfield&rsquo;s fund gained nearly 1% last month, compared to a 6.4% drop for the S&P.Clearfield&rsquo;s performance looks especially impressive compared to the HFRX Event Driven Index, which was down 0.8% year-to-date as of May 31.The New York firm, led by Phil Hilal,...



CohnReznick Adds Auditing Muscle

Wed, 05 Jun 2019
Accounting firm CohnReznick has hired two longtime hedge fund-auditing specialists away from rival KPMG.Joshua Blumenthal arrived at CohnReznick in May. Gary Berger is expected to start soon. Both recruits will be stationed in New York as partners.The additions come as part of a push by CohnReznick to become a bigger player in the hedge fund sector, where assignments are highly concentrated among the busiest firms. CohnReznick ranked 11th among...



New Venture Maps Healthcare Vehicles

Wed, 05 Jun 2019
A holding company formed to combine hedge fund manager VenBio Select Advisor and growth-equity investor HealthQuest Capital plans to develop new alternative-investment products focused on healthcare businesses.The holding company, Avoro Capital of San Francisco, is jointly owned by VenBio portfolio manager Behzed Aghazadeh and HealthQuest founder Garheng Kong. Avoro, which formed May 3, owns both HealthQuest and VenBio, a $2.2 billion...



Fidelity Alum Throws In the Towel

Wed, 05 Jun 2019
Once-promising equity manager Chakra Capital is unwinding.Gopal Reddy told investors in May he would shutter the Boston operation, which launched in July 2017. The firm had less than $20 million under management.A source said Chakra&rsquo;s shutdown reflected an unforgiving capital-raising climate, and that the shop had performed well.Initial expectations for Chakra were high, given Reddy&rsquo;s work at former employer Fidelity Investments. He...



Global-Equity Operation Takes Shape

Wed, 05 Jun 2019
Two seasoned equity researchers are progressing toward a planned fund launch.Keith Goodman and Jason Wulf, who began working on the project a year ago, are set to start trading as soon as August via their Tower Road Capital of New York. They&rsquo;ve begun reaching out to prospective limited partners, offering discounted fees to those who help fill a founders&rsquo; share class.Goodman and Wulf, who will share portfolio-management duties, plan to...



Special-Situations Vehicle Forming

Wed, 05 Jun 2019
B. Riley Financial is planning to set up a special-situations investment unit.The operation, called Light Horse Capital, could start with as much as $120 million from B. Riley. While it has yet to talk to outside investors, indications are that the firm would seek to raise another $80 million from limited partners.There&rsquo;s no known timeframe for Light Horse&rsquo;s launch.The commitments would go into a fund with a drawdown format that would...



Bank-Stock Specialist Gaining Traction

Wed, 05 Jun 2019
A portfolio manager who has long focused on small-bank stocks is now running his own fund shop.Kent Snodgrass began trading in the past couple of months from his StoneHawk Capital of Overland Park, Kan. Since then, the assets managed in StoneHawk Master Fund and a parallel separate account have grown to at least $80 million.Snodgrass formed StoneHawk around yearend 2018 after 17 years working at Blackthorn Investment, also of Overland Park. The...



The Grapevine

Wed, 05 Jun 2019
Scott Alberi is joining Point72 Asset Management as a portfolio manager covering the stocks of technology, media and telecommunications companies. Alberi most recently worked at Eminence Capital from 1999 until this January. He also has spent time at GE Capital. Point72, a Stamford, Conn., firm led by Steve Cohen, was managing $75.1 billion of gross assets at yearend...



The Grapevine

Wed, 05 Jun 2019
ExodusPoint Capital has lost two portfolio managers, while hiring another. Alessandro Cipollini and Benjamin Griguer exited the multi-strategy shop&rsquo;s London office in May. Cipollini, a global-macro specialist, previously worked at Hutchin Hill Capital, Argentiere Capital and Capstone Investment. Griguer, who covered emerging-market debt, counts Citadel, BNP Paribas and Barclays as former employers. Meanwhile, Monty Agarwal joined...



The Grapevine

Wed, 05 Jun 2019
Third Point brought in Zach Savidge in May from Hound Partners. Savidge, a principal on the event-driven firm&rsquo;s investment team, also has worked at Evercore. New York-based Third Point, headed by Daniel Loeb, had $14 billion under management at yearend 2018.



The Grapevine

Wed, 05 Jun 2019
Commodities shop Typhon Capital has signed up Karen Bertoli as a liaison to prime brokers&rsquo; capital-introduction teams. Bertoli is splitting her time between the Plantation, Fla., firm&rsquo;s U.S. and U.K. offices, reporting to chief executive James Koutoulas. She previously led client services at Inferent Capital.



The Grapevine

Wed, 05 Jun 2019
London debt manager Chenavari Investment has picked up an analyst. Marina Loland, who arrived in May, most recently worked at Observatory Capital. Loland also has spent time at Panning Capital and Achievement Asset Management. Chenavari, which has $5 billion under management, is led by Frederic Couderc and Loic Fery.



The Grapevine

Wed, 05 Jun 2019
Minglun Qian has joined Point72 Asset Management unit Cubist Systematic Strategies as a senior researcher. Qian most recently was a quantitative specialist at Balyasny Asset Management in Chicago, following stops at Ronin Capital and Ritchie Capital.



The Grapevine

Wed, 05 Jun 2019
Armistice Capital has hired a general counsel. Daniel Radden, who doubles as chief compliance officer, arrived at the New York fund operator in April from White Elm Capital. Radden&rsquo;s resume also includes stops at Permal Group and Katten Muchin. Armistice, which mainly invests in the stocks of healthcare and consumer companies, is led by Steven Boyd. It was managing $1.5 billion of gross assets at yearend...



The Grapevine

Wed, 05 Jun 2019
Aravt Global has lost two senior researchers. Julie Ann Consoli left the New York equity shop in April to join Parian Global. Her earlier employers include Ziff Brothers Investments. Anna Baghdasaryan departed in May, destination unknown. She previously worked at Karsch Capital. Aravt is led by Wui Liow. It was managing $922 million of gross assets at yearend...



The Grapevine

Wed, 05 Jun 2019
London fund operator Emona Capital has hired an analyst. Kenneth Leung arrived in May from Credit Suisse, where he covered distressed companies and special situations. Leung also has worked at Houlihan Lokey and Jefferies. Emona, led by founder Dominik Dolenec, pursues activist special-situations plays and invests in companies with disruptive technology.



Multi-Strat Firms Busy Recruiting Recruiters

Wed, 29 May 2019
Citadel continues to expand an already-large team of in-house recruiters amid an intensifying talent war among multi-strategy fund operators.Just this month, the Chicago firm added Jen Rabinowitz and Rebecca Tyson to a group of business-development and executive-search professionals tasked with satisfying the firm’s voracious appetite for portfolio managers, code writers and data managers. Tyson, previously a member of Morgan Stanley’s...



Bain Fund Allocates to Firms in Niche Areas

Wed, 29 May 2019
Investors are gaining access to a Bain Capital program that backs outside managers focused on niche strategies and complex deals.The vehicle, Partnership Strategies Fund, launched last August. It currently manages $197 million for Bain partners, who additionally have contributed $336 million of co-investment capital. Now, the Boston firm is seeking to raise at least $100 million from outside investors.The fund provides seed capital to new...



Texas Emerging as Hedge Fund Hot Spot

Wed, 29 May 2019
Texas is attracting a disproportionate number of new managers.In the past five years, the number of fund-management firms in the Lone Star State has jumped 27% to 136, according to Hedge Fund Alert’s Manager Database. During the same period, the total number of firms operating in the U.S. has increased 8% to 3,172. Meanwhile, manager rosters in the hedge fund bastions of New York, Connecticut and Illinois have shrunk. The Manager Database...



Private-Debt Launch Gaining Attention

Wed, 29 May 2019
A former Ares Management partner and one-time GSO Capital managing director are close to launching a direct-lending vehicle with a substantial amount of capital.Via their New York-based Willow Tree Credit Partners, Timothy Lower and James Roche are putting the finishing touches on Willow Tree Fund 1, which would offer a range of loans, credit lines and other financing services to mid-size companies. They’re seeking to raise $800 million.The...



Ex-Fidelity Manager Up and Running

Wed, 29 May 2019
Gavin Baker’s Atreides Management has launched.The former Fidelity Investments star began trading on May 15 with more than $300 million from a mix of institutional investors. One source described the capital-raising result as strong, considering the troubles that even managers with strong performance histories have faced in attracting capital.The Boston firm mainly invests in the stocks of technology and consumer companies, with some positions...



Michaelson LPs Wait to Cash Out

Wed, 29 May 2019
Technology-focused debt investor Michaelson Capital is unwinding one of its funds.The vehicle, Imperium Specialty Finance Fund, has generated a 5.3% annualized return since inception in 2006. Why the New York firm is pulling the plug now is unclear, but the fund held just two positions with a combined net asset value of $16 million at yearend.Those positions — ESS Technology and Pictos Technologies — are illiquid. To wind down the fund,...



Family Office Pitches Art-Loan Fund

Wed, 29 May 2019
A family office that has earned steady profits writing loans to buyers of fine art is opening the strategy to outside investors.The Los Angeles operation, Shinnecock Partners, began investing May 1 through a commingled vehicle dubbed Art Lending Fund. It targets annual returns of 8.5-9.5% by originating short-term loans secured by paintings whose values typically exceed $1 million. The fund will employ leverage of up to 1.5 times equity...



Hong Kong Manager Starts Trading

Wed, 29 May 2019
Equity specialist Lincoln Li’s new hedge fund firm is up and running.Hong Kong-based Valliance Asset Management started trading this month with an unknown amount of internal capital. The firm initially is pursuing equity investments in Asia, with the intent of eventually adopting a broader multi-strategy approach.Goldman Sachs and Morgan Stanley are Valliance’s prime brokers.Li worked as a portfolio manager at CQS from 2015 until early this...



New Ownership, Name for VenBio

Wed, 29 May 2019
(SEE CORRECTION BELOW) The owner of VenBio Select Advisor, a $2.2 billion biotechnology-focused fund manager with an outstanding track record, has sold a 50% interest in the business to healthcare investor Garheng Kong.Kong, who owns growth-equity investment firm HealthQuest Capital of Belmont, Calif., paid an undisclosed sum to venBio portfolio manager Behzad Aghazadeh for the stake. The transaction closed on May 3, at which point venBio changed...



Real Estate Pros Prep Hedge Fund

Wed, 29 May 2019
Two real estate investment professionals are starting a hedge fund whose holdings would include shares of REITs and other real estate-related businesses.Pierre Duran and Matthew Ngo are targeting a late-summer launch via their Houston firm, Durango Capital. Duran, who holds the title of chief investment officer, and Ngo, the firm’s president, hope to raise an initial $25 million for the long-biased Durango Real Estate Equities Fund, mostly from...



Van Biema Builds Feeder-Fund Series

Wed, 29 May 2019
Multi-manager shop Van Biema Value Partners is teeing up the second in a series of feeder funds, each offering pinpoint access to a single underlying manager.The New York firm is talking to prospective investors about a vehicle dubbed VB Select European Opportunities Fund that would deploy capital to an unidentified manager investing in Europe. Last year, Van Biema launched the first fund in the series, VB Select Pan-Asia Fund, whose assets are...



Ex-Discovery Analyst Plans Launch

Wed, 29 May 2019
Energy specialist Lisa Audet has left Rob Citrone’s Discovery Capital to start her own fund-management business.There’s no word yet on the timing of a launch or her hiring plans. But given her tenure at Discovery, she’s expected to get a good look from investors.“She was successful at generating alpha for Rob Citrone’s funds for a number of consecutive years,” a source said.Audet spent 12 years at Discovery, a Norwalk, Conn.,...



Cat Rock Closing Commitment Period

Wed, 29 May 2019
Cat Rock Capital is about to cut off outside commitments again.The $1 billion firm, led by former Tiger Global partner Alex Captain, has a history of closing its Cat Rock Capital Partners fund to new investors and then reopening for brief stretches each year in a bid to keep growth in check. The Greenwich, Conn., operation most recently resumed taking capital in January, and plans to stop accepting pledges on Aug. 1.Cat Rock launched its fund in...



The Grapevine

Wed, 29 May 2019
Frederic Boyer, who left his job as Citadel&rsquo;s head of quantitative research for convertible-arbitrage investments in January, apparently has a new job. While there are conflicting reports about Boyer&rsquo;s destination, sources said he has since joined a proprietary-trading shop in Chicago. Boyer had been at Citadel since 2002.



The Grapevine

Wed, 29 May 2019
Verition Fund Management has added three staffers to a London office it opened this year. Credit-product specialist Jake Crawford arrived from RBC in April as a portfolio manager. Trader Hakim Khadira most recently focused on event-driven equity investments at BlueCrest Capital, and before that was at Citigroup and Millennium Management. Also on board is Jaymi Pace, a former BNY Mellon employee who invests in American depositary receipts....



The Grapevine

Wed, 29 May 2019
Balyasny Asset Management added Scott Miller to its San Francisco office with the task of identifying the firm&rsquo;s best investment ideas. Miller previously served two stints at Credit Suisse, most recently as head of equity sales on the West Coast. In between, he worked at Citadel&rsquo;s now-shuttered Ravelin Capital unit &mdash; where his colleagues included Balyasny equity chief Jeff...



The Grapevine

Wed, 29 May 2019
Two portfolio managers left ExodusPoint Capital&rsquo;s New York office this month. Global-macro specialist Ian Epstein and Hari Manappattil, who covers quantitative credit-product investments, both had been producing positive returns. Epstein previously worked at Autonomy Capital. Manappattil was at Cantor Fitzgerald and Barclays.



The Grapevine

Wed, 29 May 2019
Four investment professionals joined MKP Capital this month. Gianluca Salford, a London-based portfolio manager, previously was a fixed-income strategist at J.P. Morgan. Analyst Louis Vuono, who works in MKP&rsquo;s New York headquarters, also was at J.P. Morgan. So was New York-based associate Walid Zaman. Also on board in New York is analyst Terence Hsu, previously a portfolio manager at BlueCrest...



The Grapevine

Wed, 29 May 2019
Yoav Git joined the London office of global-macro shop Element Capital this month as a portfolio manager. Git previously led data research at Man Group unit AHL Partners.



The Grapevine

Wed, 29 May 2019
A senior analyst has left Magnetar Financial to become the head of quantitative analytics at Volofin Capital, a London startup that offers secured financing to aircraft-focused businesses including carriers and leasing companies. New York-based Ming Liu had a similar coverage area at Magnetar, which he joined in 2011 from Morgan Stanley. Volofin was launched in January by Bob Peart, who was Liu&rsquo;s boss at Magnetar, as well as Robert Jack and...



The Grapevine

Wed, 29 May 2019
Stone Forest Capital has picked up a senior analyst. Chiara Salghini joined the emerging-market equity manager last week from Federated Investors. Salghini also has spent time at Moody&rsquo;s and Barclays. Stone Forest, a New York firm led by Brad Lindenbaum, was managing $180 million of gross assets on Feb. 1.



The Grapevine

Wed, 29 May 2019
Bank of America has promoted Lindsay Costigan to a sales role within its prime-brokerage group. The San Francisco-based Costigan had been working in capital introduction at BofA, which plans to hire a replacement. Earlier, she spent time at Wells Fargo and U.S. Trust. Costigan reports to managing director Chris Leupold and prime-brokerage sales chief Kim...



KKR Enters Crowded Medical-Royalty Field

Wed, 22 May 2019
KKR is laying the groundwork for a drawdown fund that would invest in healthcare royalties.Although it has yet to begin marketing, a source said KKR wants to raise about $500 million of equity for KKR Health Care Royalty & Income Fund 1. Emily Janvey, who joined KKR in 2017 from healthcare investor OrbiMed Advisors, would manage the portfolio.KKR&rsquo;s focus on healthcare royalties reflects increasing investor demand for niche strategies that...



Warlander Recruiting Additional Investors

Wed, 22 May 2019
Outside investors are getting a crack at Eric Cole&rsquo;s Warlander Asset Management for the first time since the short-biased debt manager launched more than three years ago.Warlander raised an initial $1.1 billion &mdash; including a large seed investment from Cole&rsquo;s former employer, Appaloosa Management &mdash; then immediately shut the door to additional limited partners. But the New York firm recently began reaching out to investors...



LPs Get Crack at Profitable Discus Program

Wed, 22 May 2019
Capital Fund Management, an early practitioner of systematic-trading strategies, is re-opening a managed-futures fund that&rsquo;s been off-limits to new investors since at least 2015.The Paris firm seeks to raise an additional $1 billion for the vehicle, dubbed Discus, which currently has $2.1 billion under management. With a track record that dates to 1991, Discus was among the first futures-trading programs in Europe to employ trend-following...



LPs Sought for Music-Royalty Funds

Wed, 22 May 2019
A hedge fund manager and two music publishers separately are marketing private funds that would invest in music royalties.Courage Capital, a 20-year-old fund operator whose core strategies are distressed debt and special situations, is rolling out the second in a series of drawdown vehicles that buy music-publishing rights. Its debut offering, Courage Music Partners 1, which launched in February 2018, had $67 million of gross assets at...



Magnetar Pitches Healthcare Offering

Wed, 22 May 2019
Magnetar Financial is raising capital for a healthcare-stock fund.While Magnetar hasn&rsquo;t scheduled a launch date for the vehicle, the name of portfolio manager Chris Procaccini appeared on a list of upcoming offerings that Goldman Sachs&rsquo; prime-brokerage unit distributed to investors this month.The fund would invest in the shares of mid- and large-cap North American and European companies in the medical-technology, life-science tool,...



Equity Pro Targeting June Launch

Wed, 22 May 2019
Equity specialist Will Potts is about to begin running his own hedge fund again.Potts is aiming for a June launch from his Higher Park Capital, which he set up in 2018. The fund would distribute its capital among autonomous in-house teams that in turn would pick stocks across North America, Europe and Asia.As chief executive and chief investment officer, Potts would handle allocation decisions, set performance targets and oversee strategy. He is...



Manager Offers Operational Support

Wed, 22 May 2019
Little Harbor Advisors has set up an affiliate that handles operational functions for other managers&rsquo; hedge funds.The new business, Little Harbor Ventures, offers marketing, documentation, compliance, client-service and trading support. In exchange, it gets a cut of revenues.The Marblehead, Mass., firm plans to work with established managers that want to reorganize their infrastructures or cut costs, and isn&rsquo;t supplying seed capital....



Banner Year for Mortgage Fund

Wed, 22 May 2019
A fund operator that invests in deeply distressed home loans has far exceeded its return target and capital-raising expectations.When it started investing outside capital in April 2018, DRI Fund of West Palm Beach, Fla., told limited partners it hoped to generate annual returns of 14-17%. But in its first 12 months of trading, the firm&rsquo;s DRI Mortgage Opportunity Fund delivered a net return of 48%.Its assets, meanwhile, have swelled to $150...



Window Closing for RA Offering

Wed, 22 May 2019
Healthcare-company investor RA Capital is progressing swiftly with fund-raising efforts for a co-investment vehicle it began marketing on March 28.The Boston firm has set a June 7 deadline for final subscriptions to its RA Capital Nexus Fund. The vehicle, with a capital-raising target of $250 million and a $300 million limit, would hold its final close on July 1.RA Capital Nexus mostly would invest in private drugmakers and medical-device...



New Kellner Fund Hooks Anchor LP

Wed, 22 May 2019
Merger-arbitrage specialist Kellner Capital has raised an initial $25 million for a new vehicle that manages a concentrated portfolio.The New York firm, which launched one of the first merger-arb funds in the early 1980s under the banner Kellner DiLeo & Co., began trading KC Absolute Merger Fund in March with an anchor investment from a family-office group. A broader marketing campaign is now getting under way.The strategy of the new fund, headed...



Event-Driven Shop Up and Running

Wed, 22 May 2019
Startup Dendur Capital has begun trading.The event-driven firm, led by former Corvex Management research head Malcolm &ldquo;Mac&rdquo; Levine, launched its Dendur Master Fund this month with an amount that one source pegged at $250 million. The capital is split between a U.S. version called Dendur Fund and the Cayman Islands-domiciled Dendur Offshore Fund.New York-based Dendur aims to exploit short- and medium-term market inefficiencies by...



LPs Open Wallets for North Peak

Wed, 22 May 2019
North Peak Capital continues to rake in money from investors amid strong double-digit returns.The long-biased fund shop, which takes concentrated positions in small- and mid-size companies, started the year with $120 million under management &mdash; up from just $17.5 million when it began marketing its fund in August 2017. Its assets now stand at $200 million.About half of the increase is attributable to year-to-date investment gains amounting...



The Grapevine

Wed, 22 May 2019
Citadel last week dismissed five members of its fixed-income and global-macro investment unit in New York for performance reasons. The cuts were confined to personnel specializing in interest-rate derivatives, including portfolio managers Chul Park and Christopher Rahmlow; associate portfolio managers Thomas Connor and Kevin Holmes; and trader Sophia Liu. Their unit contributes to Citadel&rsquo;s flagship Wellington fund, which was up 10%...



The Grapevine

Wed, 22 May 2019
Brookfield Asset Management hired two investment professionals this month for a fundamental-equity and event-driven unit called Brookfield Hedge Solutions that is scheduled to start trading this year. New York-based portfolio manager Neel Gupta, who covers event-driven investments, had been at Citadel&rsquo;s now-shuttered &ldquo;fundamental strategies&rdquo; unit until May 2018. He also has worked at Pine River Capital and HBK Capital. Analyst...



The Grapevine

Wed, 22 May 2019
Suvretta Capital has hired two senior analysts who exited Citadel unit Surveyor Capital around yearend. Shoney Katz and Thomas Wilkes started at the New York equity shop this month. Before Surveyor, Katz worked at SAC Capital and Newcastle Capital. Wilkes was at Axial Capital and Societe Generale. Suvretta, led by Aaron Cowen, was managing $4.5 billion of gross assets at yearend...



The Grapevine

Wed, 22 May 2019
Startup Baymount Capital has hired Amy Nadeau as president. Nadeau previously led marketing at River Birch Capital, which began shutting down at yearend 2018. She also has worked at Tse Capital and Caxton Associates. Baymount aims to raise $500 million for a global-macro fund. But with founder Drew Casino still at Appaloosa Management, the timing of the Miami firm&rsquo;s launch remains uncertain. Appaloosa chief David Tepper is a prospective...



The Grapevine

Wed, 22 May 2019
Activist-fund startup Impactive Capital added Walter Lee this month as head of marketing and investor relations. Lee most recently worked at Coatue Management, which he left in 2018. He also has spent time at Trian Partners and Merrill Lynch. Impactive is led by Christian Asmar and Lauren Taylor Wolfe, both formerly of Blue Harbour Group. The firm, whose limited partners include California State Teachers, began trading during the first quarter...



The Grapevine

Wed, 22 May 2019
Industrial-stock specialist James Thalacker joined BMO Capital as a New York-based portfolio manager in April. Thalacker last worked at Millennium Management. He also counts Highbridge Capital and Bass Brothers as former employers.



The Grapevine

Wed, 22 May 2019
Falchion Capital co-founder Ankur Jain left the New York technology-stock shop this month with plans to help form a new hedge fund firm. As operations chief, Jain teamed up with Fred Lee to launch Falchion in 2015 after co-founding marketing company Tuned. Lee remains on board. Taking over as chief operating officer is Paul Pitts, who arrived from Global Trust in 2018 as chief financial officer. Falchion was running $77 million of gross assets at...



The Grapevine

Wed, 22 May 2019
Mallory Bezler moved to Two Creeks Capital this month as head of investor relations. Bezler previously worked at Sachem Head Capital and Tremblant Capital. Two Creeks, a New York equity shop led by Ryan Pedlow, had $2.5 billion under management at yearend 2018.



The Grapevine

Wed, 22 May 2019
Analyst AJ Hamel joined Charlotte equity manager Banbury Partners this month in a stock-valuation role. Hamel previously covered high-yield credit products at Guggenheim. Banbury is led by Clay Burleson and Stormy Scott. It was managing $577 million of gross assets at yearend 2018.



The Grapevine

Wed, 22 May 2019
Salesman Sean Ward joined MUFG Investor Services&rsquo; fund-administration unit in New York this month. Ward had been working at administrator Horseshoe Group. He also has spent time at SS&C GlobeOp and Bloomberg.



Perella Casting Off Public-Market Operations

Wed, 15 May 2019
9SEE CORRECTION BELOW) Perella Weinberg Partners Capital, which recently separated from investment bank Perella Weinberg, is unloading its hedge fund business.The $14 billion alternative-investment manager is selling or spinning off three fund-management units that together run more than $2 billion. The transactions affect about 30 investment professionals.Perella Weinberg spun off its asset-management business on Feb. 28, in part to clear the...



First New York Building Hedge Fund Business

Wed, 15 May 2019
Proprietary-trading shop First New York is taking another stab at launching a hedge fund.The firm, whose 125 internal and external portfolio managers run a little more than $3 billion of gross assets, envisions a multi-strategy vehicle that largely would mirror its prop-trading portfolio. Since the 1980s, First New York has earned mostly double-digit returns, with low net exposure and little volatility.The New York firm plans to begin trading the...



Largest Employers Drive Industry Job Growth

Wed, 15 May 2019
The biggest hedge fund employers continued to build up their staffs last year, even as headcount was essentially flat for the rest of the industry.The top 75 firms measured by the sizes of their professional staffs employed a total of 23,144 in the first quarter, up 7% from the total for the top 75 a year ago, according to the latest regulatory filings captured by Hedge Fund Alert&rsquo;s Manager Database (see ranking on Pages 7-8). On the...



Florin Court Manages Comeback

Wed, 15 May 2019
Commodity-trading advisor Florin Court Capital has tripled its assets since its main backer, Brummer & Partners, temporarily withdrew most of its money two years ago.The London firm, which runs a diversified but volatile managed-futures portfolio, now has $750 million under management, following a recent investment from a Swiss financial institution. And chief investment officer Doug Greenig is in talks with additional investors whose allocations...



Soros Alumni Map Separate Launches

Wed, 15 May 2019
A former Soros Fund Management executive is starting his own hedge fund, while another ex-Soros manager progresses toward the launch of a new firm.Murat Ozbaydar appears to be aiming for July or August to open a New York equity shop called Rudius Management. He already has lined up a five-year, $500 million commitment from Yale University&rsquo;s endowment, and might offer a founders share class. Ozbaydar is expected to run a concentrated...



Gut Check for Chalkstream LPs

Wed, 15 May 2019
Chalkstream Capital&rsquo;s volatility portfolio shows year-to-date losses that have wiped out all gains since its December 2016 launch.The program, Chalkstream Systematic Volatility Strategies, was down 11.2% from Jan. 1 to April 30. That left it with a minus-0.2% return since inception. The portfolio had gained 14.3% in 2018, including returns of 3.8% in January and 13.9% in February &mdash; its best months ever. Conversely, its worst months...



APG Takes Aim at US Companies

Wed, 15 May 2019
Dutch pension manager APG, among the world&rsquo;s most active investors in hedge funds, is expanding its direct-investing operations in the U.S.APG, with &#8364;487 billion ($550 billion) of assets as of Feb. 28, soon will begin taking concentrated stakes in mid-size public companies in North America, with the aim of deploying &#8364;7.5 billion for the strategy. The initiative is part of APG&rsquo;s Focus Equities program, which already has a...



Real Estate Funds Beckon Managers

Wed, 15 May 2019
Real estate investment firms are seeking $20.2 billion of equity for tax-advantaged funds targeting developments in low-income areas.A survey published by sister publication Real Estate Alert on May 8 found 51 commingled funds set up to invest in development and redevelopment projects within &ldquo;opportunity zones&rdquo; designated by the federal government. Investors in the vehicles will be able to defer and reduce capital-gains taxes on...



New Life for Machine-Learning Shop

Wed, 15 May 2019
A firm that uses machine-learning techniques to detect &ldquo;psychological leakage&rdquo; in corporate statements is launching a new version of its hedge fund.Mitra Capital shuttered its first Mitra Capital Partners fund around yearend 2017 amid the resignation of founder and chief investment officer David Lander. But the Boston firm recently began marketing a successor vehicle, Mitra Capital Partners 2, that will pursue essentially the same...



Atalaya Adds CLO-Issuance Unit

Wed, 15 May 2019
Debt-focused fund operator Atalaya Capital is expanding its services to include issuing collateralized loan obligations.The effort started with an April 29 deal that saw Atalaya purchase CLO-management contracts from Tiptree Asset Management. Those contracts are for six deals totaling $1.7 billion that Tiptree issued under the Telos label. Atalaya plans to begin issuing its own CLOs, also under the Telos label, starting as early as June.Under its...



Vida Extends Life-Settlement Series

Wed, 15 May 2019
Life-settlement investor Vida Capital has raised a sizable sum for its latest vehicle.The Austin firm has locked in $335 million from just three investors for Vida Insurance Credit Opportunity Fund 3. A predecessor vehicle, Vida Insurance Credit Opportunity Fund 2, last year closed on $886 million &mdash; handily beating its fund-raising goal of $750 million.Vida, which had $3.7 billion under management at yearend, is among a small number of fund...



The Grapevine

Wed, 15 May 2019
Citadel is picking up two New York-based portfolio managers. Industrial-stock specialist Jason Moscowitz will join the firm&rsquo;s Surveyor Capital unit this month from PointState Capital. He also has worked at J.P. Morgan. Meanwhile, Ken Stumphauzer joined Citadel&rsquo;s Ashler Capital division this month with a focus on consumer-company stocks. He previously worked at Scopus Asset Management, Sterne Agee and FTN Midwest Securities. Citadel, a...



The Grapevine

Wed, 15 May 2019
Wexford Capital has hired two executives who left Cider Mill Investments amid that firm&rsquo;s April shutdown. Chief financial officer George Landrove starts in the multi-strategy operation&rsquo;s Greenwich, Conn., office this month, following the April arrival of chief operating officer Ken Palumbo. Landrove joined Cider Mill in 2016 from Lone Pine Capital. At Wexford, he fills a post that is opening with the planned retirement of Debbie...



The Grapevine

Wed, 15 May 2019
Startup equity manager Cinctive Capital continues to build up its staff. Todd Fischer joined the New York operation this month as head trader, following stops at Precocity Capital, Aravt Capital and Citadel unit Surveyor Capital. Meanwhile, Adam Aron arrived as a portfolio manager covering energy-related stocks. He previously worked at BlueCrest Capital, Citadel Global Equities and Millennium Management. Kurt Knott, also a portfolio manager,...



The Grapevine

Wed, 15 May 2019
The newly forming Woodline Partners hired Erin Mullen this month as chief compliance officer. Mullen had been overseeing information and data-services compliance for Citadel&rsquo;s fundamental equity units, following stops at Bank of America and law firms Gibson Dunn and Chadbourne & Park. Woodline, a San Francisco firm led by former Citadel Global Equities portfolio managers Karl Kroeker and Michael Rockefeller, is aiming to launch on Aug. 1...



The Grapevine

Wed, 15 May 2019
Segantii Capital added senior traders Steven Murphy and Nicholas Tsiattalou to its London office in April. Murphy previously worked at Balyasny Asset Management and Societe Generale. Tsiattalou&rsquo;s former employers include Och-Ziff Capital and Citigroup. Segantii is led by founder Simon Sadler. The Hong Kong firm, which pursues a mix of investments across Asia, was managing $7 billion of gross assets at yearend...



The Grapevine

Wed, 15 May 2019
TCI Fund Management has hired an analyst. Tobias Brickel joined the value-oriented equity manager&rsquo;s London headquarters this month from Industrial Equity. Brickel also has spent time at Bodenholm Capital. TCI manages The Children&rsquo;s Investment Master Fund, which reported $25.6 billion of gross assets to the SEC on May 29, 2018. The firm is led by Christopher...



The Grapevine

Wed, 15 May 2019
Analyst Patrick Daly left Weiss Multi-Strategy Advisers this month. Daly had been covering derivatives tied to the stocks of consumer-discretionary companies. He also has spent time at Cadian Capital and Jefferies.



The Grapevine

Wed, 15 May 2019
Investor-relations specialist Rob Galeano has joined event-driven manager Standard General as a director. Galeano arrived at the New York operation in April from Rimrock Capital. His resume also includes stops at Graham Capital, Ramius and SS&C GlobeOp.



US Investors Get Crack at Mubadala Vehicle

Wed, 08 May 2019
Sovereign-wealth fund Mubadala Investment is raising money from U.S. investors for an equity hedge fund.Mubadala, which invests more than $225 billion for the Emirate of Abu Dhabi, has filed paperwork with the SEC for two Cayman Islands vehicles, MIC Capital Partners (Public) Parallel Cayman and MIC Capital Partners (Public) Non-U.S. Mubadala operates in the States via an investment advisor called MIC Capital.MIC is a unit of Mubadala Capital, a...



Major Prime Brokers Losing Market Share

Wed, 08 May 2019
The latest SEC data on hedge funds&rsquo; prime-brokerage relationships show a number of the biggest banks continue to lose market share, while several smaller brokerages have experienced rapid growth.Perennial front-runner Goldman Sachs commands an 18.1% share of the market based on the number of funds that use the bank for prime-brokerage services, according to the latest regulatory filings captured by Hedge Fund Alert&rsquo;s Manager Database....



ExodusPoint: Schonfeld Staffers Underpaid

Wed, 08 May 2019
ExodusPoint Capital is firing back at Schonfeld Strategic Advisors.ExodusPoint, which was sued by Schonfeld last year for poaching staff, has filed a counterclaim in which it boldly asserts that it will continue recruiting Schonfeld&rsquo;s &ldquo;systematically undercompensated employees.&rdquo;&ldquo;There is a great deal of interest and excitement in the industry about the prospect of working at ExodusPoint and apparently widespread...



Challenger Exits SkyBridge Position

Wed, 08 May 2019
Challenger Financial has sold its stake in Anthony Scaramucci&rsquo;s SkyBridge Capital.The Adelaide, Australia, investment manager, which acquired a 10% stake in the fund-of-funds operator in 2008, &ldquo;disposed of the investment&rdquo; for about $3 million, according to a filing last month with U.K. corporate registrar Companies House. That would value SkyBridge at just $30 million or so &mdash; though its possible the transaction involved...



Strong Start for Coffey's Kirkoswald

Wed, 08 May 2019
Kirkoswald Capital finished its first 12 months with a 12% gain, positioning the firm for a continued capital-raising push that increasingly is taking aim at U.S. investors.The operation began trading its hotly anticipated Kirkoswald Global Macro Fund on April 9, 2018, and went on to finish the year with a 5.3% profit. It was up another 6.2% during the first quarter of this year, including a 3% rise in March.That marked the fund&rsquo;s best...



Healthcare Pro Raising Money

Wed, 08 May 2019
A former OrbiMed Advisors executive is assembling a hedge fund to invest in healthcare-company stocks.Scott Green plans to launch the vehicle by yearend via a New York management firm he has dubbed 8 Knots. His capital-raising ambitions are unclear, although one family-office investor said he should benefit from the heavy demand for healthcare-stock funds.Green will employ a market-neutral strategy with the goal of producing strong risk-adjusted...



CIBC Offering More Leverage

Wed, 08 May 2019
CIBC is positioning its nascent U.S. prime-brokerage unit to better compete with Wall Street banks.Starting this month, the Toronto bank is offering hedge fund clients in the U.S. &ldquo;enhanced&rdquo; leverage capabilities, enabling them to finance a wider variety of assets with less counterparty risk. Using its C$464 billion ($350 billion) balance sheet, CIBC will lend against hard-to-finance investments managed by multi-asset, multi-strategy...



Caerus Founder Takes the Reins

Wed, 08 May 2019
Consumer-stock specialist Caerus Investors is now operating with a single portfolio manager.Managing partner Brian Agnew, who helped launch Caerus in 2009, left last week to take a finance position at Reno, Nev., casino operator Eldorado Resorts. He had been sharing oversight of Caerus&rsquo; investments with founder Ward Davis.Before joining Caerus, Agnew was a senior portfolio manager within a proprietary equity unit of J.P. Morgan. He also has...



Whitebox Planning to Issue CLOs

Wed, 08 May 2019
Whitebox Advisors, which has experience investing in collateralized loan obligations, has formed a unit to issue its own CLOs.The division, Whitebox CLO Management, has begun buying leveraged loans via a warehouse line from J.P. Morgan. It also has started reaching out to CLO investors, though the timing of an inaugural issue is uncertain. The initiative first was reported by sister publication Asset-Backed Alert.Whitebox has invested in CLOs...



End of the Line for PhaseCapital

Wed, 08 May 2019
PhaseCapital, a once-$300 million fund shop that enjoyed backing from two prominent investors, is out of business.The New York firm withdrew its SEC registration last month after chief executive Michael DePalma, chief investment officer Michael Ning and portfolio manager Tim Gramatovich accepted positions at other firms. After liquidating a global-macro fund and a mutual fund in December, PhaseCapital&rsquo;s only remaining business was a...



TMT Equity Shop Up and Running

Wed, 08 May 2019
Startup equity manager 6elm Capital has begun investing.The New York firm started trading on April 1 with $16 million, of which about $13 million came from its partners. A formal launch of a fund called 6elm Capital Master is expected in June or July, perhaps with more than $100 million.The two-stage approach apparently is intended to ensure that 6elm is operating smoothly before taking in more substantial outside commitments. The firm, led by...



Leading Fund Administrators Expanding Footprint

Wed, 08 May 2019
The largest hedge fund administrators command an increasingly big share of the U.S. market.Consider that the top three administrators of single-manager funds &mdash; currently SS&C GlobeOp, State Street and Citco &mdash; now have a combined market share of 58.8%, according to the latest regulatory filings captured by Hedge Fund Alert&rsquo;s Manager Database. That compares to 47.4% for the top three in 2012, when the SEC began requiring fund...



The Grapevine

Wed, 08 May 2019
Ellington Management has added Jonas Frantz to its London office as a managing director responsible for marketing and investor relations. Frantz had been running his own capital-raising shop since January 2018. Before that, he started a European investor-relations unit at Paulson & Co. He also counts Citigroup as a former employer. Ellington has about 10 employees stationed in London, out of an overall staff of 142. The firm, led by Michael...



The Grapevine

Wed, 08 May 2019
Startup equity manager Woodline Partners brought in two analysts in April. Brian Schmidt, who covers the stocks of pharmaceutical and biotechnology companies, previously worked at Partner Fund Management and J.P. Morgan. Also on board is Griffin Tormey, who specializes in technology, media and telecommunications stocks. He was at Citadel Global Equities, following stops at Union Point Advisors and Neuberger Berman. The additions bring...



The Grapevine

Wed, 08 May 2019
Technology-stock shop Maplelane Capital has hired a trader. Cory Stockmal joined the New York firm in April from Och-Ziff Capital, where he dealt in equities and derivatives. Stockmal also has spent time at Credit Suisse. Maplelane, led by Leon Shaulov, was managing $3.3 billion of gross assets at yearend 2018.



The Grapevine

Wed, 08 May 2019
Cole-Frieman & Mallon rehired Scott Kitchens in late April as a partner in charge of a newly opened practice in Denver, where the law firm plans to hire two more attorneys. Kitchens had been working at Bryan Cave, having previously served as an associate at Cole-Frieman. His new assignment encompasses work with hedge funds and private equity funds. The addition follows the early-2018 opening of an Atlanta office, which at the time was the second...



The Grapevine

Wed, 08 May 2019
Jordan Gershuny left his post as head of marketing and investor relations at Jana Partners this month to join Tiger Global Management. His assignment: to co-head Tiger Global&rsquo;s investor-relations efforts alongside Clara Ferraro and Lauren Lyons. Gershuny also has worked at FrontPoint Partners and Morgan Stanley. Tiger Global, a New York firm led by Chase Coleman, invests in stocks and private equity. It manages about $36 billion of gross...



The Grapevine

Wed, 08 May 2019
MidOcean Credit has hired a senior analyst to cover investments in the debt of healthcare companies. Trent Spiridellis joined the New York operation this month from Avenue Capital. MidOcean Credit is led by Steve Shenfeld. The MidOcean Partners unit was managing $8 billion of gross assets on March 31.



The Grapevine

Wed, 08 May 2019
GSO Capital has hired an associate to focus on distressed-debt and special-situations investments. Nicholas Ang started in the Blackstone unit&rsquo;s New York office in April, having previously worked at Paulson & Co.



The Grapevine

Wed, 08 May 2019
Christofferson, Robb & Co. hired Daniel Lawee in April as a New York-based managing director responsible for marketing and business development. Lawee most recently was a portfolio manager in the fund-of-funds division of Paamco Prisma, following stops at Northwater Capital and TD Bank. Christofferson Robb specializes in absorbing the risk associated with the debt of energy companies from European banks. It had $4.7 billion under management at...



The Grapevine

Wed, 08 May 2019
Consulting firm Cloudbreak Compliance has added an attorney to its regulatory compliance practice. Leslie Buckler joined the White Plains, N.Y., operation in April from State Street.



Biggest Managers Capturing All of the Growth

Wed, 01 May 2019
The 50 largest fund-management companies grew last year to account for more than half of the industry&rsquo;s gross assets, while smaller managers saw their holdings shrink.The top-50 firms together run 51.7% of the $7.3 trillion of assets managed in hedge funds, including leverage, according to the latest U.S. regulatory filings captured by Hedge Fund Alert&rsquo;s Manager Database. The combined market share of those firms is up from 48.5% a...



Alkeon, Valiant Prep Venture-Style Vehicles

Wed, 01 May 2019
Two more hedge fund managers are launching vehicles to pursue investments in private companies, including venture-capital deals.Alkeon Capital is rolling out two offerings: Alkeon Innovation Opportunity Fund, which will invest only in venture capital plays, and Alkeon Innovation Fund, which will encompass both venture-capital positions and a long/short equity portfolio. And Valiant Capital, which has long invested in private companies via its...



Pedigreed Quant Pros Launch Equity Strategy

Wed, 01 May 2019
Quantitative-investment startup Pluribus Labs has begun managing money.For now, the San Francisco firm is running insider capital via a quant-equity portfolio that employs models developed by research chief Wachi Bandara. But Pluribus, led by former BlackRock executive Kenneth Kroner, plans to begin marketing a long-only vehicle later this year, followed by a so-called 130/30 offering and possibly a long/short equity vehicle &mdash; depending on...



Singh Reviving Axon Capital

Wed, 01 May 2019
Following a prolonged contraction, Dinakar Singh&rsquo;s Axon Capital has delivered stellar returns this year.Through mid-April, the U.S.-domiciled Axon Partners fund and an offshore companion were up nearly 40%, versus a 13% rise for the benchmark MSCI World Index. Singh, a former Goldman Sachs trader who founded Axon in 2005, takes a fundamental, long-biased approach to picking stocks globally.The New York firm, whose launch counted as one of...



Axar Marketing "Control' Vehicle

Wed, 01 May 2019
Special-situations investor Axar Capital wants to increase its capacity to take controlling stakes in distressed businesses.To that end, the New York firm is marketing Axar Control-Oriented Co-Investment Fund, with the goal of raising several hundred million dollars. The capital would be used in part to increase Axar&rsquo;s exposure to deals that exceed the position limits of its flagship hedge fund, which launched in 2015.The co-investment...



End of the Road for Dasoma

Wed, 01 May 2019
Dasoma Capital is closing its doors.The New York equity-fund operator, which began trading in 2015, appears to have returned all but the last of its capital in recent months. Most of the staff working under founder Boris Ginovker had already left.Dasoma started by running a separate account for Donald Sussman&rsquo;s Paloma Partners, which committed up to $250 million. But Paloma appears to have pulled its capital within a year.Dasoma launched a...



Theorem Proving Popular With LPs

Wed, 01 May 2019
Theorem Partners has signed up two more institutional investors for a fund that uses machine-learning techniques to invest in personal loans originated by online platforms.Recent large commitments from a pension and a university endowment will boost the San Francisco firm&rsquo;s assets well above its current $790 million under management. Even before the latest pledges, Theorem&rsquo;s assets had increased by more than 50% since yearend 2017.To...



Citadel Alum Building Equity Shop

Wed, 01 May 2019
A former portfolio manager at Citadel is preparing a hedge fund.Brandon Wier plans to start trading via his Dallas-based BWCP by yearend, using fundamental research to invest in the stocks of innovative businesses. Among them would be technology, media and telecommunications companies &mdash; Wier&rsquo;s bread-and-butter &mdash; along with consumer companies and those involved in business services such as staffing and software.Given Wier&rsquo;s...



Protocol Given Real Estate Mandate

Wed, 01 May 2019
Real estate investor SoLa Impact has hired hedge fund-focused placement agent Protocol Capital to finish off a fund-raising campaign for its opportunity zone fund.SoLa, which began marketing SoLa Impact OZ Fund in January, already has lined up $75 million toward its overall equity goal of $100 million. With Protocol&rsquo;s help, the Los Angeles firm hopes to raise much of the rest of the capital from hedge fund managers seeking to defer and...



Naya Wins Hefty Commitment

Wed, 01 May 2019
Naya Capital has launched a long-only equity fund with a $250 million commitment from an undisclosed anchor investor.The vehicle, Naya Coldwater, began trading on April 1. While it&rsquo;s unclear if the anchor investor has worked with Naya before, the London firm has set aside an equal amount of capacity for contributions from current limited partners with the same terms.Naya launched in 2012 with $150 million, including a $100 million seed...



Equity Vehicle Opening to Outsiders

Wed, 01 May 2019
Parplus Partners is seeking outside investors for the first time.To oversee the capital-raising effort, the New York equity shop hired Vincent Thompson in April as head of investor relations and marketing. Thompson most recently worked at Welton Investment from 2015 to 2017, following stops at Rohatyn Group, Brevan Howard Asset Management and an acceleration-capital unit of J.P. Morgan.He will line up commitments for a vehicle called Parplus...



Machine-Learning Shop Seeks LPs

Wed, 01 May 2019
Two data scientists are trying to raise $20 million for a hedge fund that employs machine-learning techniques.The campaign marks the first attempt by Christopher Kramvis and Uppili Krishnamachari to raise outside money for the vehicle, which they launched in July 2018 via a Hoboken, N.J., management firm called DropShot Capital. They started with $7.5 million from friends and family members.DropShot takes a long-only approach to investing in...



The Grapevine

Wed, 01 May 2019
Portfolio manager Ross Schubak resigned last month from Weiss Multi-Strategy Advisers to join Millennium Management. Schubak, who covers consumer-company stocks, also has worked at Cadian Capital. Millennium, a New York multi-strategy firm led by Izzy Englander, has $37.8 billion under management.



The Grapevine

Wed, 01 May 2019
Crestline Investors hired Brad Ohlmuller in April for its Summit Equity Alpha unit, a program encompassing multiple portfolio managers employing long/short equity strategies. Ohlmuller most recently covered healthcare-company stocks for Citadel unit Surveyor Capital until April 2018, after stops at Fox Asset Management and Goldman Sachs. Crestline is led by Douglas Bratton. The Fort Worth, Texas, firm was managing $12.7 billion of gross assets at...



The Grapevine

Wed, 01 May 2019
Startup Browning West hired Peter Lee in April as an analyst. Lee most recently worked at Criterion Capital, which shut down late last year. He also has spent time at Grey Mountain Partners and Lazard. Lee&rsquo;s arrival follows the February hiring of former Soroban Capital executive James Hernandez as chief financial officer and chief operating officer. Browning West was launched early this year by activist investor Usman Nabi, formerly of H...



The Grapevine

Wed, 01 May 2019
Ambika Kapoor has joined Soros Capital, the New York family office of Robert Soros, as a portfolio manager specializing in emerging-market equities. Kapoor previously worked at GSA Capital of London. She also counts Soros Fund Management and Morgan Stanley as former employers. Robert Soros is the son of hedge fund legend George Soros.



The Grapevine

Wed, 01 May 2019
Millennium Management has picked up a portfolio manager who specializes in interest-rate swaps. Dion Chen came on board in April from Goldman Sachs.



The Grapevine

Wed, 01 May 2019
Separately, Millennium Management hired analyst Anthony Inguaggiato in April. Inguaggiato had worked at Jet Capital, following stops at Blackstone and McKinsey & Co.



The Grapevine

Wed, 01 May 2019
Compliance firm Optima Partners has a new chief operating officer. David Gold, who most recently worked in Morgan Stanley&rsquo;s prime-brokerage department, joined the New York operation this week. Gold&rsquo;s resume additionally includes stops at Willis Tower Watson and BlackRock.



The Grapevine

Wed, 01 May 2019
Citadel has hired an analyst to cover the stocks of Asia-focused technology companies. Larry Ge joined the firm&rsquo;s Citadel Global Equities division in New York in April. Ge most recently worked at Fir Tree Partners, following stops at D.E. Shaw and Gramercy Funds Management. Citadel is led by Ken Griffin. The Chicago multi-strategy firm had $30 billion under management on March...



The Grapevine

Wed, 01 May 2019
Apollo Global has hired a distressed-debt analyst. Bhaskar Acharya, who started in April as a principal in the New York firm&rsquo;s London office, previously was employed at Observatory Capital. Acharya also has spent time at Alcentra and Barclays. Apollo, led by Leon Black, Joshua Harris and Marc Rowan, had $280 billion under management at yearend...



The Grapevine

Wed, 01 May 2019
Jonathan Jones left a top in-house recruiting post at Point72 Asset Management in April to take a job outside the hedge fund industry. Jones, who now works in the New York office of biopharmaceutical company Roivant Sciences, had been in charge of finding and hiring investment personnel for Point72. He also has spent time at BlackRock and Goldman Sachs.



HFR Asset-Management Business in Decline

Wed, 17 Apr 2019
HFR, a pioneer of multi-manager products including investable hedge fund indexes, is de-emphasizing its asset-management business while focusing on a new effort to license alternative-investment indexes to other financial firms.HFR, formerly known as Hedge Fund Research, is in advanced talks with an unidentified asset manager that wants to offer an index vehicle based on 500 of the largest funds in the HFRI Fund Weighted Composite Index. The...



Tice Re-Emerges With Bearish Australia Play

Wed, 17 Apr 2019
David Tice, whose Prudent Bear Fund earned big profits shorting stocks before the financial crisis, is backing a new fund that plans a &ldquo;Big Short&rdquo;-style play on Australia&rsquo;s housing market.Tice is working with Vantage Point Asset Management of Singapore to raise $500 million for Vantage Point Firebell Australian Macro Fund, which will take short positions in Australian mortgage bonds and bank stocks, among other plays. Vantage...



Family Offices Bypassing Fund Managers

Wed, 17 Apr 2019
In a potentially troubling trend for hedge funds, family offices are increasingly willing to invest directly in alternative assets and complex situations.The world&rsquo;s wealthiest families have long been among the most prolific allocators to hedge funds, with some surveys indicating family offices, on average, deploy 25% of their capital to hedged strategies. But disillusionment with fund performance and fees is prompting family offices from...



Balyasny Shows Spike in Gross Assets

Wed, 17 Apr 2019
Balyasny Asset Management ratcheted up its gross exposure last year, even as its net assets fell sharply due to investment losses and redemptions.The Chicago multi-strategy firm&rsquo;s regulatory capital &mdash; a measure of gross assets mandated by the SEC &mdash; totaled $158 billion at yearend, up 24% from a year earlier. During the same period, Balyasny&rsquo;s assets under management fell 37% to $6.8 billion.As a result, its ratio of gross...



White Mountains Backs Elementum

Wed, 17 Apr 2019
White Mountains Insurance, which buys stakes in financial-service companies, is taking a position in catastrophe-bond investor Elementum Advisors.White Mountains, a Bermuda holding company, has agreed to acquire a 30% stake in Elementum, a Chicago alternative-investment manager with $4.1 billion under management at yearend 2018. The deal is scheduled to close on May 31.SS&C GlobeOp, Elementum&rsquo;s fund administrator, wrote in a note to...



Short-Seller Raising Capital Again

Wed, 17 Apr 2019
Shannon Collins, a veteran short-seller who apprenticed under stock-shorting legend Edward &ldquo;Rusty&rdquo; Rose, is reviving his YX Funds.Collins originally ran the Dallas firm for seven years before joining long/short equity manager Water Street Capital in 2013. Since leaving Water Street in January, Collins has been laying the groundwork for a new version of YX Funds, believing that market conditions are propitious for short-selling.He...



Macro Investor Touts "Classic' Style

Wed, 17 Apr 2019
AG Capital is pointing to a profitable play in the palladium market as a good example of its &ldquo;classic&rdquo; approach to discretionary global-macro investing.The Boston firm, with about $15 million under management, employs a mix of fundamental, technical and market-sentiment analysis to manage a portfolio of just 3-5 positions. Late last year, AG began building a long position in palladium, which is used in catalytic converters for...



PDT Bullish on Chinese Stocks

Wed, 17 Apr 2019
Peter Muller&rsquo;s PDT Partners has launched a China-focused equity vehicle.The $6 billion quantitative-investment manager began trading the long-only fund last month with an undisclosed amount of capital. Details about the investment strategy are unknown, but presumably PDT is employing proprietary algorithms to capitalize on a recent surge in Chinese stocks. Year-to-date, the Shenzen Stock Exchange Composite Index is up about 36%.Several...



Long-Biased Shop Ups Short Bets

Wed, 17 Apr 2019
After bouncing back from a severe fourth-quarter loss, fundamental stock-picker ValueWorks has increased its short exposure.The firm&rsquo;s long-biased stance contributed to losses in October-December that totaled about 20%. But it quickly recovered as the market rebounded in the first quarter, with the ValueWorks Limited Partner Fund gaining 20.6% from Dec. 24 to April 10.Founder and portfolio manager Charles Lemonides has never been afraid of...



Global Sigma Courts Offshore Backers

Wed, 17 Apr 2019
Commodity-trading advisor Global Sigma is creating an offshore version of a fund that employs a variety of systematic short-term trading strategies.The Boca Raton, Fla., firm plans to launch the British Virgin Islands vehicle on June 1 with about $10 million. The offering gives non-U.S. investors and U.S. tax-exempt institutions access to a strategy that earned a 14.6% return in 2018 and 11.4% in 2017, with no down months and an impressive...



The Grapevine

Wed, 17 Apr 2019
Justin Lepone is leaving Greenlight Capital after 17 years as head of investor relations. He plans to spend time with family and travel, the New York firm told investors in an April 12 letter. Prior to Greenlight, Lepone worked at brokerage house Stephens, where he sold investment research to hedge funds and mutual funds. After two years of weak performance, Greenlight&rsquo;s assets are down to $2.5 billion, from $12 billion in 2014. But...



The Grapevine

Wed, 17 Apr 2019
LMR Partners has hired a currency portfolio manager whose focus is volatility trading. Seth Zhai arrived in the London multi-strategy firm&rsquo;s New York office this month from Goldman Sachs, where he had worked since 2006 trading Asian and Latin American currencies. LMR has $6 billion under management.



The Grapevine

Wed, 17 Apr 2019
Structured-debt investor Varadero Capital has hired an investor-relations staffer. Sarah Marsh joined the New York firm this month. She previously was an associate at debt-fund operator Atalaya Capital, where she started in 2014. Varadero was running $1.7 billion at yearend. The 10-year-old firm is led by chief investment officer Fernando Guerrero.



The Grapevine

Wed, 17 Apr 2019
Jonathan Chung, a long-time analyst of basic-materials stocks, joined Point72 Asset Management this month. He is working in the Stamford, Conn., firm&rsquo;s New York office. Chung&rsquo;s resume includes work at American Century Investments, Lord Abbett, Wellington Management and Sun Life Financial.



The Grapevine

Wed, 17 Apr 2019
David Hewit joined Newbrook Capital in March as a senior analyst covering the stocks of media and internet companies. He previously held the same title at Hunt Lane Capital, where he started in 2016. Hewit also has spent time at Shannon River Partners, Harrier Hawk Management and Duquesne Capital. Newbrook is led by Robert Boucai. The New York firm had $1.9 billion under management at...



The Grapevine

Wed, 17 Apr 2019
Separately, Newbrook Capital hired analyst Cyrus Weisberg to cover the shares of electronic-payment and business-services companies. He started this week. Weisberg has worked at Scopus Asset Management, Contour Asset Management and J.P. Morgan.



The Grapevine

Wed, 17 Apr 2019
Portfolio manager Tom Tully has joined Aperture Investors, a startup led by former AllianceBernstein chief executive Peter Kraus. Tully, who started this month on the global-equities team, most recently worked at Kingdon Capital, where he was a senior analyst. His resume also includes stops at Hunter Peak Investments, Sheffield Asset Management and Magnetar Capital. Aperture, which has backing from Italian insurer Assicurazioni Generali, this...



The Grapevine

Wed, 17 Apr 2019
Industrial-stock analyst Ravi Jani returned to Anchor Bolt Capital in March after a nine-month stint at BlueMountain Capital. Jani previously worked at Anchor Bolt from 2014 to 2018, following stops at Bank of America and Moelis & Co. Anchor Bolt, led by chief executive Robert Polak, invests in the stocks of industrial and energy companies. The Chicago firm was managing $2.9 billion, including leverage, at yearend...



The Grapevine

Wed, 17 Apr 2019
Kynikos Associates lost analyst John Millett to property-fund operator Red Stone Equity in March. Millett had been covering the stocks of technology and media companies at Kynikos, the New York equity shop led by James Chanos. He also has worked at real estate broker LJ Hooker. At Red Stone, Millett is focusing on property developments in opportunity...



LISTING: Operators of Online Platforms for Hedge Fund Investors

Thu, 11 Apr 2019
Lyxor Asset Management,Lyxor Managed Account PlatformContact:Dan Rizzutodaniel.rizzuto@lyxor.comSociete Generale unit developed one of the first platforms for investing in hedge funds. Offers access to 35 funds running multiple strategies including event-driven, futures trading, global-macro, long/short credit, long/short equity and risk arbitrage. Via MyLyxorMAP.com, investors can view performance measures and access risk-management tools...



LISTING: Operators of Online Platforms for Hedge Fund Investors

Thu, 11 Apr 2019
Kettera Strategies,HydraContact:Jon Steinjstein@ketterastrategies.comCurrently offers access to 44 managers of macro, managed-futures, long/short equity, FX and other liquid strategies, with relatively low investment minimums. Managers charge same or lower fees as they do for individual separate accounts. Kettera maintains independence by charging only a platform fee, while avoiding conflicts of interest that can arise from sharing in...



LISTING: Operators of Online Platforms for Hedge Fund Investors

Thu, 11 Apr 2019
InnocapContact:Jonathan Plantejonathan.plante@innocap.comHas been helping institutional clients invest in hedge funds through managed accounts since 1996. In addition to due-diligence and structuring expertise, provides daily supervision of fund operations, risk-management services and independent governance. Offers clients in-depth transparency into underlying assets, including strategy compliance and service providers. Innocap is jointly owned...



LISTING: Operators of Online Platforms for Hedge Fund Investors

Thu, 11 Apr 2019
InfraHedgeContact:Rob Vanderpoolrvanderpool@statestreet.comState Street unit, which launched in 2011, has more than doubled its assets since 2015. Allows investors to construct customized portfolios, with no limits on jurisdiction, strategy or manager selection. All assets are held in separate accounts or funds of one. Chief executive Andrew Allright previously worked at Man Group.NOTE: Complete listing appeared in April 10, 2019, issue of Hedge...



LISTING: Operators of Online Platforms for Hedge Fund Investors

Thu, 11 Apr 2019
HedgeMarkContact:Ben Yaffeeben.yaffee@bnymellon.comCreates bespoke platforms for institutional investors, with virtually unlimited selection of strategies to choose from. Robust technology provides daily performance, exposure and risk metrics. Counts more than 100 clients. HedgeMark acquired by BNY Mellon in 2014.NOTE: Complete listing appeared in April 10, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the...



LISTING: Operators of Online Platforms for Hedge Fund Investors

Thu, 11 Apr 2019
iCapital NetworkContact:Lawrence Calcanolcalcano@icapitalnetwork.comAgreed in March 2019 to buy Morgan Stanley&rsquo;s alternatives feeder-fund operation, lifting assets on iCapital&rsquo;s platform by more than 40%. Acquired Bank of America&rsquo;s feeder-fund operation in 2018. Currently offers access to 25 fund managers running strategies including long/short equity, hedged credit, event-driven, global macro and private equity. Due-diligence...



LISTING: Operators of Online Platforms for Hedge Fund Investors

Thu, 11 Apr 2019
Family Office Networks,FON AltsContact:Andrew Schneiderandrew@pbfoa.orgStill-developing initiative of Family Office Networks, representing some 10,000 family offices globally. Plans to launch with an initial 50-100 hedge funds, with a focus on small to mid-size managers running capacity-constrained strategies. FON members will get first crack, but platform will be opened to other investors down the road.NOTE: Complete listing appeared in April...



LISTING: Operators of Online Platforms for Hedge Fund Investors

Thu, 11 Apr 2019
Willis Towers Watson,AMXContact:Oliver Jaegemannoliver.jaegemann@theamx.comConsulting giant launched Asset Management Exchange (AMX) in 2017 to give institutional clients easier access to hedge fund managers. Initially offered to clients in the U.K., with plans to roll out in the U.S. in 2019. Marketing pitch emphasizes reduced complexity and economies of scale that make it both easier and cheaper to invest in hedge funds.NOTE: Complete listing...



Tiger Writing Bigger Checks for Seeding Deals

Wed, 10 Apr 2019
Julian Robertson has increased the amount he&rsquo;s willing to invest with new and emerging fund managers.Robertson&rsquo;s Tiger Management, which has been seeding hedge funds for 20 years, typically deployed $20 million to $25 million per deal, usually in exchange for a cut of the manager&rsquo;s fee revenue. But its two most recent transactions were substantially larger.Tiger invested $50 million to $60 million in Yarra Square Capital, which...



Field Street Shutters Fund, Lowers Headcount

Wed, 10 Apr 2019
Global-macro heavyweight Field Street Capital has liquidated a fund that suffered crippling losses last year.The New York firm, founded in 2007 by former Lehman Brothers executive Rod Gancas, finished returning investor capital from its Field Street Global Investments fund in the last several months. The vehicle had about $220 million under management at the start of 2018, but lost half its value in May due to a wrong-way bet on Italian debt.The...



Online Platforms Catching On With Investors

Wed, 10 Apr 2019
Operators of online managed account platforms appear to be capturing an increasing share of the hedge fund market, with combined assets that now exceed $100 billion.Hedge Fund Alert identified seven firms that use proprietary technology to simplify various aspects of investing in hedge funds, from research and manager selection to portfolio monitoring and risk management (see listing on Page 5). While such platforms first appeared in the late...



Niche Manager Launches Incubator

Wed, 10 Apr 2019
A Paris fund shop that trades dividend futures wants to incubate managers running unusual strategies.Melanion Capital plans to hire an unspecified number of portfolio managers and stake them with about $10 million apiece. If their strategies prove profitable over a period of about two years, Melanion would help them raise additional capital from outside investors &mdash; and possibly spin them off as free-standing fund operations.Melanion is...



Wilcox Pulls the Plug on Cider Mill

Wed, 10 Apr 2019
Cider Mill Investments is shutting down.The $300 million-plus equity shop will return all capital to investors at the end of this month. Most of its 12 employees already have departed.While there&rsquo;s no official reason for Cider Mill&rsquo;s shutdown, volatile performance likely was a cause. The Greenwich, Conn., firm&rsquo;s Cider Mill Master Fund was up 11.1% in the first quarter, following a 10.8% loss in 2018 and gains of 12.2% in 2017...



Tourmaline in Talks With Suitors

Wed, 10 Apr 2019
Outsourced-trading shop Tourmaline Partners is seeking to sell part or all of its business.The Stamford, Conn., firm has been circulating a book describing its business for a few months. Sources said the idea may be to finance a capital-intensive expansion — a project that would be too small and risky to fund through traditional bank debt.To that end, an undisclosed private equity firm apparently has emerged as Tourmaline’s top suitor. While...



End of the Line for Archer Capital

Wed, 10 Apr 2019
Archer Capital is about to shut its doors after 14 years.The firm, which invested in the debt of distressed mid-size companies and pursued special-situation equity plays, told limited partners in November that it would begin returning their capital. That process was 80% complete in January and now is just about finished.Archer was running $1.3 billion of net assets at its peak in 2015. Its gross assets had fallen to $590 million at yearend 2017...



Minnesota Startup Gaining Traction

Wed, 10 Apr 2019
Hunter Street Partners has landed anchor investors for its debut fund, which targets niche investments in financially stressed businesses and real estate.The Minneapolis firm seeks to raise $250 million of equity for Hunter Street Fund 1. The drawdown vehicle recently closed on commitments from its first two backers &mdash; a multi-billion-dollar foundation and a family office. A second close is penciled in for June.Meanwhile, the fund has made...



Australia Manager Touts "Best Ideas'

Wed, 10 Apr 2019
An Australia-focused equity shop has stopped accepting capital for its highly profitable flagship fund, but continues to market another vehicle whose returns are no less impressive.Ophir Asset Management of Sydney, which takes a long-only approach to picking stocks of mostly small- and mid-cap companies, is showing a 21.2% annualized return for its Ophir High Conviction Fund since inception in August 2015. The &ldquo;best ideas&rdquo; portfolio...



Platform Pros Prep New Offering

Wed, 10 Apr 2019
Two former Aon Hewitt Investment executives who had been developing a managed account platform for the consulting giant have teamed up with a former HFR executive to build one on their own.After Aon scrapped its Vision Hedge Fund Platform late last year, Rishi Awatramani and Paul Sylvia began work on a business called 4Alts Platform that would provide investors easy access to new and emerging fund managers. Joining them in the effort is John...



Capital Flowing to AI Startup

Wed, 10 Apr 2019
A startup equity manager that employs artificial intelligence is attracting large amounts of capital.FORA Capital recently landed an unidentified limited partner that brought the San Francisco firm&rsquo;s total commitments to $300 million. The operation already had reported to the SEC in March that its lone fund, Fora Capital Partners, was running $116 million of gross assets for 13 investors.Sources said the inflows reflect strong early returns...



Forte Offers Prime Services in US

Wed, 10 Apr 2019
Forte Securities launched a U.S. prime-brokerage unit on April 1.The New York group caters mainly to hedge fund managers that run $5 million to $50 million, offering them services including execution of stock and options trades. It also handles some capital-introduction services and helps clients set up electronic-trading infrastructures.For trade clearing, Forte has formed an introducing-broker relationship in which it steers clients to Mirae...



The Grapevine

Wed, 10 Apr 2019
Thomas McKiernan joined Citadel Global Equities this month as a portfolio manager covering industrial-company stocks. Until September, McKiernan was at Alyeska Investment &mdash; a firm led by former Citadel Global Equities head Anand Parekh. McKiernan also has worked at Madison Dearborn Partners and Deutsche Bank.



The Grapevine

Wed, 10 Apr 2019
A sales and marketing executive has left Bridgewater Associates. Shaka Rasheed had joined the Westport, Conn., firm in 2016 after stops at Lazard Asset Management and Citadel. Rasheed&rsquo;s resume also includes a long tenure at J.P. Morgan. His plans are unknown. Bridgewater is the world&rsquo;s largest hedge fund manager, with some $150 billion under...



The Grapevine

Wed, 10 Apr 2019
CPP Investment Board hired Yan Kvitko this month to head emerging-manager investments. Kvitko had been at New Holland Capital of New York since 2006, and before that worked at Ziff Brothers Investments. The board oversees investments for the C$386.5 billion ($290 billion) Canada Pension Plan &mdash; among the world&rsquo;s largest hedge fund investors, with an $18 billion...



The Grapevine

Wed, 10 Apr 2019
Elliott Management has a new head of human resources. Amy Yates previously spent two stints running her own human-resources consulting firm, with a stop as Hutchin Hill Capital&rsquo;s chief of staff in between. She also has worked as Highbridge Capital&rsquo;s chief administrative officer and spent time at Andor Capital.



The Grapevine

Wed, 10 Apr 2019
Portfolio manager Jeff Hires left Citadel unit Surveyor Capital in March to become head of public-market investments for the University of Richmond&rsquo;s investment arm, Spider Management. Hires covered financial-company stocks at Surveyor, which he joined from affiliate Aptigon Capital. His former employers also include Visium Asset Management, Independence Capital Asset Partners and Partner Fund Management. Spider manages the University of...



The Grapevine

Wed, 10 Apr 2019
Carlyle Group has hired a vice president for its opportunistic credit-product team. Jesse Hou, who focuses on the debt of industrial and materials companies, arrived in the Washington firm&rsquo;s New York office in March from Apollo Global. Hou also has spent time at Citigroup.



The Grapevine

Wed, 10 Apr 2019
Legg Mason unit ClearBridge Investments added an analyst to its technology, media and telecommunications stock team this month. Erica Furfaro previously covered the same areas at Millennium Management, and before that was at York Capital and Carlyle Group.



The Grapevine

Wed, 10 Apr 2019
Senior compliance officer Jonathan Hantler left Och-Ziff Capital this month to join ExodusPoint Capital. Hantler, whose duties at Och-Ziff included trade surveillance, also has spent time at Bridgewater Associates, UBS and Deutsche Bank. Former Millennium Management executive Michael Gelband launched ExodusPoint in June 2018 with $8 billion. The New York multi-strategy shop&rsquo;s staff has since grown to more than...



The Grapevine

Wed, 10 Apr 2019
Whitebox Advisors brought in Andrew Ruth in March as a credit-product analyst. Ruth most recently worked at Wayzata Investment from 2015 to October 2018, and before that was at Houlihan Lokey. Whitebox&rsquo;s investments are overseen by Paul Twitchell and Robert Vogel. The Minneapolis multi-strategy firm had $9.3 billion of gross assets at yearend...



The Grapevine

Wed, 10 Apr 2019
Marble Ridge Capital hired Gregory Pearson this month as chief financial officer. Pearson previously worked at Adler Hill Management and Gracie Asset Management. Marble Ridge, a New York distressed-debt shop led by Dan Kamensky, reported $1 billion of gross assets at the end of last year.



The Grapevine

Wed, 10 Apr 2019
Distressed-debt investor Knighthead Capital added a trader to its staff in March. The recruit, Brendan Wright, previously was a leveraged-finance analyst at MetLife.



Distressed-Asset Advisor Launches Vehicle

Wed, 03 Apr 2019
Hilco Global, a leading distressed-asset workout and liquidation firm, is starting an alternative-investment business.Its first offering is a drawdown fund that primarily will buy pools of defaulted consumer debt at steep discounts, then attempt to rehabilitate the borrowers. The fund-management unit, Hilco Investment Advisors, likely will launch additional vehicles focused on other types of distressed or illiquid assets including intellectual...



Bridgewater Installs Dalby as Finance Chief

Wed, 03 Apr 2019
Bridgewater Associates has tapped a former D.E. Shaw executive as chief financial officer.John Dalby, previously chief financial officer for D.E. Shaw’s renewable-energy business, joined Bridgewater last month. In his new post, Dalby oversees financing for Bridgewater’s corporate finances.Bridgewater, a systematic global-macro firm with about $160 billion under management, trades the full spectrum of equity, debt and derivatives instruments...



SEC Filings Paint Bleak Picture for Startups

Wed, 03 Apr 2019
The pace of hedge fund launches so far this year is even slower than it was in 2018, when fund-formation activity reached its lowest level since 2000.The SEC processed Form D filings for only 439 hedge funds in the first three months of the year &mdash; the lowest first-quarter total since the global financial crisis, according to a Hedge Fund Alert analysis. The finding follows a March 21 report from hedge fund tracker HFR that showed the number...



White Elm Sees First-Quarter Surge

Wed, 03 Apr 2019
White Elm Capital is rewarding investors who stuck with it through a performance downturn.Various share classes of the Greenwich, Conn., equity shop&rsquo;s White Elm Capital Offshore Fund finished the first quarter with gains of 17.5-17.7% &mdash; including profits of 3.1-3.2% in March. The returns marked a strong turnaround from a 7% loss in 2018.Amid that decline, White Elm moved to entice limited partners to boost their commitments by...



RA Pitches Co-Investment Vehicle

Wed, 03 Apr 2019
Healthcare-focused RA Capital is offering limited partners more-concentrated exposure to its private-investment portfolio.Last week, the Boston fund shop began marketing a co-investment vehicle dubbed RA Capital Nexus Fund that will invest alongside the RA Capital Healthcare Fund &mdash; but only in the venture-capital and growth-equity positions held by the flagship vehicle. The Nexus fund has a private equity structure that locks up investor...



Diamond Expert Plans Gem Fund

Wed, 03 Apr 2019
A gem merchant is starting a fund to finance investments in diamonds and other precious stones.Diana Shvartsman, with more than 25 years of experience evaluating and trading diamonds, has formed Elmas Trading with the aim of raising up to $200 million for Select Diamond Fund. The New York firm has begun searching for an anchor investor, and may enlist a placement agent to market the offering.Select Diamond Fund would seek to generate profits from...



Macro Manager Calls It Quits

Wed, 03 Apr 2019
Princeton Alternative Capital is throwing in the towel.The Princeton, N.J., global-macro shop had struggled to gain traction with investors, and in the end had only about $30 million under management. The decision to unwind also reflected a 25% loss in December, a source said.Princeton Alternative&rsquo;s lone vehicle, PACS Opportunity Fund, previously outpaced the HFRI Macro (Total) Index every year from 2014 to 2017. In marketing the entity,...



Hong Kong Shop Pitches Crypto Fund

Wed, 03 Apr 2019
An arbitrage-focused cryptocurrency manager is marketing a fund to Chinese investors.In its first six months of trading, Parallel Capital of Hong Kong generated a 47% return through February. The fund currently runs about $5 million of friends-and-family money.Parallel founder Sandra Wu is hoping to attract investors in China with an unusual fee structure. Limited partners who sign up for a founders share class would pay no management fee, but...



Woodline Develops Strategy, Staff

Wed, 03 Apr 2019
Fresh details have emerged about Woodline Partners&rsquo; launch plans.The San Francisco firm, scheduled to begin trading Aug. 1, will take long and short positions in stocks worldwide, with an emphasis on healthcare and technology businesses &mdash; matching the expertise of its staff.Woodline already has raised $750 million of a targeted $1 billion of day-one capital, including contributions from two anchor investors. But a founders share class...



Tech-Stock Startup Taking Shape

Wed, 03 Apr 2019
A technology-stock specialist is getting ready to launch a hedge fund.Bryan Carter, who last worked at IBIS Capital and earlier worked under tech-stock guru Larry Bowman, plans to begin trading on June 1 from his newly formed Fountainhead Alpha of San Francisco. Carter already has lined up a handful of day-one investors and is in talks with others. Based on Carter&rsquo;s background, Fountainhead Alpha&rsquo;s fund likely will trade a mix of...



Impala Alumnus Seeking LPs

Wed, 03 Apr 2019
Equity manager David Strine is raising capital.Talks with investors revolve around a vehicle Strine would run through a New Canaan, Conn., management company called Trail Creek Capital that he launched in January. Details of the effort are sketchy.Strine had been at Impala Asset Management from 2007 to January 2019, most recently as a portfolio manager for the firm&rsquo;s liquid-alternative funds. He also served as a senior analyst covering...



Schonfeld Backs Healthcare Manager

Wed, 03 Apr 2019
Schonfeld Strategic Advisors is spinning off a team of healthcare stock-pickers and staking them with more than $250 million of investment and operating capital.The four-member team, led by portfolio manager Greg Martinez, began trading on April 1 from their newly formed Parkman Healthcare Partners of Stamford., Conn. The group previously ran money exclusively for the multi-strategy Schonfeld Strategic Partners Fund, which manages $2.3 billion...



The Grapevine

Wed, 03 Apr 2019
Former KCL Capital partner Craig Cerone started at Verition Fund Management in March as a portfolio manager. At KCL, where he worked until January, Cerone led coverage of semiconductor and technology-hardware companies. He had joined the technology-stock shop in 2017 along with five colleagues from Point72 Asset Management. Verition, a Greenwich, Conn., multi-strategy firm led by Nicholas Maounis, has $3 billion under management, on a gross...



The Grapevine

Wed, 03 Apr 2019
Nikolay Aleksandrov joined WorldQuant&rsquo;s Zurich office in March as a portfolio manager. Aleksandrov previously was at Argentiere Capital until November. In March, Bloombergreported that Argentiere would shutter its flagship fund. Aleksandrov also has worked at BlueCrest Capital and Nomura. WorldQuant runs money mainly for affiliate Millennium Management.



The Grapevine

Wed, 03 Apr 2019
Doris Lee-Silvestri is joining HPS Investment as chief financial officer for the credit-product shop&rsquo;s funds. Lee-Silvestri had been chief financial officer at Blackstone unit GSO Capital, which now lists Kevin Kresge in a similar role. Earlier, Lee-Silvestri spent time at J.P. Morgan and Merrill Lynch. At HPS, she reports to chief financial officer Paul Knollmeyer. HPS, formerly known as Highbridge Principal Strategies, started this year...



The Grapevine

Wed, 03 Apr 2019
New York equity shop Hound Partners has hired an analyst. Samson Mesghena arrived in March from the now-shuttered Latimer Light Capital, where he covered the stocks of technology companies. Mesghena also has worked at Cornwall Capital and KKR. Hound, led by portfolio manager Jonathan Auerbach, had $3 billion under management at yearend.



The Grapevine

Wed, 03 Apr 2019
Jason Rockland joined Verition Fund Management in March as a portfolio manager focused on equity derivatives. Rockland previously worked at Bluefin Trading, Binnacle Capital and ED&F Man.



The Grapevine

Wed, 03 Apr 2019
Attestor Capital of London brought in Samuel Sibony in March as an analyst. Sibony previously worked at TCI Fund Management, Barclays and CIBC. Attestor, led by Jan-Christoph Peters, pursues a mix of value-oriented and distressed investments across Europe.



The Grapevine

Wed, 03 Apr 2019
Northern Trust&rsquo;s fund-of-funds unit, 50 South Capital, enlisted Jeff Buth in March as chief financial officer. Buth previously worked at Balyasny Asset Management, most recently as head of accounting. He also has spent time at medical-device company DJO and at Stark Investments. Chicago-based 50 South had $5.8 billion under management at yearend...



The Grapevine

Wed, 03 Apr 2019
Citadel unit Surveyor Capital has picked up a technology-focused analyst. Justin Lo Iacono arrived in the equity-focused operation&rsquo;s New York office in February from a managing director post at Glenview Capital. Lo Iacono also has spent time at Goldman Sachs.



The Grapevine

Wed, 03 Apr 2019
Hildene Capital has hired an associate for its operations team. Brendan Sherriff, who joined the Stamford, Conn., structured-product manager in March, previously served three stints as a trading assistant at UBS &mdash; most recently starting in 2011. In between, he worked at Jefferies and Dillon Read Capital. Hildene, led by Brett Jefferson and Dushyant Mehra, had $9.7 billion under management on Feb....



The Grapevine

Wed, 03 Apr 2019
Neuberger Berman unit Dyal Capital added an analyst to its New York office last month. Kenneth Arnold previously worked in the corporate-treasury and investment-banking areas of Bank of America. Dyal takes minority stakes in established alternative asset managers.



LISTING: Firms Advising Institutional Clients on Hedge Fund Investments

Thu, 28 Mar 2019
AksiaNew YorkContact:Matt Mullarkey212-710-5710matt.mullarkey@aksia.comHeadcount has grown to 154, including 84 research professionals. Employee-owned firm, led by Jim Vos, advises large institutions on hedge fund, private-credit and opportunistic investments. Client allocations to those strategies total $85 billion, up 6% in past 12 months.NOTE: Complete listing appeared in March 27, 2019, issue of Hedge Fund Alert and can be found on...



LISTING: Firms Advising Institutional Clients on Hedge Fund Investments

Thu, 28 Mar 2019
Albourne PartnersLondonContact:David Harmston203-299-4400d.harmston@albourne.comServes 260 clients worldwide, advising on $500 billion of alternative investments. Employs more than 230 analysts, including 71 who specialize in operational due diligence. U.S. clients include Texas Teachers, Cargill&rsquo;s pension and University of California Regents. David Harmston is client service head for U.S. unit, Albourne America.NOTE: Complete listing...



LISTING: Firms Advising Institutional Clients on Hedge Fund Investments

Thu, 28 Mar 2019
Aon Hewitt InvestmentChicagoContact:Peter Hill312-381-1243peter.hill@aonhewitt.comInvestment-advisory unit of London-based consulting giant works with clients in North America and Europe with a combined $25 billion of hedge fund and liquid-alternative investments. Recently shuttered managed-account platform dubbed Vision that invested on behalf of small and mid-size pensions and family offices.NOTE: Complete listing appeared in March 27, 2019,...



LISTING: Firms Advising Institutional Clients on Hedge Fund Investments

Thu, 28 Mar 2019
Asset Consulting GroupSt. LouisContact:Tom Janisch314-862-4848tom.janisch@acgnet.comAdvises on more than $100 billion of traditional and alternative investments held by more than 100 clients, including public and corporate pensions, endowments, family offices, insurance companies and high-net-worth individuals. Founded in 1989, firm employs 47.NOTE: Complete listing appeared in March 27, 2019, issue of Hedge Fund Alert and can be found on...



LISTING: Firms Advising Institutional Clients on Hedge Fund Investments

Thu, 28 Mar 2019
CallanSan FranciscoContact:Jim McKee415-974-5060mckee@callan.comHired former Cliffwater senior managing director Pete Keliuotis in early 2019 for newly created position of head of alternative investments, while Jim McKee remains in charge of hedge fund research. Directly advises on fund-of-fund and multi-strategy mandates totaling about $12 billion, and serves as general consultant to clients with another $12 billion in hedge funds. Has about 380...



LISTING: Firms Advising Institutional Clients on Hedge Fund Investments

Thu, 28 Mar 2019
Cambridge AssociatesBostonContact:Deirdre Nectow617-457-7500dnectow@cambridgeassociates.comClients acquired more than half the equity in the consulting firm via a series of transactions in which co-founder Hunter Lewis sold most of his ownership stake and co-founder James Bailey reduced his stake. Brussels investment firm Sofina now owns 20% of Cambridge, while other investors hold smaller stakes. Handles non-discretionary and outsourced chief...



LISTING: Firms Advising Institutional Clients on Hedge Fund Investments

Thu, 28 Mar 2019
CliffwaterMarina Del Rey, Calif.Contact:Stephen Nesbitt310-448-5000snesbitt@cliffwater.comAdvises institutional investors on hedge funds and other alternative investments. Has about 47 clients with $68 billion of assets under advisory. Prefers direct investments in single-manager funds, rather than funds of funds, including long/short equity, event-driven, macro and multi-strategy vehicles. Has offices in Los Angeles and New York. Senior managing...



LISTING: Firms Advising Institutional Clients on Hedge Fund Investments

Thu, 28 Mar 2019
Ellwood AssociatesChicagoContact:David Ramsour312-782-5432dramsour@ellwoodassociates.comChief executive Russell Hill retired in February 2019 but remains as chairman overseeing a new six-member management committee. Firm works with about 190 retirement plans, endowments, foundations, healthcare systems and family offices with a total of $70 billion-plus of assets.NOTE: Complete listing appeared in March 27, 2019, issue of Hedge Fund Alert and can...



LISTING: Firms Advising Institutional Clients on Hedge Fund Investments

Thu, 28 Mar 2019
Fund Evaluation GroupCincinnatiContact:Kevin Conroy513-977-4400kconroy@feg.comHad 355 clients with combined $69.6 billion of assets as of Sept. 30, 2018 -- up 14% from a year earlier. Staff of more than 125 works with pensions, endowments, foundations and insurers, with some allocating more than 40% to alternative investments. Firm also has offices in Dallas and Indianapolis. Head of institutional services Rebecca Wood promoted to president and...



LISTING: Firms Advising Institutional Clients on Hedge Fund Investments

Thu, 28 Mar 2019
Gallagher FiduciaryWashingtonContact:Michael Johnson202-896-2270michael_w_johnson@ajg.comInvestment and consulting practice of Arthur J. Gallagher & Co. has 41 employees, with satellite offices in Newark, N.J. and Pittsburgh. Offers discretionary and non-discretionary services covering a wide range of investments, and acts as independent fiduciary for particular assets to cure ERISA conflicts of interest. Clients include public pensions, single-...



LISTING: Firms Advising Institutional Clients on Hedge Fund Investments

Thu, 28 Mar 2019
LCG AssociatesAtlantaContact:Eric Huff770-644-0100ehuff@lcgassociates.comAdvises corporations, utilities, endowments, nonprofits, family offices, foundations and other institutional investors on about $100 billion of assets. Employee-owned firm has staff of 52. Also has offices in Dallas and Seattle. Promoted Matt Hawkins and Scott Sheely to consultant in February 2019. Founded in 1973.NOTE: Complete listing appeared in March 27, 2019, issue of...



LISTING: Firms Advising Institutional Clients on Hedge Fund Investments

Thu, 28 Mar 2019
Meketa Investment BostonContact:Brian Dana781-471-3500bdana@meketagroup.comBrandon Colon781-471-3500bcolon@meketagroup.comMarch 2019 merger with Pension Consulting Alliance expanded business to more than 200 institutional clients with combined $1.4 billion of assets. Headcount grew to about 185, including more than 125 investment professionals. Has six U.S. offices and one in London. Founded in 1978, Meketa is owned by senior partners.NOTE:...



LISTING: Firms Advising Institutional Clients on Hedge Fund Investments

Thu, 28 Mar 2019
MercerNew YorkContact:Troy Saharic206-214-3670troy.saharic@mercer.comMarsh & McLennan unit acquired Sacramento-based Pavilion Alternatives Group in August 2018, adding a business with more than $70 billion of assets under advisory including $11 billion in hedge funds. Also purchased Summit Strategies of St. Louis, which advised 72 institutions with more than $160 billion of combined assets. Mercer had $11.9 trillion of institutional assets under...



LISTING: Firms Advising Institutional Clients on Hedge Fund Investments

Thu, 28 Mar 2019
NEPCBostonContact:Neil Sheth617-374-1300nsheth@nepc.comCounted 362 clients with combined $1 trillion of assets as of Sept. 30, 2018 -- including $62 billion of alternative investments. Maintains alternatives-focused research staff of more than 25. After promoting seven staffers in December, firm has 41 partners and 16 principals. Maintains eight offices in the U.S.NOTE: Complete listing appeared in March 27, 2019, issue of Hedge Fund Alert and...



LISTING: Firms Advising Institutional Clients on Hedge Fund Investments

Thu, 28 Mar 2019
Rocaton InvestmentNorwalk, Conn.Contact:John Hartman203-621-1717john.hartman@rocaton.comAgreed to be acquired by Goldman Sachs in November 2018, with deal set to close in April 2019. Rocaton will retain its name and staff of 65, with research and technology support from Goldman. Advises large institutional clients with some $600 billion of assets, and manages $16 billion on a discretionary basis. Caters to pensions, insurers, foundations,...



LISTING: Firms Advising Institutional Clients on Hedge Fund Investments

Thu, 28 Mar 2019
Segal MarcoNew YorkContact:Alan Kosan203-621-3620akosan@segalmarco.comBenji Patzik312-612-8410bpatzik@segalmarco.comWorks with more than 600 institutional clients with combined advisory assets of nearly $600 billion. Total includes about $325 billion of non-discretionary assignments, $11.1 billion managed on a discretionary basis, and some $220 billion on behalf of financial intermediaries. Staff of more than 130 includes about 85 investment...



LISTING: Firms Advising Institutional Clients on Hedge Fund Investments

Thu, 28 Mar 2019
VerusSeattleContact:Margie Lane206-622-3700mlane@verusinvestments.comEmployee-owned firm works with plan sponsors both on a discretionary and non-discretionary basis. Had 65 clients with a combined $17.3 billion invested in hedge funds at yearend 2018. Caters to corporate and public pensions, multi-employer retirement plans, charitable organizations and healthcare institutions. Staff of 83 led by senior partners averaging more than 30 years of...



LISTING: Firms Advising Institutional Clients on Hedge Fund Investments

Thu, 28 Mar 2019
Willis Towers WatsonArlington, Va.Contact:Ben Leach312-203-8299ben.leach@willistowerswatson.comSara Rejal44-207-170-2645sara.rejal@willistowerswatson.comAdvises on more than $2 trillion across all asset classes, including $120 billion in discretionary portfolios. Manages $16 billion of hedge fund assets while advising on another $20 billion of fund stakes. Works with corporate pensions, endowments, foundations, sovereign-wealth funds, insurers...



LISTING: Firms Advising Institutional Clients on Hedge Fund Investments

Thu, 28 Mar 2019
Wilshire ConsultingSanta Monica, Calif.Contact:Jamie Gnall310-899-5415jgnall@wilshire.comAdvised on $965.8 billion of assets held by 111 institutional investors at yearend 2018. Also runs $8.1 billion on a discretionary basis. Hedge fund-investment services run gamut from manager selection to portfolio implementation. Research covers range of hedge fund strategies, as well as liquid alternatives and risk-premia products.NOTE: Complete listing...



Activist Embraces Passive Exposure to Market

Wed, 27 Mar 2019
Activist manager Corvex Capital&rsquo;s flagship fund gained 15% in the first two months of the year, likely helped by an unusually large position in equity-index options.Put and call options on the S&P 500 Index, Nasdaq 100 Index and Russell 2000 Index, on a notional basis, accounted for 56% of Corvex&rsquo;s U.S. equity long exposure at yearend, according to the firm&rsquo;s latest Form 13F filing. Until now, Corvex never allocated nearly so...



Ex-Eminence Quant Chief Readies for Launch

Wed, 27 Mar 2019
A quantitative-equity specialist who has held top posts at Eminence Capital and Morgan Stanley is starting a hedge fund.Adam Parker, who previously spent two years as head of systematic trading at Eminence, formed Tivariate Capital of New York this month. While Parker&rsquo;s timetable for raising capital and launching a fund is uncertain, he could receive backing from Eminence founder Ricky Sandler. In any case, Parker&rsquo;s exit from Eminence...



Pension Advisors Ripe for More M&A Activity

Wed, 27 Mar 2019
A spurt of mergers and acquisitions among institutional-investment consultants reflects broad industry trends that likely will lead to further consolidation.That&rsquo;s the consensus among industry professionals in the wake of four recent deals involving consulting firms that advise pensions and other institutions on their hedge fund investments (see listing on Pages 7-8). In the fourth quarter, Mercer snapped up smaller rivals Pavilion...



Diamondback Alums Court Big LPs

Wed, 27 Mar 2019
Two former Diamondback Capital executives are close to signing an anchor investor for a planned multi-strategy fund.Tony Bechalany and Jonathan Stone began setting up Aligned Capital of New York late last year. More recently, they&rsquo;ve been talking to several institutional investors, including a public pension, about a day-one commitment of at least $50 million.Meanwhile, Aligned has hired four portfolio managers to run money for the fund,...



Millennium Pro Hangs Own Shingle

Wed, 27 Mar 2019
One of Millennium Management&rsquo;s largest equity-investment teams is splitting off from the firm.The 12-person group, led by Jonathan Siscovick, likely will continue to operate under the name Dayah Capital. The exact timing of their departure from Millennium is unclear.Dayah is based in New York and has some analysts in Hong Kong. The New York team includes Siscovick&rsquo;s brother, Benjamin Siscovick. He arrived in 2017 from Leo Health, a...



Blue Water Profits on DNA Plays

Wed, 27 Mar 2019
A biotechnology investor betting on advancements in &ldquo;precision medicine&rdquo; is trouncing the competition, both on an absolute and risk-adjusted basis.Through February, Private Wealth Partners&rsquo; Blue Water Life Science Fund has generated a 47.9% annualized return since inception in March 2017. The fund&rsquo;s Sortino ratio &mdash; a measure of risk-adjusted returns commonly used to gauge hedge fund performance &mdash; is an enviable...



ExodusPoint Adds Quant Maven

Wed, 27 Mar 2019
ExodusPoint Capital has hired a high-profile quantitative professional, awarding him a generous employment package.Gordon Ritter, who worked at GSA Capital until mid-2018, is receiving compensation that one source pegged at $5 million over two years. The talk also is that Ritter has negotiated terms under which he eventually could spin off while continuing to manage money for ExodusPoint &mdash; an option the New York multi-strategy firm...



US Firm Backs South Africa Fund

Wed, 27 Mar 2019
A fund of funds targeting emerging managers is providing seed capital to a hedge fund that invests in South Africa.The recipient is Desert Lion Capital, a Cape Town shop headed by Rudi van Niekerk that trades the shares of small and mid-size South African companies. Its backer is Greenhaven Road Capital, a Greenwich, Conn., firm that is investing an undisclosed sum in a U.S.-domiciled fund Desert Lion is launching April 1. Desert Lion has been...



Consumer-Stock Shop Starts Trading

Wed, 27 Mar 2019
A consumer-stock specialist has launched his own investment firm.Elan Danon started trading through his Danon Capital on Feb. 15 with $25 million. That capital resides in two separate accounts the Rye Brook, N.Y., firm is running for wealthy individuals.Danon Capital employs a long/short strategy spanning the consumer-stock sector, including the shares of consumer-discretionary and consumer-staples companies.Elan Danon most recently analyzed...



Goldman Alum Launches Vehicle

Wed, 27 Mar 2019
A former Goldman Sachs staffer has begun trading his own hedge fund.Eight Acres Master Fund marks the debut offering from Eight Acres Capital, a Tulsa, Okla., management shop that Anson Hwang formed in 2017. The Cayman Islands-domiciled vehicle launched this month with $15 million.The fund employs a fundamental, long-term investment strategy, although it&rsquo;s unclear if it deals in debt, equity or a combination of products.Hwang worked at...



New Offering From Lattice Capital

Wed, 27 Mar 2019
Lattice Capital has a new fund in the works.Dynamic Opportunity Fund will begin trading April 1 with $43 million. That includes $34 million from investors in another Lattice vehicle, Dynamic Overseas Fund, that chief investment officer Fariba Ronnasi is winding down.The new vehicle will invest primarily in technology stocks, exchange-traded funds and options, while using put options on the S&P 500 Index as a hedge against market downturns....



Corrib Comes Back From '18 Loss

Wed, 27 Mar 2019
Event-driven shop Corrib Capital has reversed a performance downturn.The Minneapolis firm was running $484 million of gross assets in mid-August, but experienced outflows as its Corrib Master Fund lost 0.4% in September, 2.8% in October, 2.3% in November and 11.6% in December. It finished 2018 with an 8.9% loss.By Feb. 28, Corrib&rsquo;s net assets had fallen to $239 million, according to the firm&rsquo;s latest performance report. But at that...



The Grapevine

Wed, 27 Mar 2019
Balyasny Asset Management has parted ways with two marketing specialists, while hiring another. Rich Arbucci, a New York-based managing director who arrived in 2015 from UBS, left this month to join Third Point Capital. Around the same time, Balyasny dismissed London director Andrew McMaster, who had come on board in 2013 from Armajaro Asset Management. Meanwhile, Balyasny hired director Pavlos Anagnou to replace McMaster. He previously worked at...



The Grapevine

Wed, 27 Mar 2019
London equity firm Tower House Partners hired Woody Stileman this month in a senior investor-relations role. Stileman previously headed investor relations at Talomon Capital, following stops at Odey Asset Management and Waverton Investment. Tower House, led by Paolo Mortarotti, trades the stocks of consumer, retail, healthcare and technology companies.



The Grapevine

Wed, 27 Mar 2019
GMO has hired a senior analyst. Eric Newman, who arrived in the Boston firm&rsquo;s New York office this week with a focus on distressed debt, had been employed as an analyst at the now-shuttered River Birch Capital. He also has spent time at Miller Buckfire and Bear Stearns. GMO was managing $66 billion of traditional and alternative investments on Jan....



The Grapevine

Wed, 27 Mar 2019
Erin Seiler joined Maximum Alliance this month to help expand the alternative-investment placement firm&rsquo;s coverage area into the Midwest. Seiler, a Minneapolis-based managing director, previously worked at Fidelity Investments, LoCorr Funds and ING. Maximum Alliance was founded in 2018 by former LoCorr sales leader James Mack with a focus on linking alternative-investment managers with private-wealth channels. The New York firm is an...



The Grapevine

Wed, 27 Mar 2019
Executive director Anthony Nazar de Jaucourt will leave J.P. Morgan&rsquo;s capital-introduction team in New York this week. His plans are unknown. De Jaucourt had joined J.P. Morgan in 2014 after stops at Atreaus Capital, Antarctica Asset Management and Reliance International.



The Grapevine

Wed, 27 Mar 2019
Hong Kong startup Aspex Management has hired a chief of staff. Sarah Arblaster joined the Asia-focused equity manager this month, having previously worked at SA Consulting, Och-Ziff Capital and Sheffield Haworth. Aspex, which launched in 2018, is led by former Och-Ziff executive Hermes Li.



The Grapevine

Wed, 27 Mar 2019
MIG Capital hired Peter Ashby in March as chief operating officer. Ashby had been working as a consultant since the 2018 shutdown of former employer Finchwood Capital, where he held the same title. He also has spent time at Bocage Capital and Bellman Water Capital. MIG, led by founder Richard Merage, employs long/short and long-only equity strategies. The Newport Beach, Calif., firm had $840 million under management at yearend...



The Grapevine

Wed, 27 Mar 2019
Associate Sarah Marsh has left her investor-relations role at Atalaya Capital. Marsh&rsquo;s plans are unknown. She had been on board since 2014. Atalaya lends money to specialty-finance companies and invests in the debt and equity of troubled businesses. The New York firm, led by Ivan Zinn, was running $3.7 billion of gross assets at yearend 2018.



The Grapevine

Wed, 27 Mar 2019
Separately, Adam Nadborny has taken a job outside the hedge fund industry after leaving his post as general counsel at Atalaya Capital. Nadborny started this month with the same title at Seven Valleys, a New York family office that focuses on property development. He had arrived at Atalaya in 2013 after stops at C12 Capital, Babcock & Brown and Skadden...



Quant Shop Loses Large Millennium Account

Wed, 20 Mar 2019
Millennium Management has withdrawn its backing of Teza Capital, delivering a blow to Misha Malyshev&rsquo;s systematic-trading operation.Only a year ago, Millennium gave the Chicago firm $600 million to be managed in a separate account alongside the Teza Fund. The deal &mdash; a rare instance of Millennium chief Izzy Englander allocating a large sum to an outside manager &mdash; included a provision for Millennium to increase its slug to as much...



Big Bet on Orange Juice Backfires for Trafelet

Wed, 20 Mar 2019
Remy Trafelet is getting out of the fund-management business following a difficult period for him both professionally and personally.In the past few months, Trafelet has liquidated a long/short equity fund he ran for nearly two decades, after it lost 37% last year. He split with his business partner, George Brokaw, and dissolved their New York firm, Trafelet Brokaw Capital. He lost control of a special-purpose vehicle called 734 Investors after...



Energy Investor HITE Dangles No-Fee Offer

Wed, 20 Mar 2019
Energy-focused HITE Hedge Asset Management is offering the ultimate fee discount for its latest hedge fund.Investors whose contributions are among the first $25 million received by the HITE Carbon Offset fund would pay no management or performance fees for five years. Those who remain invested after that point would pay fees equal to 1% of assets and 20% of profits.HITE Carbon Offset, which launched in June 2018, represents a bet by the Boston...



Volatility Specialist Opens Shop

Wed, 20 Mar 2019
A portfolio manager who most recently ran a volatility fund at Wolverine Asset Management is starting his own investment operation.Daniel Benchimol plans to begin trading in May from his DeepBlue Asset Management of New York. He expects to raise more than $100 million of day-one capital, while hiring one other investment professional and an operations professional prior to launch.Benchimol left Wolverine in September 2018 after five years at the...



Venture Capital Pro Mulls Launch

Wed, 20 Mar 2019
A venture capital professional is contemplating the launch of a healthcare-focused hedge fund business.David Berry would run the fund under the umbrella of his current employer, Flagship Pioneering of Cambridge, Mass. He is tentatively calling the operation Black Coffee.Berry&rsquo;s deliberations thus far have been largely internal. He still is considering whether to go ahead with a launch, and has yet to engage any service providers.Also still...



TIG Signs LPs for Romspen Offering

Wed, 20 Mar 2019
TIG Advisors&rsquo; alliance with Romspen Investment is paying dividends.Since the hedge fund operator acquired a minority stake in the Toronto lender in October, it has raised about $150 million for a Romspen fund that originates bridge loans on commercial and industrial properties in the U.S. That vehicle, TIG Romspen U.S. Mortgage Fund, launched in the third quarter with $55 million, and now has $300 million. It was up 9.9% at the end of...



AllianceBernstein Fund Juggles Staff

Wed, 20 Mar 2019
AllianceBernstein let go four portfolio managers from its AB Arya Partners unit this month, while picking one up.The dismissed staffers &mdash; healthcare-stock specialist Yogesh Ahuja and industrial-stock professionals Uthman Arogundade, Ryan Kuker and Matthew Mangiacotti &mdash; all were stationed in the equity-focused fund operator&rsquo;s New York headquarters. Arogundade signed on with AB Arya in 2017 from Point72 Asset Management....



Shipping-Fuel Vehicle Taking Shape

Wed, 20 Mar 2019
A fund operator is attempting to raise $50 million for a play on new marine-fuel regulations.Dark Horse Capital of Chadds Ford, Pa., plans to launch its Dark Horse Fund 2 in April. The vehicle&rsquo;s strategy: to trade securities affected by an International Maritime Organization rule called IMO 2020 that will reduce the allowable sulphur content in most shipping fuel to 0.5%, from the current 3.5%, effective Jan. 1, 2020.That measure will have...



Lender Maps Next Campaign

Wed, 20 Mar 2019
Sagard Holdings plans to resume capital-raising efforts for its corporate-lending business.The Toronto firm closed on $557 million of commitments for its Sagard Credit Partners vehicle around yearend 2018. It expects to begin accepting capital again in the fourth quarter, either for the same fund or a new one like it.The current fund closed on an initial round of equity in December 2017. It uses its capital to write loans to companies in the U.S....



Financial-Stock Shop Back on Track

Wed, 20 Mar 2019
Financial-sector specialist Gator Capital has returned to form following uncharacteristically weak performance last year.The Tampa firm&rsquo;s Gator Financial Partners Fund gained 23% in the first two months of this year, after losing 16% in 2018. By comparison, the Vanguard Financials ETF was up 12.8% year-to-date at the end of February, after dropping 15.2% last year.Prior to 2018, Gator&rsquo;s long/short equity fund had delivered...



VC Firm Adds Public Equities

Wed, 20 Mar 2019
Venture capital investor Greenoaks Capital appears to be developing a hedge fund business.The San Francisco firm has formed a unit called Mudita Partners that takes a value-oriented approach to investing in stocks and equity derivatives. Mudita is led by portfolio manager Tom Hardy and Greenoaks founders Neil Mehta and Benjamin Peretz.Hardy previously ran an investment operation called Mudita Archimedes that Greenoaks absorbed around yearend...



Crypto-Fund Startup Seeks Backer

Wed, 20 Mar 2019
The managers of a cryptocurrency fund whose arbitrage approach generated a 4.5% return in its first three months of trading are opening the vehicle to outside investors.Carlos Betancourt, who previously ran a commodities-focused brokerage, teamed up with former AllianceBernstein staffer Kevin Kang late last year to launch BKCoin Digital Asset Fund with $1 million of friends-and-family money. Their New York firm, BKCoin Capital, is now reaching...



The Grapevine

Wed, 20 Mar 2019
ExodusPoint Capital hired two former Carlson Capital executives this month. Ivan Ross and Keith Albert both worked at Carlson until 2018 &mdash; Ross as head of the firm&rsquo;s fixed-income desk and Albert as an analyst. Albert earlier was chief technology officer at Carlson affiliate Iron Peak Capital and at Tequesta Capital. Their arrivals at ExodusPoint continue a buildup that has seen the New York firm&rsquo;s headcount grow to more than...



The Grapevine

Wed, 20 Mar 2019
Brigade Capital has added three investment professionals to its staff. Gaurav Tejwani joined the debt fund operator&rsquo;s New York headquarters this month as a portfolio manager. Tejwani previously worked at River Birch Capital, Pine River Capital and Barclays. Also in New York is senior analyst Andrew Petitjean, who formerly led credit-product research at Kingdon Capital and spent time at Brevan Howard Asset Management and Morgan Stanley....



The Grapevine

Wed, 20 Mar 2019
Merger-arbitrage specialist Benjamin Durham signed on with Capstone Investment&rsquo;s London office in February as a portfolio manager. Durham previously served two stints at Davidson Kempner Capital, separated by a stop at Kite Lake Capital. The volatility-focused Capstone is led by Paul Britton.



The Grapevine

Wed, 20 Mar 2019
Darsana Capital has hired an analyst. Akshay Kumar arrived at the New York equity manager in February from SPO Partners, where he had worked since 2016. Kumar also has spent time at Blackstone. Darsana is led by chief executive Anand Desai. It was managing $5 billion of gross assets at yearend 2018.



The Grapevine

Wed, 20 Mar 2019
Tel Aviv equity shop Sphera Funds Management has hired a head trader for its Sphera Global Healthcare Fund. Peter Schleipman arrived in Sphera&rsquo;s New York office in February from Balyasny Asset Management. Sphera, led by Doron Breen, Israel Mor and Ron Senator, runs three hedge funds.



The Grapevine

Wed, 20 Mar 2019
David Zalta joined New York equity manager Harbor Spring Capital on Feb. 13 as chief operating officer. Zalta, who also holds the titles of chief financial officer and chief compliance officer, previously worked at Dristi Capital, Eton Park Capital and Highbridge Capital. Harbor Spring is led by Amit Doshi.



The Grapevine

Wed, 20 Mar 2019
Cowen Group hired two staffers for its prime-brokerage group this month. Salesman Thomas Masterson will join the New York company&rsquo;s Dallas office after waiting out a gardening leave. Masterson previously worked at Wells Fargo, Merlin Securities and UBS. Also coming on board was David Boland, who started in Atlanta on March 18 in a trade-execution role. He had worked at FinTech Securities and Schonfeld...



The Grapevine

Wed, 20 Mar 2019
Adrian Norman joined London equity manager Fosse Capital in January as head of operations. Norman&rsquo;s former employers include Guernsey Finance, Odey Asset Management and Ogier Fiduciary. Fosse is led by former Thunderbird Partners executives Richard Ford, Martin O&rsquo;Hare and Marcus Strub. It is set to launch in the third quarter.



The Grapevine

Wed, 20 Mar 2019
Startup equity manager Cinctive Capital added technology-company analyst Brian Thonn to its investment team this month. Thonn previously co-founded Kingdom Ridge Capital in 2007 and remained on board until that firm shut down in 2018. He also has worked at SAC Capital and Boston Consulting. New York-based Cinctive is led by former Diamondback Capital executives Lawrence Sapanski and Richard...



Blackstone JV Falls Short of Revenue Target

Wed, 13 Mar 2019
Blackstone has backed out of its joint venture with NWI Management.Blackstone teamed up with NWI in 2014 to manage and market a fund offering direct exposure to emerging-market debt investments. It was a rare instance of Blackstone, the world&rsquo;s biggest fund-of-funds operator, sponsoring a single-manager fund.But now Blackstone has pulled the plug on the project, leaving NWI with sole control over the NWI Emerging Markets Total Return Fund....



Zwirn Writing Loans Against Illiquid Assets

Wed, 13 Mar 2019
Daniel Zwirn&rsquo;s Arena Investors sees a new investment opportunity: lending money to hedge funds that buy less-liquid assets.The New York direct-lending shop, whose borrowers also include small businesses and commercial-property owners, is hoping to capitalize on a trend in which increasing numbers of hedge fund managers are targeting venture capital, distressed assets and other illiquid plays in an effort to boost returns. Since the global...



Ascalon Maps Asia-Focused Seeding Vehicle

Wed, 13 Mar 2019
Ascalon Capital&rsquo;s new owner aims to raise up to $500 million for a drawdown fund that would offer seed and acceleration capital to hedge fund managers in the Asia-Pacific region.Generation Development Group, a Sydney alternative-investment firm that closed on its purchase of Ascalon last month, has begun marketing the planned Ascalon Growth Catalyst Fund with the aim of holding a first equity close before yearend. To lead the effort,...



Brookfield Recruiting for New Fund

Wed, 13 Mar 2019
Brookfield Asset Management has begun hiring portfolio managers for a multi-strategy hedge fund that&rsquo;s set to begin trading later this year with several billion dollars of proprietary capital.Industrial-stock specialist Brian Swerdloff, who previously worked at Citadel&rsquo;s Surveyor Capital unit, started work this month in the New York office of the Toronto-based real estate-investment giant. Also joining was technology-stock investor...



Garelick Capital Calling It Quits

Wed, 13 Mar 2019
Technology-stock fund manager Garelick Capital is shutting down after several large investors gave notice that they&rsquo;re pulling out.The March 31 redemption requests were triggered by recent losses for the Garelick Capital Partners fund, whose net asset value fell 8% last year and 1.5% in January. The Boston firm, led by Bruce Garelick, has a little more than $400 million of assets and a staff of nine.On March 8, a &ldquo;deeply...



Study Finds Fees Leveling Off

Wed, 13 Mar 2019
How much further can hedge fund fees fall?Not much, according to a Barclays study. The median management fee paid by nearly 300 institutional investors surveyed by Barclays is 140 bp, while the median performance fee is 16%. Both of those charges are essentially unchanged since the bank conducted its last investor survey a year earlier.&ldquo;This suggests that the fee-compression trend has reached its lower bound,&rdquo; Barclays&rsquo;...



Cantor Seeks Presence in Europe

Wed, 13 Mar 2019
Cantor Fitzgerald’s prime-brokerage unit is expanding into Europe.The New York firm has hired longtime prime-brokerage executive Sean Capstick to head sales in the region from its London office, starting in June. Capstick had been heading the prime-brokerage group at Global Prime Partners since 2015, following stops at RWC Partners, Bank of America, Deutsche Bank, Morgan Stanley and Goldman Sachs.Cantor likely will hire additional sales and...



Brazil Manager Sees "Perfect Storm'

Wed, 13 Mar 2019
A Brazil-focused fund shop wants to raise more money for an investment program that seeks to capitalize on what the manager views as a &ldquo;perfect storm&rdquo; in the country&rsquo;s corporate-debt market.Canvas Capital, a Sao Paulo firm led by the former top Credit Suisse executive in Brazil, held a final close for its Canvas Distressed Credit Fund in June 2018 with $400 million. It now hopes to launch a successor vehicle in the second half,...



Prince Street Switches Fund Lineup

Wed, 13 Mar 2019
After spinning off one hedge fund, emerging-market investor Prince Street Capital is marketing another.In late 2018, portfolio manager Ari Merenstein bought the New York firm&rsquo;s interest in a Latin America-focused stock fund he had been running &mdash; resulting in the launch of his Fourth Sail Capital. That Sao Paulo operation is running $500 million.In January, Prince Street launched its Prince Street Tamerlane Fund with $6 million from...



Cowen Beefs Up Trading Service

Wed, 13 Mar 2019
Seeking to capitalize on a trend in which large hedge fund operators increasingly are outsourcing their trading work, Cowen Group has expanded a unit that handles those functions.The New York firm disclosed the additions of longtime traders Douglas Finkel, Ted Geary and Brian Walker in an internal memorandum on March 8. Finkel had been a senior vice president covering equity derivatives at BTIG since 2007. Geary was a managing partner at YG...



Seer Marketing B-Piece Vehicle

Wed, 13 Mar 2019
Structured-credit specialist Seer Capital has formed another drawdown fund to buy the first-loss pieces of commercial-mortgage securitizations.The New York firm raised an initial $53 million of equity for the offering, Seer Capital Commercial Real Estate Debt 2. With an overall fund-raising goal of $150 million, the new vehicle would have the capacity to buy the B-pieces of 6-7 commercial MBS deals.The initiative marks Seer&rsquo;s return to the...



Concentus Shows Volatile Returns

Wed, 13 Mar 2019
A fund that combines volatility trading with fundamental stockpicking has swung from double-digit monthly losses to a double-digit gain.Apollo Fund, managed by Concentus Global of Lehi, Utah, rose 23.5% in January and 3.2% in February, following an 18% loss in December. The fund also fell 10.3% in October, but then gained 8.6% in November.The extreme volatility comes as Concentus, with just $7 million under management, is searching for an anchor...



Mortgage-Agency Play Gains Steam

Wed, 13 Mar 2019
Muirfield Capital is touting a fund that bets on Fannie Mae and Freddie Mac exiting government control.The New York firm&rsquo;s Muirfield Capital GSE Partners Fund reached $100 million on March 1, up from $14 million at its January 2018 launch. The vehicle also has been performing well, with a February gain of 4% that brought its year-to-date return to 36%.In a March 5 letter, Muirfield urged limited partners to continue adding capital even...



The Grapevine

Wed, 13 Mar 2019
Startup Candlestick Capital has hired Craig Bench away from Deutsche Bank to serve as its co-president. Bench had been a top equity sales professional at Deutsche. At Candlestick, he is responsible for investor relations, staff development, quantitative data analysis and broker relations. The New York firm&rsquo;s other co-president, one-time Three Corner Global executive Tito Citarella, handles all other non-investment activities. Candlestick is...



The Grapevine

Wed, 13 Mar 2019
Portfolio manager Craig Lucas departed Millennium Management in February. Lucas&rsquo; plans are unknown. He was part of a New York team that arrived at Millennium in 2015 to cover the stocks of energy and utility companies, following the unwinding of their Nexus Asset Management. That operation, in turn, had formed in 2013 amid the breakup of a firm called Zimmer Lucas Partners that Lucas led with Stuart...



The Grapevine

Wed, 13 Mar 2019
Briarwood Chase Management, a New York firm that invests in small- and micro-cap stocks outside the U.S., brought in Larry Gee in late February to lead a push into Japan. Gee, a managing director in San Francisco, previously spent 15 years at Viking Global, where he covered investments in Japan. He also has worked at Fidelity Investments and PricewaterhouseCoopers. Briarwood is led by founder Aalap...



The Grapevine

Wed, 13 Mar 2019
Startup Parsifal Capital has hired three partners. Yi Shu, Jonathan Siegel and Alex Wong all formerly worked under Parsifal founder David Zorub as senior analysts at BlueMountain Capital. Shu, who started this month, had been at Fidelity National Financial since leaving BlueMountain in July 2018. Siegel and Wong count BlueMountain as their most recent employer. The equity-focused Parsifal plans to launch May 1 with a focus on short...



The Grapevine

Wed, 13 Mar 2019
Millennium Management installed former Segantii Capital executive Eric Ng in February as a Hong Kong-based portfolio manager for quantitative event-driven equity investments. Ng was at Segantii from 2013 to August 2018. He also has worked at UBS.



The Grapevine

Wed, 13 Mar 2019
David Morris joined startup equity manager Fosse Capital in February as head trader. Morris previously worked at Astellon Capital and Tisbury Capital. London-based Fosse is led by former Thunderbird Partners executives Richard Ford, Martin O&rsquo;Hare and Marcus Strub. It is slated to launch in the second half.



The Grapevine

Wed, 13 Mar 2019
New York recruiting firm Wall Street Options hired a managing director in February to head coverage of sell-side clients in equity and fixed-income markets, including prime-brokerage firms. Artie DiRocco had been running his own consulting firm, following stops at ING and Bank of America.



The Grapevine

Wed, 13 Mar 2019
The head recruiter for Citadel Global Equities quit last week. Kim Honig&rsquo;s next move is unknown. Before joining the Citadel unit&rsquo;s New York office, she led the expansion of a Bank of America unit that helped place personnel at hedge fund firms, and also spent time at TIM Group.



The Grapevine

Wed, 13 Mar 2019
London equity firm Tencendur Capital has a new chief operating officer. The recruit, Peter Gracey, had been working as a consultant after stops at New Ocean Capital and Meditor Group. He replaces Marc Sharman, who left Tencendur to join Tresidor Investment.



The Grapevine

Wed, 13 Mar 2019
Executives from hedge fund firms and family offices are among the 130 registrants for Jaboy Productions&rsquo; &ldquo;Elite Independent RIA & Family Office Global Leaders Conference.&rdquo; The event takes place March 21-24 at the W Panama hotel in Panama City, Panama. Jaboy&rsquo;s Neil Greene is organizing the gathering, to be followed by conferences in Montreal on July 11-14 and Cuba on Nov....



Stark Still Unwinding Financial-Crisis Assets

Wed, 06 Mar 2019
Six years after it began winding down, Stark Investments has hired an affiliate of PricewaterhouseCoopers to finish selling illiquid assets the fund operator has been trying to unload since the global financial crisis.Stark, a multi-strategy manager that once ranked among the world&rsquo;s largest hedge fund firms, has been grappling with portfolios of illiquid assets since early 2009, when it restructured its flagship Stark Investments fund and...



Bearish Bet Decimates Global-Macro Shop

Wed, 06 Mar 2019
Things are looking especially bleak for Forum Asset Management.Although it eked out a modest gain in 2018, the global-macro manager lost 41% in the first two months of this year. Following losses of 81.2% in 2017 and 59.8% in 2016, the New York firm&rsquo;s Forum Global Opportunities Fund is now down a cumulative 72.9% since its inception in 2005 &mdash; surely among the worst track records in the industry&rsquo;s history.Its assets, meanwhile,...



Tech Pro's Startup Features Modest Fees

Wed, 06 Mar 2019
Keith Hwang, a technology-stock investor who has run money for Microsoft co-founder Paul Allen, is aiming to raise $200 million of initial capital.The commitments would go into a hedge fund Hwang started trading in December with a small amount of money. Hwang is running the entity, Eagle Point Global Management Fund, through a Seattle investment shop called Eagle Point Global he launched in August.The firm buys stocks in companies with...



Omega Alumna Inks Seeding Deal

Wed, 06 Mar 2019
Former Omega Advisors portfolio manager Rebecca Pacholder is on track to launch a distressed-debt fund with $100 million of seed capital &mdash; but none of it from Omega founder Leon Cooperman.When Cooperman announced last July that he was folding his storied hedge fund operation and shifting to a family office, he said he planned to invest a &ldquo;substantial&rdquo; amount of money with Pacholder, who has since formed a fund operation called...



FCStone Nabs More Cowen Staffers

Wed, 06 Mar 2019
Commodity-futures broker INTL FCStone continues to lure staff from Cowen Group as it prepares to launch a prime-brokerage business.In the past few weeks, FCStone has recruited three more members of Cowen&rsquo;s prime-brokerage group, for a total of eight so far. The latest recruits will have to wait out gardening leaves of 3-4 months before starting work at FCStone. The New York firm, which has long catered to commodity-trading advisors, began...



Leasing Pros Line Up Capital

Wed, 06 Mar 2019
Opportunistic-credit investor McGinty Road Partners is assembling its first fund.The Minneapolis firm, led by former CarVal Investors president Jeff Leu, closed on an initial round of equity for its MRP Value Fund 1 on Jan. 1 with nearly $100 million of commitments. Of that amount, $13.2 million came from the operation&rsquo;s general partners.The private equity-style fund has an overall equity target of $400 million. In preparation for its first...



East Lodge Offers Long-Only Fund

Wed, 06 Mar 2019
Structured-product specialist East Lodge Capital is pitching a long-only vehicle focused on European markets.The offering, East Lodge Long Structured Opportunities Fund, buys investment-grade tranches of collateralized loan obligations, commercial and residential mortgage-backed securities and bonds backed by consumer loans. East Lodge, which began trading the vehicle in November with an undisclosed amount of capital, is now reaching out to...



Quad Returns to Marketing Trail

Wed, 06 Mar 2019
Quad Group has reversed a performance downturn, prompting the revival of a broad marketing campaign for its lone hedge fund.The New York firm is attempting to raise $100 million for its Quad Multi Strategy Fund over the next 12 months, with Butler Capital of New York serving as placement agent. Quad had been poised for a similar effort in August, also with Butler&rsquo;s help, but backed off after the vehicle posted a 7.2% decline for the first...



Emerging-Market Shop Seeks LPs

Wed, 06 Mar 2019
A separate-account manager is talking to investors about offering two new hedge funds.Analytical Research Capital would base the strategies of both vehicles on its only existing portfolio, a $170 million separate account it runs for Pacific Alternative Asset Management. That account follows a discretionary strategy focused on emerging-market debt.One of the new funds would employ the same approach, aiming for annual returns approaching 10%. Had...



Citadel, Highland Alums Plan Fund

Wed, 06 Mar 2019
An energy-stock portfolio manager is teaming up with a merger-arbitrage investor to start a hedge fund.The fund-management company, Sagefield Capital of Dallas, is led by Mark Schlueter, who previously traded energy and utility stocks at Citadel unit Surveyor Capital, and Jonathan Lamensdorf, who most recently focused on merger-arbitrage investments at Highland Capital. They apparently envision a market-neutral portfolio that would encompass...



Merger-Arb Shop Broadens Scope

Wed, 06 Mar 2019
Merger-arbitrage specialist Glazer Capital is offering a new strategy.The New York firm, led for 21 years by founder Paul Glazer, has launched a fund focused on fixed-income arbitrage investments in emerging markets. In January, Glazer hired portfolio manager Sergio Wolkovisky to run the vehicle, Glazer EM Arbitrage Fund.The new fund employs relative-value analysis to invest in sovereign debt and agency bonds issued in Central and South America,...



Greyline Opens European Outpost

Wed, 06 Mar 2019
Compliance consultant Greyline Partners is expanding overseas.The San Francisco firm, previously known as Greyline Solutions, has hired a sixth partner to oversee a newly opened office in London. Nick Thomas, who joined this month, is tasked with introducing European hedge fund managers to Greyline&rsquo;s advisory services and technology offerings &mdash; including a new product that helps firms track employees&rsquo; personal trading.Greyline,...



Startup Targets Nonperforming Loans

Wed, 06 Mar 2019
An investor in nonperforming residential mortgages is starting a commingled fund.Nova Venture Funds, an Irvine, Calif., startup, plans to begin investing this month with a small amount of friends-and-family money. The firm then aims to raise $10 million to $15 million for a vehicle called Nova East Fund 1 that would lock up investor capital for 4-5 years, including a two-year investment period.Nova is led by Emmanuel Gathers, who has been...



The Grapevine

Wed, 06 Mar 2019
York Capital co-chief executive Daniel Schwartz quietly retired in January. Schwartz, 51, had joined the $18 billion multi-strategy firm in 1993 from Morgan Stanley, and in 2017 was appointed to share the chief executive title with founder Jamie Dinan as part of a succession plan. At the time, New York-based York also split Schwartz&rsquo;s duties as chief investment officer between Christophe Aurand and Bill Vrattos &mdash; with both reporting...



The Grapevine

Wed, 06 Mar 2019
Schonfeld Strategic Advisors has hired three portfolio managers. Noah Schneider and Guy Smith arrived at the New York multi-strategy firm in February to run separate books of financial-service company stocks. Schneider and Smith previously worked at Balyasny Asset Management, both starting in 2016. Also on board is Andrew Kim, a technology-stock specialist who had worked at Point72 Asset Management since 2012. Schonfeld, led by Steven Schonfeld,...



The Grapevine

Wed, 06 Mar 2019
Former Soros Fund Management staffer Nuno Camara resurfaced in the New York office of global-macro startup Kirkoswald Capital in February. Camara, who covers a mix of emerging-market investments, was among several employees that Soros laid off in December amid a move away from macro investing. He earlier worked at Moore Capital and Fortress Investment. London-based Kirkoswald is led by former Moore executive Greg...



The Grapevine

Wed, 06 Mar 2019
New York multi-strategy firm Hudson Bay Capital hired Abhishek Bhutra in February as a portfolio manager. Bhutra most recently covered structured-credit investments as a portfolio manager at Pine River Capital, where he worked from 2010 to 2017. He also has spent time at Y-Point Financials and Old Lane. Hudson Bay, led by Sander Gerber, has $3.2 billion under management.CORRECTION (3/6/19): This article has been revised. The original version...



The Grapevine

Wed, 06 Mar 2019
Littlejohn & Co. picked up portfolio manager Jeff Nusbaum in January. As a co-founder, Nusbaum previously led research at bond-fund manager Reef Road Capital from 2013 until that firm shut down at yearend 2018. He also has spent time at J.P. Morgan. Littlejohn, a Greenwich, Conn., firm with $8 billion under management, employs credit-product, special-situation and private equity...



The Grapevine

Wed, 06 Mar 2019
Jared Gould, a portfolio manager covering industrial-company stocks, has jumped to Two Creeks Capital from BlueMountain Capital. Gould had started at BlueMountain in 2010. Two Creeks is led by former Ziff Brothers executive Ryan Pedlow. The New York equity shop had $1.8 billion under management at yearend 2017.



The Grapevine

Wed, 06 Mar 2019
Startup equity manager Cinctive Capital added industrial-stock specialist Mark Shalhoub to its investment team in February. Shalhoub had been a portfolio manager at Balyasny Asset Management since 2016, and before that was at Citadel and SAC Capital. New York-based Cinctive is led by former Diamondback Capital executives Lawrence Sapanski and Richard...



The Grapevine

Wed, 06 Mar 2019
Burford Capital, a Chicago fund operator specializing in litigation finance, added a vice president to its investment team in February. The New York-based recruit, Evan Meyerson, had been working in the litigation practice at Paul Weiss since 2015. His earlier employers include Bain Capital. Burford is led by Christopher Bogart and Jonathan Molot. It was managing $1.5 billion of gross assets at yearend...



The Grapevine

Wed, 06 Mar 2019
Vincent Olekhnovitch resigned from Och-Ziff Capital&rsquo;s London office in February to join LMR Partners. The new assignment reunites Olekhnovitch with former Och-Ziff colleague Sebastian Gorga, with the two serving as co-heads of convertible-bond arbitrage investments at the London multi-strategy firm. Olekhnovitch had arrived at Och-Ziff in 2014 from Credit Suisse. LMR has $5 billion under...



Malik Launches Merchant-Banking Business

Wed, 27 Feb 2019
Omeed Malik, a former Bank of America prime-brokerage executive who is widely known in the hedge fund industry, has started a merchant bank to invest in early-stage businesses and alternative-investment funds.Malik formed Farvahar Partners in January with partner Joe Voboril, who previously worked under Malik at BofA. The New York firm will invest proprietary capital in consumer-oriented technology companies, niche-focused hedge funds and private...



Family Offices Warming Up to Digital Assets

Wed, 27 Feb 2019
Funds that invest in digital assets are getting a closer look from family offices, which until recently have largely shunned the asset class.Although family offices are notoriously guarded about their investments, sources cited a number of instances where large operations in the U.S., U.K. and elsewhere are exploring investments in crypto funds. For the most part, the focus is on venture capital-style vehicles that invest in blockchain-technology...



Futures Shop Pursues Trade-Finance Strategy

Wed, 27 Feb 2019
Metals trader Commodity Asset Management is developing a new strategy that represents a novel approach to trade finance.Instead of extending lines of credit to finance imports and exports, as most trade-finance businesses do, CAM would facilitate sales of industrial materials via repurchase agreements. The New York firm is seeking to raise perhaps $75 million for the business, either through a hedge fund or separate accounts, or both.While...



New Direction for MBS Manager

Wed, 27 Feb 2019
Deer Park Road, which earned double-digit returns buying devalued mortgage-backed securities in the aftermath of the credit crisis, is now positioned to profit from a sell-off in the high-yield bond market.Over the past year or so, the Steamboat Springs, Colo., firm has built a massive short position via purchases of credit-default swaps referencing commercial mortgage-backed securities, U.S. and European high-yield corporate debt and other...



CKC Continues Winning Streak

Wed, 27 Feb 2019
CKC Capital&rsquo;s flagship hedge fund is on its way to finishing another year without ever having taken a monthly loss.Since launching on March 1, 2013, CKC Credit Opportunity Fund has generated slow-and-steady monthly profits of 0.04-2.36% &mdash; and indications are it will finish February in positive territory as well. At the end of January, the fund was showing an annualized return of 7.8%, versus 1.1% for the HFRX Fixed Income Credit...



Endowment Pros Open Advisory Shop

Wed, 27 Feb 2019
Another startup with ties to Stanford Management is offering investment-advisory services to family offices.Serra Street Partners of Palo Alto, Calif., is led by Wafa Wei and Vera Minar, who spent a decade working together at Stanford University&rsquo;s endowment. They&rsquo;re willing to work with family offices in a variety of roles, from consulting on specific issues to performing due-diligence reviews of fund managers to constructing...



Woodruff Startup Amassing Big Staff

Wed, 27 Feb 2019
Jack Woodruff&rsquo;s Candlestick Capital is on track to launch in the second half with an unusually large day-one team &mdash; at least 25 employees &mdash; including newly hired co-president Tito Citarella.The New York hedge fund operator, which is expected to raise at least $1 billion, has put Citarella in charge of the firm&rsquo;s non-investment activities. He arrives from shuttered hedge fund firm Three Corner Global Investors, where he was...



Lafferty Loses Prime-Brokerage Chief

Wed, 27 Feb 2019
Broker-dealer R.F. Lafferty & Co. still plans to start a prime-brokerage business despite the abrupt departure of an executive recruited to lead the effort.Joseph Vencil had joined Lafferty in December with a mandate to position the New York firm as a so-called introducing broker serving smaller hedge fund managers. But less than two months later, Vencil quit to rejoin his prior employer, London-based Forte Securities, as chief operating officer...



Europe Startup Adds Fundraiser

Wed, 27 Feb 2019
With its performance and capital-raising momentum building, startup Boldhaven Management has hired its first head of investor relations.Victoria Matthews arrived at the London fund operator in mid-February, having led business-development efforts at New Peak Capital from 2014 to December 2018. She also has worked at Morgan Stanley.Matthews&rsquo; assignment at Boldhaven puts her in charge of marketing at a time when the equity-focused...



Solus Raising More for Novel Fund

Wed, 27 Feb 2019
Solus Alternative Asset Management has locked up another round of commitments for a distressed-asset vehicle with dual liquidity structures.The event-driven manager&rsquo;s Solus Long-Term Opportunities Fund held a third equity close on Feb. 1, at which point it had $357 million under management. The vehicle launched in the fourth quarter after taking in $190 million through a first equity close, then locked up another $127 million with a second...



Trebuchet Adds Leveraged Vehicle

Wed, 27 Feb 2019
Trebuchet Capital is offering investors a leveraged version of its main hedge fund.Had the leveraged vehicle been operating since the flagship Trebuchet Granite Fund launched on February 1, 2018, it would have produced a 21.7% return with a Sharpe ratio of 2.7, the New York firm wrote in a letter to prospective investors last week. By comparison, the S&P 500 dropped 2.3% during that period.Trebuchet described the capacity of the new commingled...



The Grapevine

Wed, 27 Feb 2019
Commodities specialist Jennifer Fan left Millennium Management this month to set up a family office. Fan had been at New York-based Millennium since shutting down her Arbalet Capital in 2013. As an employee of Arrowhawk Capital before that, she was overseeing her own portfolio at age 25 &mdash; having graduated college at 19. Fan&rsquo;s family office will invest in properties in economically distressed areas, using her own...



The Grapevine

Wed, 27 Feb 2019
A portfolio manager who covers technology stocks jumped from Balyasny Asset Management to ExodusPoint Capital this month. Max Jellinek also counts SAC Capital and Priceline.com as former employers. New York-based ExodusPoint, launched in June by Michael Gelband, had $8.3 billion under management at yearend.



The Grapevine

Wed, 27 Feb 2019
Citadel has hired three business-development professionals for a unit that recruits staff for the firm&rsquo;s fundamental equity-trading divisions: Citadel Global Equities, Aptigon Capital, Ashler Capital and Surveyor Capital. They are Stavroula Georgallis, from Point72 Asset Management; Lindsay Previdi, from Schonfeld Strategic Advisors; and Alex Topkins, from Goldman Sachs&rsquo; capital-introduction team. The new staffers report to Matthew...



The Grapevine

Wed, 27 Feb 2019
Portfolio manager Paul Janowitz left Castle Creek Arbitrage in January to join Aviva Investors as a Chicago-based senior analyst covering the debt of consumer companies. Janowitz had arrived at Castle Creek in 2005 from Millennium Management. He also has worked at Gulf International Bank. London-based Aviva oversees &#163;315 billion ($410 billion) across a range of...



The Grapevine

Wed, 27 Feb 2019
After a long stint in Goldman Sachs&rsquo; prime-brokerage group, Steve Granstrand jumped to Chicago-based Heard Capital this month in the newly created role of head of operations. Heard, led by William Heard, runs $50 million through long/short, long-only and market-neutral equity vehicles.



The Grapevine

Wed, 27 Feb 2019
Business-development specialist Adrian Gmuer moved to Trikon Asset Management of Hong Kong this month from Turiya Advisors Asia, taking the title of head of investor partnerships. Gmuer also has worked at Blue Sky Capital and Man Group. Trikon, an Asia-focused equity shop, was started in November by former Moore Capital portfolio manager Gaurav Grover.



The Grapevine

Wed, 27 Feb 2019
Colchis Capital has hired an associate for its marketing and investor-relations team. Mylene Delattre, who joined the San Francisco debt specialist in January, most recently worked at H/2 Capital. Colchis is led by Edward Conrads and Robert Conrads. It had $1.1 billion under management at yearend 2018.



The Grapevine

Wed, 27 Feb 2019
The identity of Jamie Mendola&rsquo;s new employer has come to light. Mendola, who began unwinding his Pacific Grove Capital in late 2018, started in January as head of acquisitions at Cannabis Strategies Acquisition &mdash; a Toronto special purpose acquisition company that invests in marijuana-related businesses. Mendola launched the equity-focused Pacific Grove amid the 2014 shutdown of former employer Scout Capital. Cannabis Strategies, led...



The Grapevine

Wed, 27 Feb 2019
Atika Capital hired Avi Vogel this month as chief financial officer and chief compliance officer. Vogel previously worked at Cerrano Capital, Bow Street and JAI Capital. Atika invests in the stocks of healthcare, technology and consumer companies. The New York firm, led by Brad Farber, was managing $472 million of gross assets on Aug. 31.



The Grapevine

Wed, 27 Feb 2019
Chicago-based Koya Law, which negotiates contracts involving complex financial instruments, plans to hire 2-5 transaction-focused lawyers for a New York office it expects to open this year. The recruits would join a legal team of 11, including founder Devi Koya, that counts 120 hedge fund operators among its clients.



Quantitative Credit Pros Ink Large Seed Deal

Wed, 20 Feb 2019
Agilon Capital is poised to launch a systematic long/short credit fund on March 1 after landing a $300 million seed investment.The San Francisco startup, led by former BlackRock alternative-credit manager David Horowitz, received backing from a U.S. corporate pension with $25 billion of assets. The pension also is providing enough operating capital to sustain Agilon for about three years.Agilon is investing most of the pension&rsquo;s money...



Fund Managers Pitched on Favorable Tax Play

Wed, 20 Feb 2019
A private equity shop is launching a so-called opportunity zone fund that it plans to market to hedge fund executives.Prospect Capital joins a small but growing number of alternative-investment managers looking to invest in economically distressed areas deemed &ldquo;qualified opportunity zones&rdquo; under the Tax Cuts and Jobs Act that President Trump signed in December 2017. Investors in opportunity-zone developments or redevelopments &mdash;...



Diamondback Founders Lining Up Investors

Wed, 20 Feb 2019
Lawrence Sapanski and Richard Schimel could launch their next hedge fund with substantially more capital than originally anticipated.Since word got out in September that the Diamondback Capital co-founders planned to reunite, Sapanski and Schimel have formed a fund-management business called Cinctive Capital. The firm&rsquo;s staff so far includes at least one other Diamondback alumnus: portfolio manager Michael Sedoy.An initial report in The...



MGG Nears Fund-Raising Goal

Wed, 20 Feb 2019
MGG Investment is wrapping up marketing efforts for a drawdown fund that originates loans to small and mid-size businesses.The New York firm plans to cut off capital-raising efforts in April, having already lined up at least $800 million of commitments for its MGG Specialty Finance Fund 2. That puts the vehicle within its target range of $750 million to $1 billion.Investors can choose between a closed-end version of the fund with a two-year...



Big Commitment Satiates Sio

Wed, 20 Feb 2019
With a $100 million commitment on the way, healthcare-stock investor Sio Capital plans to stop accepting new limited partners.The contribution, from a pension system, is expected to arrive during the second quarter &mdash; at which point Sio temporarily will halt outside contributions. One source said the New York firm likely will remain closed to newcomers for at least six months, reflecting the amount of time it would need to deploy the fresh...



Toscafund Preps New Lending Vehicle

Wed, 20 Feb 2019
Toscafund Asset Management&rsquo;s direct-lending business is marketing the third in a series of drawdown funds that originate loans to small and mid-size businesses in the U.K.The unit, Tosca Debt Capital, seeks to raise up to &#163;400 million ($520 million) for the new vehicle, Tosca Debt Capital Fund 3. Assuming it hits the upper end of the fund-raising target, Fund 3 would dwarf the first two funds in the series, which had a combined...



Startup to Assist Family Offices

Wed, 20 Feb 2019
Two investment professionals known for advising endowments and other large institutions have started a business catering to family offices.Eric Upin, formerly chief investment officer at Stanford Management and Makena Capital, and John O&rsquo;Connor, who has held senior roles at Rincon Advisors and Summit Rock Advisors, have been reaching out to multiple family offices in search of one or two anchor clients. The partners, both based in the San...



Weiss Cuts Corporate-Bond Group

Wed, 20 Feb 2019
Weiss Multi-Strategy Advisers let go a credit-focused investment team last month, in part because of sharp losses in their portfolio during the fourth quarter.The team, which traded investment-grade corporate debt, was led by portfolio manager Brad Visokey, who joined the New York firm in 2017 following brief stints as a portfolio manager at Global Credit Advisers and BlueCrest Capital. Also let go were assistant portfolio manager Shane...



Crypto Shop Avoids Market Rout

Wed, 20 Feb 2019
Two cryptocurrency funds run by Pythagoras Investment are trouncing their peers.The New York firm&rsquo;s flagship arbitrage fund, Pythagoras Investment Management, delivered a net return of 16% last year, compared to a 72% decline for the Eurekahedge Crypto-Currency Hedge Fund Index and a 73.6% drop in the price of bitcoin. The fund dipped 0.6% in January, but still easily beat an 11.9% drop in the index.Meanwhile, Pythagoras Token Fund, which...



Folger Hill Alumni Raising Capital

Wed, 20 Feb 2019
Two former Folger Hill Asset Management executives are laying the groundwork for an equity-focused hedge fund operation.John Long and Michael Shea are calling their management company Graylotte Partners. The New York firm filed paperwork for its U.S.-domiciled Graylotte Fund with the SEC on Jan. 30. It&rsquo;s unclear when the vehicle would launch.Long and Shea left Folger Hill following its April 2018 agreement to be taken over by Schonfeld...



Correction

Wed, 20 Feb 2019
A Feb. 13 article, &ldquo;Citadel Alums Staff Up for Big Launch,&rdquo; mischaracterized the prior work experience of Woodline Partners portfolio manager Aaron Moatz. He had been an analyst at Citadel, not a portfolio manager.



Investors Take Notice of Broad Bay

Wed, 20 Feb 2019
Broad Bay Capital&rsquo;s assets have increased dramatically since the start of 2018, even as late-year losses and redemptions caused many long/short equity funds to shrink.The New York firm, led by former Scopia Capital partner Scott Greeder, is now managing $466 million &mdash; up from just $50 million at yearend 2017.Broad Bay&rsquo;s BBCM Master Fund produced a net return for Class-A shareholders of 13.4% last year, versus a 7% decline for...



Event-Driven Fund Bounces Back

Wed, 20 Feb 2019
Event-driven manager Gates Capital seems determined to make up for its uncharacteristically weak performance last year.After losing 18.8% &mdash; its third-worst annual result in 23 years of investing &mdash; Gates&rsquo; ECF Value Fund posted a monthly profit of 16.8% in January. The gain halted five consecutive losing months.The New York firm, led by Jeff Gates and Justin Boisseau, takes equity and debt positions in companies undergoing...



The Grapevine

Wed, 20 Feb 2019
Chief operating officer Alan Greenbaum and technology head Robert Pisani are leaving Schonfeld Strategic Advisors. Greenbaum joined the New York multi-strategy firm in 2016 from Visium Asset Management. He will exit in March, with president Andrew Fishman absorbing his duties. Pisani, who arrived in 2006 from AutoOne Insurance, is joining a financial-technology startup. He will stay until May or June, with Schonfeld engaging recruiting firm Smith...



The Grapevine

Wed, 20 Feb 2019
Millennium Management picked up two London-based portfolio managers in January. Jason Greenberg had been an executive director at Goldman Sachs, where he traded commodities for 11 years. Junior portfolio manager Damien McCaughley arrived from a director slot at Deutsche Bank, where he had worked since 2017 after stops at Goldman and RBS.



The Grapevine

Wed, 20 Feb 2019
Silver Rock Financial, the former family office of junk-bond legend Michael Milken, hired Mitch Wilner in January as a portfolio manager focused on credit products. Wilner had worked at Crescent Capital since 2013, following stops at Armored Wolf, Deerfield Capital and Pimco. Silver Rock converted to a hedge fund operator and began accepting capital from outsiders in 2016. The Los Angeles firm, led by Carl Meyer, had $3 billion under management...



The Grapevine

Wed, 20 Feb 2019
Michael Herring has joined startup equity shop Yarra Square Partners as chief financial officer. He previously held the roles of chief financial officer and chief operating officer at Azora Capital from 2017 to December 2018. Herring&rsquo;s former employers also include Caravel Management, Man Group and Nikko Asset Management. A team led by Victor Ho began forming Yarra Square in 2018 after the shutdown of former employer Sutton Square...



The Grapevine

Wed, 20 Feb 2019
New York global-macro firm Field Street Capital hired Joseph Sikoscow this month as an agency mortgage-bond trader. Sikoscow had been working as a consultant following his March 2018 exit from Nomura, where he started in 2010. Sikoscow&rsquo;s duties at Field Street previously were performed by Kevin Breen, who left at yearend to join Citadel.



The Grapevine

Wed, 20 Feb 2019
New York advisory firm Bridgeway Wealth has a new head of alternative investments. Philip Gaucher arrived in January from the top business-development post at Gargoyle Group, which he joined in 2017. Bridgeway specializes in steering client capital into equities and commercial-property debt, sometimes through hedge funds.



The Grapevine

Wed, 20 Feb 2019
Small-cap stock specialist Hawk Ridge Management hired Adam Wagner in January for the newly created role of head of investor relations. Wagner had been at Dafna Capital since 2017, having arrived there upon the unwinding of previous employer Blue Jay Capital. Hawk Ridge had $630 million under management on Jan. 1.



The Grapevine

Wed, 20 Feb 2019
Debt investor Anchorage Capital added two former investment bankers to its London team this month. Sean Scoggins joined as a director from DC Advisory, a subsidiary of Daiwa Capital where he started in October. Scoggins previously worked at Moelis & Co. and DC Advisory predecessor Close Brothers. Also on board is analyst Yash Gupta, who had covered mergers and acquisitions at Bank of America since 2017. Anchorage, led by chief executive Kevin...



The Grapevine

Wed, 20 Feb 2019
Technology- and biotechnology-stock specialist Matrix Capital hired semiconductor-company analyst Romit Shah this month from a sell-side position at Nomura. Shah had been at Nomura since 2010, most recently as a managing director. Matrix, a Waltham, Mass., firm led by co-founder David Goel, had $2.8 billion under management at yearend 2017.



LISTING: Recruiters Serving Hedge Fund Managers

Thu, 14 Feb 2019
Smith Hanley AssociatesSouthport, Conn.Contact: Richard Wastrom203-319-4313, rwastrom@smithhanley.comNOTE: Complete listing appeared in February 13, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Recruiters.&rdquo;



LISTING: Recruiters Serving Hedge Fund Managers

Thu, 14 Feb 2019
SG PartnersNew YorkContact: Sheri Gellman212-922-9544, sginfo@sgpartners.comNOTE: Complete listing appeared in February 13, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Recruiters.&rdquo;



LISTING: Recruiters Serving Hedge Fund Managers

Thu, 14 Feb 2019
Selby JenningsNew YorkContact: Victoria McGill646-789-4533, victoria.mcgill@selbyjennings.comNOTE: Complete listing appeared in February 13, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Recruiters.&rdquo;



LISTING: Recruiters Serving Hedge Fund Managers

Thu, 14 Feb 2019
SearchOneNew YorkContact: Michael Garmisa212-286-2400, info@search1.comNOTE: Complete listing appeared in February 13, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Recruiters.&rdquo;



LISTING: Recruiters Serving Hedge Fund Managers

Thu, 14 Feb 2019
Sage Search AdvisorsGreenwich, Conn.Contact: Linda Petrone203-622-4519, linda@sagesearchadvisors.comNOTE: Complete listing appeared in February 13, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Recruiters.&rdquo;



LISTING: Recruiters Serving Hedge Fund Managers

Thu, 14 Feb 2019
S Diamond GroupFairfield, Conn.Contact: Steve Diamond203-256-9955, thesdiamondgroup@me.comNOTE: Complete listing appeared in February 13, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Recruiters.&rdquo;



LISTING: Recruiters Serving Hedge Fund Managers

Thu, 14 Feb 2019
Russell Reynolds AssociatesNew YorkContact: Meredith Coburn212-351-2531, meredith.coburn@russellreynolds.comNOTE: Complete listing appeared in February 13, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Recruiters.&rdquo;



LISTING: Recruiters Serving Hedge Fund Managers

Thu, 14 Feb 2019
RSR PartnersNew YorkContact: Laurie Anne Eamma212-984-1800, leamma@rsrpartners.comNOTE: Complete listing appeared in February 13, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Recruiters.&rdquo;



LISTING: Recruiters Serving Hedge Fund Managers

Thu, 14 Feb 2019
Robin Judson PartnersNew YorkContact: Robin Judson646-632-3750, rjudson@robinjudsonpartners.comNOTE: Complete listing appeared in February 13, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Recruiters.&rdquo;



LISTING: Recruiters Serving Hedge Fund Managers

Thu, 14 Feb 2019
Risk Talent AssociatesChicagoContact: Michael Woodrow312-953-5123, mwoodrow@risktalent.comNOTE: Complete listing appeared in February 13, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Recruiters.&rdquo;



LISTING: Recruiters Serving Hedge Fund Managers

Thu, 14 Feb 2019
RightClickStamford, Conn.Contact: David Goldshore203-588-9500, dg@rightclickrecruiting.comNOTE: Complete listing appeared in February 13, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Recruiters.&rdquo;



LISTING: Recruiters Serving Hedge Fund Managers

Thu, 14 Feb 2019
Ridgeway PartnersNew YorkContact: Michael Castine646-922-0746, michael.castine@ridgewaypartners.usNOTE: Complete listing appeared in February 13, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Recruiters.&rdquo;



LISTING: Recruiters Serving Hedge Fund Managers

Thu, 14 Feb 2019
Ricks ConsultingNew YorkContact: Robyn Browdy212-586-8200, robyn@rickscg.comNOTE: Complete listing appeared in February 13, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Recruiters.&rdquo;



LISTING: Recruiters Serving Hedge Fund Managers

Thu, 14 Feb 2019
Ray ConsultingChicagoContact: Becky Trinks312-505-6225, becky@rayconsultinggroup.comNOTE: Complete listing appeared in February 13, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Recruiters.&rdquo;



LISTING: Recruiters Serving Hedge Fund Managers

Thu, 14 Feb 2019
Ramax SearchNew YorkContact: Peter Tannenbaum212-686-1686, peter@ramaxsearch.comNOTE: Complete listing appeared in February 13, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Recruiters.&rdquo;



LISTING: Recruiters Serving Hedge Fund Managers

Thu, 14 Feb 2019
Quest OrganizationNew YorkContact: Michael Rosenblatt212-971-0033, michael@questorg.comNOTE: Complete listing appeared in February 13, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Recruiters.&rdquo;



LISTING: Recruiters Serving Hedge Fund Managers

Thu, 14 Feb 2019
Q-Search & AdvisoryNew YorkContact: Kate Quinn203-856-4431, kate@q-searchandadvisory.comNOTE: Complete listing appeared in February 13, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Recruiters.&rdquo;



LISTING: Recruiters Serving Hedge Fund Managers

Thu, 14 Feb 2019
ProkangaNew YorkContact: Lesley Finer917-509-4910, lesley@prokanga.comNOTE: Complete listing appeared in February 13, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Recruiters.&rdquo;



LISTING: Recruiters Serving Hedge Fund Managers

Thu, 14 Feb 2019
Prince HoustonNew YorkContact: Jim Houston212-313-9891, jhouston@princehouston.comNOTE: Complete listing appeared in February 13, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Recruiters.&rdquo;



LISTING: Recruiters Serving Hedge Fund Managers

Thu, 14 Feb 2019
Primary GroupAltamonte Springs, Fla.Contact: Paul Cresho407-869-4111, info@theprimarygroup.comNOTE: Complete listing appeared in February 13, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Recruiters.&rdquo;



LISTING: Recruiters Serving Hedge Fund Managers

Thu, 14 Feb 2019
Pinetum PartnersGreenwich, Conn.Contact: Sandy Gross203-625-9340, sandy@pinellc.comNOTE: Complete listing appeared in February 13, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Recruiters.&rdquo;



LISTING: Recruiters Serving Hedge Fund Managers

Thu, 14 Feb 2019
Phoenix GroupCarefree, Ariz.Contact: Steve Flynn480-575-6636, sflynn@phxgrpintl.comNOTE: Complete listing appeared in February 13, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Recruiters.&rdquo;



LISTING: Recruiters Serving Hedge Fund Managers

Thu, 14 Feb 2019
Peak OrganizationNew YorkContact: Sam Skrnich908-361-1034, sskrnich@peakaccountinggroup.comNOTE: Complete listing appeared in February 13, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Recruiters.&rdquo;



LISTING: Recruiters Serving Hedge Fund Managers

Thu, 14 Feb 2019
Park Hudson InternationalNew YorkContact: Kent Roddy917-720-1023, kroddy@phisearch.comNOTE: Complete listing appeared in February 13, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Recruiters.&rdquo;



LISTING: Recruiters Serving Hedge Fund Managers

Thu, 14 Feb 2019
Oxbridge GroupNew YorkContact: Marty Brady212-980-0800, info@oxbridgegroup.comNOTE: Complete listing appeared in February 13, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Recruiters.&rdquo;



LISTING: Recruiters Serving Hedge Fund Managers

Thu, 14 Feb 2019
Orbis Talent PartnersNew YorkContact: Brian Grover302-945-4464, brian@orbistalentpartners.comNOTE: Complete listing appeared in February 13, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Recruiters.&rdquo;



LISTING: Recruiters Serving Hedge Fund Managers

Thu, 14 Feb 2019
Options GroupNew YorkContact: Michael Karp212-982-0900, mkarp@optionsgroup.comNOTE: Complete listing appeared in February 13, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Recruiters.&rdquo;



LISTING: Recruiters Serving Hedge Fund Managers

Thu, 14 Feb 2019
Onyx Search PartnersNew YorkContact: Daniella Gershel212-858-9388, daniella@onyxsearchpartners.comNOTE: Complete listing appeared in February 13, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Recruiters.&rdquo;



LISTING: Recruiters Serving Hedge Fund Managers

Thu, 14 Feb 2019
Open Systems TechnologiesNew YorkContact: Glenn Lavender212-273-1902, gl@ostny.comNOTE: Complete listing appeared in February 13, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Recruiters.&rdquo;



LISTING: Recruiters Serving Hedge Fund Managers

Thu, 14 Feb 2019
Omerta GroupNew YorkContact: Deborah Gollin212-203-7456, deborah.gollin@omerta-group.comNOTE: Complete listing appeared in February 13, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Recruiters.&rdquo;



LISTING: Recruiters Serving Hedge Fund Managers

Thu, 14 Feb 2019
Odyssey Search PartnersNew YorkContact: Adam Kahn212-750-5677, ak@ospsearch.comNOTE: Complete listing appeared in February 13, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Recruiters.&rdquo;



LISTING: Recruiters Serving Hedge Fund Managers

Thu, 14 Feb 2019
O&rsquo;Gorman & Co.New YorkContact: Mary O&rsquo;Gorman718-802-1141, mary.ogorman@ogormanco.comNOTE: Complete listing appeared in February 13, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Recruiters.&rdquo;



LISTING: Recruiters Serving Hedge Fund Managers

Thu, 14 Feb 2019
Northbound Executive SearchNew YorkContact: Rachel Feder212-600-2540, info@northboundsearch.comNOTE: Complete listing appeared in February 13, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Recruiters.&rdquo;



LISTING: Recruiters Serving Hedge Fund Managers

Thu, 14 Feb 2019
Mission StaffingNew YorkContact: Jonathan Gelfand212-758-5211, jonathan@missionstaffing.comNOTE: Complete listing appeared in February 13, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Recruiters.&rdquo;



LISTING: Recruiters Serving Hedge Fund Managers

Thu, 14 Feb 2019
MWeber ConsultantsNew YorkContact: Michael Weber646-290-5251, michael@mweberconsultants.comNOTE: Complete listing appeared in February 13, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Recruiters.&rdquo;



LISTING: Recruiters Serving Hedge Fund Managers

Thu, 14 Feb 2019
Mercury PartnersNew YorkContact: Ross Baltic212-687-1500, rbaltic@mercurypartner.comNOTE: Complete listing appeared in February 13, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Recruiters.&rdquo;



LISTING: Recruiters Serving Hedge Fund Managers

Thu, 14 Feb 2019
McIntyre GroupNorwalk, Conn.Contact: Melissa Mongillo203-750-1111, mxm@themcintyregroup.comNOTE: Complete listing appeared in February 13, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Recruiters.&rdquo;



LISTING: Recruiters Serving Hedge Fund Managers

Thu, 14 Feb 2019
Marcus & AssociatesNew YorkContact: John Schmit212-856-0839, john@marcusjobs.comNOTE: Complete listing appeared in February 13, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Recruiters.&rdquo;



LISTING: Recruiters Serving Hedge Fund Managers

Thu, 14 Feb 2019
Major, Lindsey & AfricaNew YorkContact: Dimitri Mastrocola212-201-3993, dmastrocola@mlaglobal.comNOTE: Complete listing appeared in February 13, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Recruiters.&rdquo;



LISTING: Recruiters Serving Hedge Fund Managers

Thu, 14 Feb 2019
Long Ridge PartnersNew YorkContact: Michael Goodman212-366-6686, mgoodman@longridgepartners.comNOTE: Complete listing appeared in February 13, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Recruiters.&rdquo;



LISTING: Recruiters Serving Hedge Fund Managers

Thu, 14 Feb 2019
Landing Point SearchNew YorkContact: John Lane646-274-1371, jlane@landingpoint.comNOTE: Complete listing appeared in February 13, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Recruiters.&rdquo;



LISTING: Recruiters Serving Hedge Fund Managers

Thu, 14 Feb 2019
Korn FerryNew YorkContact: Deepali Vyas646-234-5681, deepali.vyas@kornferry.comNOTE: Complete listing appeared in February 13, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Recruiters.&rdquo;



LISTING: Recruiters Serving Hedge Fund Managers

Thu, 14 Feb 2019
JW Michaels & Co.New YorkContact: Jason Wachtel646-346-2454, jwachtel@jwmichaels.comNOTE: Complete listing appeared in February 13, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Recruiters.&rdquo;



LISTING: Recruiters Serving Hedge Fund Managers

Thu, 14 Feb 2019
JSB PartnersNew YorkContact: Joseph Barr212-750-7007, jsb@jsbpartners.comNOTE: Complete listing appeared in February 13, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Recruiters.&rdquo;



LISTING: Recruiters Serving Hedge Fund Managers

Thu, 14 Feb 2019
JR StadinNew YorkContact: Jonathan Stadin212-332-3436, jrstadin@jrstadin.comNOTE: Complete listing appeared in February 13, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Recruiters.&rdquo;



LISTING: Recruiters Serving Hedge Fund Managers

Thu, 14 Feb 2019
JG Coules AdvisorsNew YorkContact: Greg Coules646-480-6170, gcoules@jgcoulesadvisors.comNOTE: Complete listing appeared in February 13, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Recruiters.&rdquo;



LISTING: Recruiters Serving Hedge Fund Managers

Thu, 14 Feb 2019
Jensen PartnersNew YorkContact: Sasha Jensen212-457-0062, sasha@jensen-partners.comNOTE: Complete listing appeared in February 13, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Recruiters.&rdquo;



LISTING: Recruiters Serving Hedge Fund Managers

Thu, 14 Feb 2019
Jamesbeck Global PartnersNew YorkContact: Beth Rustin212-616-7444, beth@jamesbeck.comNOTE: Complete listing appeared in February 13, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Recruiters.&rdquo;



LISTING: Recruiters Serving Hedge Fund Managers

Thu, 14 Feb 2019
Isaacson SearchNew YorkContact: Robin Isaacson212-254-4452, robin@isaacson.comNOTE: Complete listing appeared in February 13, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Recruiters.&rdquo;



LISTING: Recruiters Serving Hedge Fund Managers

Thu, 14 Feb 2019
Intuition Financial PlacementNew YorkContact: Anita Hill Sandssands@intuitionfp.comNOTE: Complete listing appeared in February 13, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Recruiters.&rdquo;



LISTING: Recruiters Serving Hedge Fund Managers

Thu, 14 Feb 2019
Integrated ManagementScottsdale, Ariz.Contact: Chad Dean480-460-4422, chadrin@integratedmgmt.comNOTE: Complete listing appeared in February 13, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Recruiters.&rdquo;



LISTING: Recruiters Serving Hedge Fund Managers

Thu, 14 Feb 2019
Innovations PSISan FranciscoContact: Paula Todd415-392-4022, ptodd@innovationssf.comNOTE: Complete listing appeared in February 13, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Recruiters.&rdquo;



LISTING: Recruiters Serving Hedge Fund Managers

Thu, 14 Feb 2019
IJC AssociatesNew YorkContact: Kyle Ramkissoon646-518-1577, kyle@ijcassociates.comNOTE: Complete listing appeared in February 13, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Recruiters.&rdquo;



LISTING: Recruiters Serving Hedge Fund Managers

Thu, 14 Feb 2019
IDW GroupNew YorkContact: Ilana Weinstein212-899-5073, ilana@theidwgroup.comNOTE: Complete listing appeared in February 13, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Recruiters.&rdquo;



LISTING: Recruiters Serving Hedge Fund Managers

Thu, 14 Feb 2019
Huffman AssociatesMount Pleasant, S.C.Contact: Michael Huffman631-969-3600, mhuffman@huffmanassociates.comNOTE: Complete listing appeared in February 13, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Recruiters.&rdquo;



LISTING: Recruiters Serving Hedge Fund Managers

Thu, 14 Feb 2019
Hudson Gate PartnersNew YorkContact: Paul Sassa646-502-5223, paul@hudsongatepartners.comNOTE: Complete listing appeared in February 13, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Recruiters.&rdquo;



LISTING: Recruiters Serving Hedge Fund Managers

Thu, 14 Feb 2019
High Water StaffingNew YorkContact: Evan Zivotovsky212-988-4817, evan@highwaterstaffing.com NOTE: Complete listing appeared in February 13, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Recruiters.&rdquo;



LISTING: Recruiters Serving Hedge Fund Managers

Thu, 14 Feb 2019
HF SolutionsFreehold, N.J.Contact: John Del Cioppo732-713-2010, john@hf-solutions.comNOTE: Complete listing appeared in February 13, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Recruiters.&rdquo;



LISTING: Recruiters Serving Hedge Fund Managers

Thu, 14 Feb 2019
Haziot FischerNew Haven, Conn.Contact: David Fischer203-668-0654, david@haziotfischer.comNOTE: Complete listing appeared in February 13, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Recruiters.&rdquo;



LISTING: Recruiters Serving Hedge Fund Managers

Thu, 14 Feb 2019
Green Key ResourcesNew YorkContact: Robert Kahn212-683-7123, rkahn@greenkeyllc.comNOTE: Complete listing appeared in February 13, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Recruiters.&rdquo;



LISTING: Recruiters Serving Hedge Fund Managers

Thu, 14 Feb 2019
Grainstone LeeLondonContact: Simon Grainger44-203-478-1898, s.grainger@gslsearch.comNOTE: Complete listing appeared in February 13, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Recruiters.&rdquo;



LISTING: Recruiters Serving Hedge Fund Managers

Thu, 14 Feb 2019
Grady Levkov & Co.New YorkContact: Joshua Levko212-925-0900, ext. 1, josh@gradylevkov.comNOTE: Complete listing appeared in February 13, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Recruiters.&rdquo;



LISTING: Recruiters Serving Hedge Fund Managers

Thu, 14 Feb 2019
GPS Executive SearchGreenwich, Conn.Contact: Marybeth Gilmartin-Baugher917-561-5995, gilmartinm@gpssearchllc.comNOTE: Complete listing appeared in February 13, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Recruiters.&rdquo;



LISTING: Recruiters Serving Hedge Fund Managers

Thu, 14 Feb 2019
Goldsmith & Co.New YorkContact: Joe Goldsmith212-419-1239, connect@goldsmithandco.comNOTE: Complete listing appeared in February 13, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Recruiters.&rdquo;



LISTING: Recruiters Serving Hedge Fund Managers

Thu, 14 Feb 2019
Glocap SearchNew YorkContact: Annette Krassner212-333-6400, comments@glocap.comNOTE: Complete listing appeared in February 13, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Recruiters.&rdquo;



LISTING: Recruiters Serving Hedge Fund Managers

Thu, 14 Feb 2019
Global SageNew YorkContact: Douglas Brown646-557-3036, douglas.brown@globalsage.comNOTE: Complete listing appeared in February 13, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Recruiters.&rdquo;



LISTING: Recruiters Serving Hedge Fund Managers

Thu, 14 Feb 2019
GF Parish GroupMinnetonka, Minn.Contact: Gabrielle Parish952-541-0613, gabrielle@gfparishgroup.comNOTE: Complete listing appeared in February 13, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Recruiters.&rdquo;



LISTING: Recruiters Serving Hedge Fund Managers

Thu, 14 Feb 2019
FSJ PartnersNew YorkContact: Kim Freehill917-213-9222, kimfreehill@fsjpartners.comNOTE: Complete listing appeared in February 13, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Recruiters.&rdquo;



LISTING: Recruiters Serving Hedge Fund Managers

Thu, 14 Feb 2019
Focus Risk RecruitingCharlottesville, Va.Contact: Stephanie Baglio434-973-8552, sbaglio@focusriskrecruiting.comNOTE: Complete listing appeared in February 13, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Recruiters.&rdquo;



LISTING: Recruiters Serving Hedge Fund Managers

Thu, 14 Feb 2019
First RecruitingChicagoContact: Helena Peszek312-253-4008, hpeszek@firsttemporary.comNOTE: Complete listing appeared in February 13, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Recruiters.&rdquo;



LISTING: Recruiters Serving Hedge Fund Managers

Thu, 14 Feb 2019
Executive Search ConsultantsNew YorkContact: Deborah J. Kolb818-999-9891, deborah@escfinance.comNOTE: Complete listing appeared in February 13, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Recruiters.&rdquo;



LISTING: Recruiters Serving Hedge Fund Managers

Thu, 14 Feb 2019
Execu-Search GroupNew YorkContact: Mitchell Peskin212-204-5107, mpeskin@execu-search.comNOTE: Complete listing appeared in February 13, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Recruiters.&rdquo;



LISTING: Recruiters Serving Hedge Fund Managers

Thu, 14 Feb 2019
Emerald Recruiting GroupNew YorkContact: Jon Koznesoff646-880-8647, jkoz@emeraldrecruit.comNOTE: Complete listing appeared in February 13, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Recruiters.&rdquo;



LISTING: Recruiters Serving Hedge Fund Managers

Thu, 14 Feb 2019
Elevation RecruitingNew YorkContact: Marc Wiener646-201-9919, marc@elevationrecruiting.comNOTE: Complete listing appeared in February 13, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Recruiters.&rdquo;



LISTING: Recruiters Serving Hedge Fund Managers

Thu, 14 Feb 2019
Dynamics Search PartnersNew YorkContact: Keith Mann212-629-4767, contact@dspny.comNOTE: Complete listing appeared in February 13, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Recruiters.&rdquo;



LISTING: Recruiters Serving Hedge Fund Managers

Thu, 14 Feb 2019
DMC PartnersNew YorkContact: David McCormack212-626-6698, dmc@dmcpartners.comNOTE: Complete listing appeared in February 13, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Recruiters.&rdquo;



LISTING: Recruiters Serving Hedge Fund Managers

Thu, 14 Feb 2019
DM Stone RecruitmentSan FranciscoContact: Dave Stone415-829-4297, santok@dmstone.comNOTE: Complete listing appeared in February 13, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Recruiters.&rdquo;



LISTING: Recruiters Serving Hedge Fund Managers

Thu, 14 Feb 2019
DHR InternationalChicagoContact: Carol Hartman415-655-4484, chartman@dhrinternational.comNOTE: Complete listing appeared in February 13, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Recruiters.&rdquo;



LISTING: Recruiters Serving Hedge Fund Managers

Thu, 14 Feb 2019
D.S. Wolf GroupNew YorkContact: David Wolf212-692-9400, dwolf@dswolf.comNOTE: Complete listing appeared in February 13, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Recruiters.&rdquo;



LISTING: Recruiters Serving Hedge Fund Managers

Thu, 14 Feb 2019
CPINew YorkContact: Renee Hylton212-354-3933, renee@cpiny.comNOTE: Complete listing appeared in February 13, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Recruiters.&rdquo;



LISTING: Recruiters Serving Hedge Fund Managers

Thu, 14 Feb 2019
Comprehensive RecruitingTempe, Ariz.Contact: Craig Stocksleger480-968-4000, craig@comprehensiverecruiting.comNOTE: Complete listing appeared in February 13, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Recruiters.&rdquo;



LISTING: Recruiters Serving Hedge Fund Managers

Thu, 14 Feb 2019
Coleman & Co.New YorkContact: Carol Coleman212-867-4678, carol@colemancompany.netNOTE: Complete listing appeared in February 13, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Recruiters.&rdquo;



LISTING: Recruiters Serving Hedge Fund Managers

Thu, 14 Feb 2019
Claypoole Executive SearchSan Juan, P.R.Contact: David Claypoole908-608-1449, david@claypoolesearch.comNOTE: Complete listing appeared in February 13, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Recruiters.&rdquo;



LISTING: Recruiters Serving Hedge Fund Managers

Thu, 14 Feb 2019
Cardea GroupNew YorkContact: Andrea Colabella646-723-2339, andrea@thecardeagroup.comNOTE: Complete listing appeared in February 13, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Recruiters.&rdquo;



LISTING: Recruiters Serving Hedge Fund Managers

Thu, 14 Feb 2019
Caldwell PartnersNew YorkContact: Paul Heller212-953-3220, pheller@caldwellpartners.comNOTE: Complete listing appeared in February 13, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Recruiters.&rdquo;



LISTING: Recruiters Serving Hedge Fund Managers

Thu, 14 Feb 2019
Brenner Advisors InternationalGreenwich, Conn.Contact: Viktoria Brenner203-653-6777, resumes@brenneradvisors.comNOTE: Complete listing appeared in February 13, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Recruiters.&rdquo;



LISTING: Recruiters Serving Hedge Fund Managers

Thu, 14 Feb 2019
BraddockMatthewsNew YorkContact: Lisa Steele212-257-4422, lisa@braddockmatthews.comNOTE: Complete listing appeared in February 13, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Recruiters.&rdquo;



LISTING: Recruiters Serving Hedge Fund Managers

Thu, 14 Feb 2019
BoydenNew YorkContact: Jeanne Branthover212-949-9400, jbranthover@boyden.comNOTE: Complete listing appeared in February 13, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Recruiters.&rdquo;



LISTING: Recruiters Serving Hedge Fund Managers

Thu, 14 Feb 2019
Blackwood AssociatesNew YorkContact: Patrick Hurley646-822-7095, ph@blackwood-associates.comNOTE: Complete listing appeared in February 13, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Recruiters.&rdquo;



LISTING: Recruiters Serving Hedge Fund Managers

Thu, 14 Feb 2019
BeespokeDenverContact: Erin Kogan856-701-3495, erin@beespoke-consulting.comNOTE: Complete listing appeared in February 13, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Recruiters.&rdquo;



LISTING: Recruiters Serving Hedge Fund Managers

Thu, 14 Feb 2019
Bachrach GroupNew YorkContact: Jordan Shapiro212-279-7777, jordansh@bachrachgroup.comNOTE: Complete listing appeared in February 13, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Recruiters.&rdquo;



LISTING: Recruiters Serving Hedge Fund Managers

Thu, 14 Feb 2019
Atlantic GroupNew YorkContact: Rich Scardina212-271-1190, rscardina@atlantic-grp.comNOTE: Complete listing appeared in February 13, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Recruiters.&rdquo;



LISTING: Recruiters Serving Hedge Fund Managers

Thu, 14 Feb 2019
Allegis PartnersNew YorkContact: Dimitri Mastrocola212-201-3993, dmastrocola@allegis-partners.comNOTE: Complete listing appeared in February 13, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Recruiters.&rdquo;



LISTING: Recruiters Serving Hedge Fund Managers

Thu, 14 Feb 2019
Abacus GroupNew YorkContact: Angelo Caraftis212-931-6226, angelo@abacusnyc.comNOTE: Complete listing appeared in February 13, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Recruiters.&rdquo;



LISTING: Recruiters Serving Hedge Fund Managers

Thu, 14 Feb 2019
A-L AssociatesNew YorkContact: John Carley212-878-9047, jcarley@alassocltd.comNOTE: Complete listing appeared in February 13, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Recruiters.&rdquo;



LISTING: Recruiters Serving Hedge Fund Managers

Thu, 14 Feb 2019
Solomon Page GroupNew YorkContact: Scott Page212-403-6110, spage@solomonpage.comNOTE: Complete listing appeared in February 13, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Recruiters.&rdquo;



LISTING: Recruiters Serving Hedge Fund Managers

Thu, 14 Feb 2019
Three Arch AdvisorsNew YorkContact: Jeannie Gambino646-389-5141, jg@threearchadvisors.comNOTE: Complete listing appeared in February 13, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Recruiters.&rdquo;



LISTING: Recruiters Serving Hedge Fund Managers

Thu, 14 Feb 2019
Wall Street OptionsNew YorkContact: Steve Fleming212-937-1045, steve.fleming@wsollc.comNOTE: Complete listing appeared in February 13, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Recruiters.&rdquo;



LISTING: Recruiters Serving Hedge Fund Managers

Thu, 14 Feb 2019
Watershed ManagementWilliamsburg, Va.Contact: Ron Starzmanron.starzman@watershedmc.comNOTE: Complete listing appeared in February 13, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Recruiters.&rdquo;



LISTING: Recruiters Serving Hedge Fund Managers

Thu, 14 Feb 2019
Westwood PartnersNew YorkContact: Adam Herz, 212-672-3350info@westwood-partners.comNOTE: Complete listing appeared in February 13, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Recruiters.&rdquo;



LISTING: Recruiters Serving Hedge Fund Managers

Thu, 14 Feb 2019
Whitney PartnersNew YorkContact: John Wright212-508-3508, jwright@whitneygroup.comNOTE: Complete listing appeared in February 13, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Recruiters.&rdquo;



LISTING: Recruiters Serving Hedge Fund Managers

Thu, 14 Feb 2019
ZRG PartnersRochelle Park, N.J.Contact: Doug Hanslip917-355-6229, dhanslip@zrgpartners.comNOTE: Complete listing appeared in February 13, 2019, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Recruiters.&rdquo;



End of the Line for Mendola's Pacific Grove

Wed, 13 Feb 2019
Jamie Mendola has shuttered his Pacific Grove Capital.Mendola withdrew the San Francisco equity shop&rsquo;s SEC registration on Jan. 8, after accepting a job at a cannabis-related company. He began unwinding his firm in the fourth quarter and is now working on a final audit.Pacific Grove&rsquo;s 2014 launch attracted considerable fanfare thanks to Mendola&rsquo;s former role as a key partner at Adam Weiss&rsquo; Scout Capital, which shut down...



Stars Aligning for China Equity Manager

Wed, 13 Feb 2019
After seeing its business crimped by regulations, Shanghai ShenYi Investment is positioning itself for an expansion.The growth would come in part through a systematic equity vehicle called China Arbitrage Fund through which the $400 million Shanghai firm is aiming to raise capital from investors outside China for the first time. That entity currently manages $2 million of partner capital and is about to add $15 million in the form of a separate...



Uncertainty Fuels Demand for Seasoned Pros

Wed, 13 Feb 2019
Increasing doubts about the strength of the economy and market fundamentals are influencing the hiring decisions of fund managers.Recruiters who focus on hedge funds are seeing more demand for senior professionals with 10-plus years of experience &mdash; in particular, analysts and portfolio managers who survived earlier periods of financial turmoil such as the 2007-2008 market crash.&ldquo;The usual junior hiring continues, but the push is...



Manager Shops CLO-Equity Vehicle

Wed, 13 Feb 2019
CapCol Management is assembling a fund that would buy the equity pieces of collateralized loan obligations.The New York operation, run by a team of former Credit Suisse executives, is attempting to raise more than $300 million for the vehicle. It mainly would accumulate investments on the secondary market, but could pick up positions in new deals in certain situations.CapCol&rsquo;s strategy revolves around near-term expectations that CLO issuers...



Tepid Demand for Tudor's Event Fund

Wed, 13 Feb 2019
Tudor Investment is having a hard time achieving its capital-raising expectations for an event-driven fund it opened to outsiders two years ago.The Stamford, Conn., manager has been offering a discounted share class in Tudor Riverbend Crossing Partners in order to attract the first $300 million of limited-partner commitments.The fund&rsquo;s precise size couldn&rsquo;t be learned, but it appears to be well short of $300 million. At yearend 2017,...



Ex-Ivory Manager Switches Gears

Wed, 13 Feb 2019
Citadel has hired a technology-stock specialist who formerly held a top post at Ivory Investment.Neil Chudgar&rsquo;s addition to the firm&rsquo;s Citadel Global Equities division puts an end to plans to start his own shop, called Vistara Global. That operation had been well on its way to launching in the wake of Ivory&rsquo;s June 2018 decision to unwind.Chudgar was aiming to raise more than $200 million for Vistara, and already had lined up...



Litigation Lender Exceeds Target

Wed, 13 Feb 2019
Litigation-finance shop Armadillo Financial has cut off capital-raising efforts for its latest fund, after securing $358 million of commitments.Armadillo Financial Fund 3 held its final close on Jan. 31. It had hit the market in early 2018 with a $300 million equity target.Armadillo operates as a joint venture between Houston attorney Nick Johnson and EJF Capital, an Arlington, Va., debt-fund manager that runs $7.3 billion. It offers financing to...



AI Firm Adds Market-Neutral Strategy

Wed, 13 Feb 2019
Castle Ridge Asset Management, which uses artificial intelligence to trade stocks, is starting a market-neutral fund that aims to more than double the firm&rsquo;s assets.The Toronto operation is closing in on $50 million for Castle Ridge Market Neutral Fund, which is penciled in for a March 1 launch. Much of the capital is coming from the firm&rsquo;s existing clients. The investors include family offices and a large Canadian bank.Castle Ridge...



Citadel Alums Staff Up for Big Launch

Wed, 13 Feb 2019
Woodline Partners, expected to be one of the largest hedge fund launches of the year by the time it starts trading in August, has begun assembling its staff.Meanwhile, the San Francisco firm is well on its way to reaching its lofty $1 billion fund-raising goal. Led by former Citadel portfolio managers Karl Kroeker and Michael Rockefeller, Woodline has attracted $750 million through its offering of a founders share class with discounted fees. That...



AB Arya Hires 3 More Managers

Wed, 13 Feb 2019
AllianceBernstein&rsquo;s hedge fund unit continues to expand its roster of portfolio managers.After adding more than 10 portfolio managers last year, AB Arya Partners has hired another three this year.Steven Lessans joined the unit&rsquo;s New York headquarters this month, overseeing investments in energy and utility stocks. He left Luminus Management in May after spending more than 12 years at the firm.Elie Kobrin, who specializes in healthcare...



Shannon River Regaining Momentum

Wed, 13 Feb 2019
A rebound in Shannon River Capital&rsquo;s assets appears to be strengthening.After sinking from a high of $1.5 billion to a low of $300 million, the New York equity shop has grown to $450 million. And with strong returns under its belt in 2017 and 2018, it lately has attracted more serious attention from institutional investors.Indeed, the firm met with some 25 allocators at Context Summits&rsquo; &ldquo;Miami 2019&rdquo; conference, held Jan....



Commodities Shop Ready to Deal

Wed, 13 Feb 2019
A firm that uses artificial intelligence to trade commodities is set to launch its debut hedge fund.New York-based Imbue Capital, led by former Merricks Capital analyst Les Finemore, plans to start trading Imbue Capital AI Commodity Fund in March with about $6 million. The capital would come mostly from outside investors.Imbue also set up a small separate account for a family office this week. And it is in advanced talks with a potential partner...



Canada Manager Throws In the Towel

Wed, 13 Feb 2019
A firm that invested in the stocks of U.S. small-cap companies is shutting down.Adaptable Capital of Vancouver, Canada, hoped to raise as much as $150 million. But it was running only $32 million on Oct. 31 &mdash; up a mere $1 million from its launch on March 1, 2017.The firm&rsquo;s Adaptable Long/Short Equity Fund was posting a year-to-date loss of 0.5% on Oct. 31, continuing a history of essentially flat performance. The decision to unwind...



LA Property Lender Lining Up LPs

Wed, 13 Feb 2019
A Los Angeles real estate lender, riding a wave of demand for short-term property loans, is soliciting foreign investors and U.S. non-profits to buy stakes in a small loan-origination fund it started in 2015.Parkview Financial disclosed the fund offering in a January investor letter. The firm, led by longtime real estate developer Paul Rahimian, launched the construction-loan fund in July 2015 with $21 million of its own money. It said it was...



The Grapevine

Wed, 13 Feb 2019
Partner Craig Cerone parted ways with technology-focused stock manager KCL Capital in January. Cerone led coverage of semiconductor and technology-hardware companies. His plans are unknown. He was part of a team that followed KCL founders Chris LaSusa and Kevin Cottrell to the firm in 2017 from Point72 Asset Management, having worked there and at predecessor SAC Capital as an analyst since 2012. New York-based KCL finished 2018 with $300 million...



The Grapevine

Wed, 13 Feb 2019
A portfolio manager who left BlueMountain Capital in October has taken the same title at Alphadyne Asset Management. Niall Gibson started at the New York global-macro firm this month. He had been at BlueMountain since 2017, following stops at Bank of America, J.P. Morgan and JWG Group. Alphadyne, led by Philippe Khuong-Huu, had $6.2 billion under management on Jan....



The Grapevine

Wed, 13 Feb 2019
Jonathan Stark joined global-macro shop Penso Advisors this month as a director for business development and investor relations. Stark most recently worked from 2014 to September 2018 as an executive director on J.P. Morgan&rsquo;s capital-introduction team. His former employers also include AIFAM, Kenmar Global, Citigroup, RNK Capital, Bear Wagner and UBS. New York-based Penso, which has $1 billion under management, is in growth mode amid...



The Grapevine

Wed, 13 Feb 2019
Viking Global has elevated healthcare-stock specialist Sara Carter to portfolio manager from analyst. Carter joined the Greenwich, Conn., operation in 2013 after spending time at GCP Capital and Greenhill & Co. Viking also assigned leadership of its consumer-stock team to portfolio manager Justin Walsh, who already was overseeing investments in the shares of business service companies. Walsh joined the firm in 2011 after stops at the National...



The Grapevine

Wed, 13 Feb 2019
Nishkama Capital has hired William Grace as head of business development. Grace joined the firm last week from Buckingham Capital, where he held the top operations and marketing roles since 2011. He also has spent time at Level Global Investors, Bank of America, Deutsche Bank and Lazard Freres. Nishkama, led by Ravee Mehta, invests in technology, media and telecommunications stocks. The New York firm has $250 million under...



The Grapevine

Wed, 13 Feb 2019
North Peak Capital hired Tyler Hall this month as an analyst. Hall last worked as a senior associate at Citadel Global Equities, where he started in 2015. He also has spent time at Bain Capital. North Peak, led by brothers Jeremy Kahan and Michael Kahan, runs $150 million, up from $120 million at the beginning of 2019. The New York equity shop produced a 31.1% gain last...



The Grapevine

Wed, 13 Feb 2019
Damian Leach joined D.E. Shaw&rsquo;s investor-relations team in London on Feb. 5 as a senior vice president covering current and prospective clients in Europe and the Middle East. Leach had been at Fulcrum Asset Management since 2014. Before that, he worked at Armajaro Asset Management and Del Mar Asset Management.



The Grapevine

Wed, 13 Feb 2019
Fixed-income manager CKC Capital hired Anthony DeFeo this week in the newly created role of head of marketing and investor relations. DeFeo had been employed at Orchard View Capital from 2016 until the firm shut down late last year. He also has spent time at Sio Capital, Exis Capital and J.P. Morgan. CKC, led by Kevin Baer and Christopher Yanney, has about $230 million under...



Hall Rethinks Clinton After Shutting Key Fund

Wed, 06 Feb 2019
Clinton Group has scrapped its statistical-arbitrage fund, raising questions about the future of the company.The firm, led by George Hall for 28 years, finished liquidating its Clinton Equity Strategies Fund this month. Two other stat-arb offerings &mdash; a so-called &rsquo;40-Act version and a UCITS vehicle that ran money for European investors &mdash; were shuttered last year.The move is significant because the stat-arb program was key to...



Hiring by MKP Reflects Global-Macro Outlook

Wed, 06 Feb 2019
MKP Capital is adding staff in anticipation of increased demand for global-macro offerings.Jason Bonanca, formerly of Quadratica Capital, joined MKP&rsquo;s New York office last month as a portfolio manager working on the firm&rsquo;s global-macro fund &mdash; one of two main strategies MKP offers. The firm is close to hiring one more macro specialist for its London office.Meanwhile, Rebecca French joined MKP&rsquo;s Singapore office this month...



New Offering Targets Argentina's High Rates

Wed, 06 Feb 2019
DoubleBlue Capital is expanding its direct-lending business in Argentina.The New York firm, led by emerging-market consumer-finance veteran Tomas Arlia, aims to raise $500 million for a drawdown vehicle called DoubleBlue Argentina Specialty Finance Strategy. A first equity close is penciled in for the second quarter.DoubleBlue is marketing the vehicle as an opportunity for investors to gain exposure to some of the highest interest rates in the...



Weiss Carving Out Strategies

Wed, 06 Feb 2019
Weiss Multi-Strategy Advisers is offering investors direct exposure to two of the strategies in its flagship fund: global macro and long/short credit.The New York firm tapped global-macro portfolio manager Kaska Dratewska to run Weiss DQM Fund, which will combine discretionary and quantitative approaches to trade an array of liquid securities and derivatives. Credit-focused portfolio manager Clinton Matter will helm Weiss Credit Opportunities...



Quant Pro Pitches ETF Program

Wed, 06 Feb 2019
An investment-technology firm that designs quantitative models for banks and hedge funds is developing its own money-management business.Data One Global of Dallas wants to raise $100 million for a separate-account program that employs proprietary algorithms to predict the direction of the stock market, while also analyzing factors including liquidity and volatility to control risk. The firm may launch a hedge fund in due course.Data One began...



Tech Shop Bets on Fiber Optics

Wed, 06 Feb 2019
Boardman Bay Capital is marketing a hedge fund narrowly focused on optical-technology companies.The vehicle, Boardman Bay Optical Opportunities, launched in January 2018, but only recently began seeking capital from a broad audience. It currently has a little more than $10 million under management.The fund&rsquo;s monthly returns have fluctuated widely, from a 23% gain last month to a 10.6% loss in December. It was up 2.6% in 2018, versus a 4.4%...



Rivulet Offers Incentive for Lockup

Wed, 06 Feb 2019
Rivulet Capital is cutting fees for investors who opt for longer-term share classes.Effective Jan. 1, the long/short equity manager trimmed its management fee by 10 bp for limited partners subject to two- and three-year lockups. Previously, the firm collected annual management fees equal to 0.85-1.6% of assets, depending on the share class.&ldquo;We hope that this change will motivate more partners to move into the longer-duration share classes,...



Research Firm Adding Coverage

Wed, 06 Feb 2019
Stock-research firm M Science is expanding its product line.The New York operation, which emphasizes its use of alternative data, is broadening the reports it issues on industrial-company shares and plans to offer similar coverage of healthcare equities. It also is aiming to predict the quarterly revenues of U.K. consumer and e-commerce businesses based on credit-card transactions.M Science&rsquo;s reports currently encompass 180 companies in the...



White Elm Cuts Fees to Entice LPs

Wed, 06 Feb 2019
In the wake of sharp losses, fundamental stock picker White Elm Capital is offering limited partners an incentive to increase their investments in its fund.Investors who up their stakes in the White Elm Capital Partners and White Elm Capital Offshore funds would pay deeply discounted management fees on any additional contributions. For example, investors who currently pay 1.5% would see the management fee drop by a full percentage point &mdash;...



Vulpes Vehicles Crush Benchmarks

Wed, 06 Feb 2019
Two Vulpes Investment funds delivered strong returns in 2018.A vehicle called Kit Trading that invests first-loss capital with portfolio managers employing multiple strategies saw one of its two share classes rise 11% for the year, giving it an 18.6% annualized return since its January 2016 inception. The other class climbed 18% in 2018, bringing its annualized return to 31.3% over the same period.Meanwhile, the two classes that make up the $128...



Carmot Foresaw 2018 Gains

Wed, 06 Feb 2019
Coming off a strong year, Carmot Capital is reminding investors that it had predicted it would perform well in 2018.The volatility-focused equity shop gained 33.3% in 2018, versus a 2% decline for the HFRI Relative Value Volatility Index. &ldquo;In our Q1 2018 letter we wrote, &lsquo;Elevated volatility invariably translates into positive returns for Carmot,&rsquo; &rdquo; chief investment officer George Sokoloff wrote in a yearend performance...



Firm Acts as Outsourced Data Scientist

Wed, 06 Feb 2019
A business-analytics firm that caters to large corporations is now offering its services to hedge funds.Fractal Analytics is positioning itself as an outsourced data scientist that can help smaller fund managers incorporate artificial intelligence and big-data analysis into their investment strategies. Among the services it offers is a proprietary model called Eugenie.ai that can analyze huge volumes of consumer data including customer locations...



PhaseCapital Fund Phases Out

Wed, 06 Feb 2019
PhaseCapital is setting up separate accounts for investors in a hedge fund it shut down in December.By moving money out of the PhaseCapital Global Macro Fund and into individual portfolios, the New York firm believes it can &ldquo;offer greater transparency, liquidity and customization for individual clients,&rdquo; chief executive Michael DePalma said.At the same time, PhaseCapital liquidated a mutual fund called PhaseCapital Dynamic Multi-Asset...



The Grapevine

Wed, 06 Feb 2019
Millennium Management added a portfolio manager to its New York headquarters in January, assigning him to cover investment-grade credit products in the U.S. Daniel Gish had been at Balyasny Asset Management since 2014. He also has worked at JAE Credit, James Caird Asset Management and Moore Capital.



The Grapevine

Wed, 06 Feb 2019
ExodusPoint Capital has hired three professionals who pursue fundamental investments in consumer-company stocks. Portfolio manager Andrew Wetmore and analyst Obaid Haqqi joined the firm&rsquo;s New York headquarters this month, both from Millennium Management. Wetmore worked there since 2012, following a stop at Carlson Capital. Haqqi moved to Millennium in 2017 from Citadel. Also joining ExodusPoint this month is London portfolio manager Boyan...



The Grapevine

Wed, 06 Feb 2019
Pharmaceutical-stock analysts David Kim and Alex Virgilio left Partner Fund Management in late January. Their plans are unknown. Virgilio arrived at Chris James&rsquo; San Francisco firm in 2007 from biotechnology company Amgen. Kim&rsquo;s background is unknown.



The Grapevine

Wed, 06 Feb 2019
Dan Rosenthal, a veteran investor in technology stocks who launched VantageWay Capital last year, has brought his operation under the umbrella of MSD Capital. Also making the move is Avery Sheffield, a value-oriented portfolio manager. Rosenthal had earlier been at Valinor Management. Sheffield’s work experience before VantageWay includes Brandywine Global Investment and Sanford Bernstein. MSD started as Michael Dell’s family office but later...



The Grapevine

Wed, 06 Feb 2019
Rosen Capital chief executive Mahsa Zeinali has left the volatility-fund operator, with plans to pursue undisclosed investment opportunities. Zeinali, who also led marketing, joined Rosen Capital in 2013 and added the chief executive title in the past year or so. She previously worked at Sage Group and Houlihan Lokey. With Zeinali&rsquo;s exit from the Los Angeles firm, founder and chief investment officer Kyle Rosen has reassumed his role as...



The Grapevine

Wed, 06 Feb 2019
Senator Investment hired Tim Garry in December as chief risk officer. The move followed Garry&rsquo;s 2018 shuttering of an equity-focused hedge fund firm called Pelorus Jack Capital that he founded in 2016. Garry also has worked at Passport Capital and State Street. Senator is led by Alexander Klabin and Douglas Silverman. The New York firm employs distressed-debt, value-focused equity and event-driven strategies. It had $14.8 billion under...



The Grapevine

Wed, 06 Feb 2019
V3 Capital has gained one staffer and lost another. Researcher Matthew Lovejoy joined the New York debt-fund manager in December from Snow Park Capital, where he had worked since May. Lovejoy also has spent time at Jefferies. Separately, partner Steve Frankel left to become head of real estate-related investments at Zimmer Partners. V3, led by Charles Fitzgerald and Justin Meng, had $490 million under management at yearend...



The Grapevine

Wed, 06 Feb 2019
New York equity manager Falcon Edge Capital hired an analyst in January, installing Utsav Mitra in its London office. Mitra had been at Prince Street Capital since 2017. He also has spent time at Bain Capital and McKinsey & Co. Falcon Edge is led by Richard Gerson and Navroz Udwadia.



Bridgewater Dismisses Head of FX Research

Wed, 30 Jan 2019
Bridgewater Associates has let go a senior investment professional over his handling of a consensual romantic relationship with a junior staffer.Bob Elliott, who oversaw currency research for the systematic global-macro powerhouse, left the Westport, Conn., firm around yearend. Bridgewater, well known for its corporate culture of &ldquo;radical transparency,&rdquo; dismissed Elliott because he didn&rsquo;t properly disclose his relationship with...



Nexthera Shifts Focus as Co-Founder Retires

Wed, 30 Jan 2019
Healthcare-focused equity shop Nexthera Capital is winding down its flagship fund.The New York firm began liquidating its Nexthera Capital Master Fund this month. Nexthera will continue to run at least one separate account and a UCITS fund that’s marketed to investors in Europe via Union Bancaire Privee. The hedge fund, with $206 million of gross assets, represented 57% of Nexthera’s $361 million of assets at yearend 2018. The shift in focus...



Ex-Point72 Managers Off to Scorching Start

Wed, 30 Jan 2019
Technology-stock investor KCL Capital&rsquo;s assets soared in 2018 amid outsized returns.The New York firm, founded by former Point72 Asset Management portfolio managers Kevin Cottrell and Chris LaSusa, finished the year with $300 million under management &mdash; up from $75 million 12 months earlier.Aiding that increase was a 2018 gain of 19.2%, with jumps of 6% in January and 4% in December. That dwarfed a full-year rise of 3.8% in the HFRI...



LPs Pitched on New Puerto Rico Play

Wed, 30 Jan 2019
X-Square Capital, which just booked a triple-digit profit on investments in Puerto Rico&rsquo;s debt, is marketing a new fund aimed at profiting from the island&rsquo;s recovering real estate market.The offering, X-Square Puerto Rico Recovery Special Situations Fund, would take both debt and equity positions in commercial properties, including redevelopment projects. It is set to begin investing in the second half.X-Square is among a number of...



Corvex Alumnus Ready to Trade

Wed, 30 Jan 2019
A former Corvex Management partner has formed his own hedge fund operation.Malcolm &ldquo;Mac&rdquo; Levine is aiming to begin trading through his New York-based Dendur Capital during the second quarter. While it&rsquo;s unclear how much capital Levine might raise, his earlier work at Corvex and Apollo Management are likely to earn him a serious look from investors.That said, Levine apparently won&rsquo;t follow the strategies he employed at the...



Capula Parts Ways With Risk Chief

Wed, 30 Jan 2019
Capula Investment&rsquo;s chief risk officer is gone.Michael Hieb, who had been on board a little more than a year, abruptly left the London firm this month. His duties included managing risk for Capula&rsquo;s highly leveraged relative-value fixed-income strategy, plus chairing the firm&rsquo;s investment, treasury and counterparty-risk committees.The reasons for his departure are unclear, though one source said he was fired. What&rsquo;s known...



Cherry Valley Launches CTO Service

Wed, 30 Jan 2019
Cherry Valley Solutions is offering to serve in the role of chief technology officer for its clients.Overseeing the new service is former Discovery Capital technology head Steven Scolnik, who will arrive at the New York firm in February as a partner. For startup clients, Scolnik would supply vendor references, advise on cybersecurity and aid in regulatory filings. He also would assist unwinding firms with matters including data storage.Scolnik...



ExodusPoint Gets Green Light in UK

Wed, 30 Jan 2019
New York-based ExodusPoint Capital has won regulatory approval for its U.K. investment operation, which until now has depended on consultant Mirabella Financial Services to host its London activities.The U.K.&rsquo;s Financial Conduct Authority this month granted the mega-startup approval to operate its hedge fund on its own in the U.K. Meanwhile, ExodusPoint has been beefing up its London operation, hiring five senior professionals over the past...



Crypto Lender Gaining Momentum

Wed, 30 Jan 2019
Slumping digital-asset prices are fueling the growth of a Genesis Global Trading affiliate that arranges for institutional investors to borrow those products, mainly for short sales.The New York operation, Genesis Global Capital, was involved in $500 million of digital-asset loan originations during the fourth quarter of 2018 &mdash; bringing its total activity to $1.1 billion since it launched in March 2018. It finished the year with an...



Crypto Shop to Run Own Portfolio

Wed, 30 Jan 2019
Fund-of-funds operator BitBull Capital, which invests in digital-asset vehicles, has launched a single-manager entity of its own.The San Francisco firm began trading its BitBull Opportunistic Fund in November with less than $1 million from its partners. By yearend, the vehicle had returned 29% &mdash; far outpacing a 41% drop in the value of bitcoin.BitBull chief Joe DiPasquale, who serves as portfolio manager, is trading on ideas informed in...



Small-Cap Player Seeks Capital

Wed, 30 Jan 2019
Equity manager Cable Car Capital is attempting to raise $15 million.The effort marks Cable Car&rsquo;s first push to find outside capital for its Funicular Fund, which formed when the San Francisco firm combined some 40 separate accounts into a single commingled vehicle in December. The entity currently manages $17 million.Funicular Fund takes concentrated long and short positions in small-cap value stocks, with little turnover in its core long...



Political Divide Portends Impasse on Rule-Making

Wed, 30 Jan 2019
Hedge fund lawyers are looking forward to a Practising Law Institute conference in Washington next month where top SEC officials plan to discuss their priorities for the coming year.But whether the annual &ldquo;SEC Speaks&rdquo; event actually takes place is anyone&rsquo;s guess at this point.During the recent government shutdown, when the SEC was operating with a skeleton staff, PLI posted a notice on its website warning that it might have to...



Political Divide Portends Impasse on Rule-Making

Wed, 30 Jan 2019
Accredited Investors &mdash; SECIn outlining his priorities for 2019, SEC Chairman Jay Clayton said he wants the agency to review the definition of accredited investor. As it stands, private-fund operators can offer shares to individuals with a net worth of more than $1 million, or annual income of at least $200,000 ($300,000 for married couples filing jointly). Industry professionals have long debated whether net worth and income are sufficient...



Political Divide Portends Impasse on Rule-Making

Wed, 30 Jan 2019
Insider Trading &mdash; CongressSeveral efforts are under way to strengthen prohibitions on insider trading by legislative action.Although federal prosecutors have won dozens of insider-trading convictions in recent years, a number of prominent cases were subsequently overturned &mdash; in part because insider trading is defined only by case law, not by statute. Preet Bharara, the former U.S. Attorney in Manhattan who led the government&rsquo;s...



Political Divide Portends Impasse on Rule-Making

Wed, 30 Jan 2019
Volcker Rule &mdash; Bank RegulatorsThe Federal Reserve, SEC and other banking regulators are considering changes to a section of the so-called Volcker rule that limits the ability of banks to sponsor hedge funds.Volcker, a key component of the Dodd-Frank Act, prohibits banks from owning more than 3% of a private fund. While they are permitted to seed hedge funds, banks must reduce the amount of capital they invest in those vehicles to just 3%...



Political Divide Portends Impasse on Rule-Making

Wed, 30 Jan 2019
Electronic Communications &mdash; SECHedge fund managers and other investment advisors face more-stringent guidelines on policing employee use of email, texting and social media.In a Dec. 14 &ldquo;risk alert,&rdquo; the SEC expressed concern about &ldquo;an increasing use of various types of electronic messaging by advisor personnel for business-related communications.&rdquo; Personally owned mobile devices are seen posing the greatest risk of a...



Political Divide Portends Impasse on Rule-Making

Wed, 30 Jan 2019
Source Code &mdash; CongressOne of the few issues on which both Republican and Democratic lawmakers seem to agree is restricting the power of regulators to request an investment manager&rsquo;s &ldquo;source code&rdquo; &mdash; the algorithms that drive quantitative strategies.Last year, the House voted 271-145 to pass the Protection of Source Code Act, with 43 Democrats joining 228 Republicans. Sen. David Perdue (R-Ga.) introduced a Senate...



Political Divide Portends Impasse on Rule-Making

Wed, 30 Jan 2019
Form PF &mdash; SECLook for the SEC to address industry concerns about Form PF, the most onerous hedge fund reporting requirement to emerge from the Dodd-Frank Act.In September, the Managed Funds Association wrote to Chairman Jay Clayton urging him to consider streamlining and simplifying Form PF (for &ldquo;private fund&rdquo;). Among the trade group&rsquo;s recommendations:Reduce reporting frequency and number of data points.Incorporate...



Political Divide Portends Impasse on Rule-Making

Wed, 30 Jan 2019
Brexit &mdash; U.K.If the U.K. leaves the European Union without some kind of trade agreement in place &mdash; a &ldquo;no-deal&rdquo; Brexit &mdash; fund operators in London that currently run money for investors on the Continent could find themselves in violation of the E.U.&rsquo;s Alternative Investment Fund Management Directive.Under AIFMD, fund operators in one E.U. member nation generally can raise capital and run money for investors in...



Political Divide Portends Impasse on Rule-Making

Wed, 30 Jan 2019
UCITS &mdash; European ParliamentNew rules in Europe limit the ability of UCITS managers to invest in securitizations issued in the U.S. Effective Jan. 1, UCITS funds no longer can buy structured products from issuers that don&rsquo;t comply with Europe&rsquo;s risk-retention rules.The change affects both European and U.S.-based managers of alternative UCITS funds, which combine hedge fund strategies with the liquidity, risk and transparency...



Investors Back Big Bet by Axar

Wed, 30 Jan 2019
Special-situations investor Axar Capital has raised $105 million for a co-investment play.About 30 investors pledged to Axar Special Opportunity Fund 5, which will invest in a single position currently held by the firm&rsquo;s flagship vehicle, Axar Onshore Fund. Axar targets the equity and debt of distressed businesses, including those undergoing bankruptcy reorganizations, restructurings and other special situations.Special Opportunity Fund 5...



Structured-Product Plays Pay Off

Wed, 30 Jan 2019
Funds that invest in structured products delivered some of the industry&rsquo;s strongest returns in 2018, proving largely immune to late-year losses among vehicles that trade stocks and corporate debt.Many of the leading structured-product managers, including Angelo Gordon & Co., Axonic Capital, Ellington Management, Napier Park Global, One William Street Capital, Seer Capital and SPF Investment, posted full-year returns in the high single...



Small-Cap Manager On a Tear

Wed, 30 Jan 2019
Small-cap stock investor Hawk Ridge Capital has parlayed years of strong performance into sharp asset growth.The Los Angeles firm had $630 million under management at the start of the year, up from just $40 million at yearend 2012. Investors have been drawn by an 11.8% annualized return since the 2005 inception of the Hawk Ridge Master Fund.To serve its growing pool of limited partners, Hawk Ridge just hired Adam Wagner as the firm&rsquo;s first...



The Grapevine

Wed, 30 Jan 2019
Francois Moreau joined Typhon Capital this month as head of quantitative trading in London, where he initially is recruiting a team of Europe-based portfolio managers. Moreau had been working as a consultant since mid-2018, when he left a top strategy post at Man Group. During his time at Man, he also launched and ran the Man AHL Oxon multi-manager program. Earlier, he worked at Barclays and McKinsey & Co. Typhon is led by James Koutoulas. The...



The Grapevine

Wed, 30 Jan 2019
Danton Hill has joined Balyasny Asset Management as a senior analyst focused on event-driven investments. Hill arrived in the Chicago multi-strategy manager&rsquo;s New York office this month from an analyst post at Magnetar Capital, where he had worked since 2014. Hill&rsquo;s resume also includes stops at Lazard and Cravath Swaine.



The Grapevine

Wed, 30 Jan 2019
Citadel has hired an emerging-markets debt analyst. Richard Li arrived in the Chicago multi-strategy firm&rsquo;s New York office this month from the special-situations team at Autonomy Capital, where he had worked since 2011. Li also has spent time at J.P. Morgan and Wachovia.



The Grapevine

Wed, 30 Jan 2019
Separately, Citadel rehired healthcare-stock analyst Michael Corvelli this month for its Ashler Capital unit in San Francisco. Corvelli most recently worked at venture capital firm Sofinnova Investments, which he joined in July from Citadel’s Aptigon Capital unit. Ashler, a year-old operation led by Matt Simon, initially focused on industrial-company stocks but branched into healthcare with its October hiring of Josh Fisher from Redmile Group....



The Grapevine

Wed, 30 Jan 2019
Equity researcher Tal Grant joined Point72 Asset Management in December. Grant had been working at Credit Suisse since 2017, after spending time at UBS.



The Grapevine

Wed, 30 Jan 2019
BTG Pactual added emerging-markets currency trader Guillaume Salomon to its London hedge fund unit this month. Salomon previously ran Salomon Technologies, a fund-management shop he started in 2017. He earlier led the Russia fixed-income and foreign-exchange desk at GMG Dubai, and spent time at Carlyle Group, Societe Generale, TD Bank, UBS and J.P....



The Grapevine

Wed, 30 Jan 2019
Little Harbor Advisors has hired a portfolio manager for its LHA Focused Long-Short Fund, a concentrated version of its signature equity vehicle. Chris Galizio joined the Marblehead, Mass., firm this month from Fidelity Investments, where as a mutual fund manager he ran a peak of $7 billion during a tenure that began in 2007. As manager of the Little Harbor fund, which launched this month, he initially is overseeing $5 million from friends and...



The Grapevine

Wed, 30 Jan 2019
Aaron Dalrymple has left pension advisor Cliffwater, where he helped guide clients on their hedge fund investments. His destination: KKR, where he started this month as a director helping to lead a unit that invests in bank loans and other credit products. Dalrymple had been at Cliffwater since 2006. He also has worked at the SEC.



The Grapevine

Wed, 30 Jan 2019
Biotechnology-stock analyst David Liu joined New York family office Altium Capital this month from Iguana Healthcare. Before starting at Iguana in 2015, Liu worked at RBC. Altium formed in 2017 to manage money for the family of Jacob Gottlieb, whose once-$8 billion Visium Asset Management shut down in 2016 amid an insider-trading investigation. Like Iguana, Altium trades healthcare...



Ex-Citadel Quant Chief Nears Big Seed Deal

Wed, 23 Jan 2019
Jonathan Graham, former head of quantitative strategies at Citadel, is weighing generous seeding deals with Paloma Partners and Point72 Asset Management after turning away a number of other would-be backers.Since his non-compete agreement with Citadel expired at the end of the third quarter, Graham has talked with 10 or more seed investors about backing the launch of his Aquatic Capital, sources said. He&rsquo;s now narrowed the field to Paloma...



Former Fidelity Manager Prepares for Launch

Wed, 23 Jan 2019
Gavin Baker, who earned a reputation as a star technology-stock picker running a $16 billion mutual fund at Fidelity Investments, is starting a hedge fund business.Baker, who generated a 19.3% annualized return during eight years at the helm of the Fidelity OTC Portfolio, formed Atreides Management of Boston in the past few weeks. He expects to begin trading in the second quarter with more than $100 million, including seed capital from an...



Marble Arch Shutdown Spawns Startups

Wed, 23 Jan 2019
At least four executives from the now-shuttered Marble Arch Investments are starting their own hedge funds.Marble Arch co-founder Timothy Jenkins is aiming for the second quarter to open a management shop whose staff also would include former partner Joseph Talia. Sources said the new operation&rsquo;s strategy would deviate slightly from Marble Arch, which made value-oriented stock selections worldwide.Meanwhile, Michael Bilger, who had been a...



Schonfeld Return Trounces Peers

Wed, 23 Jan 2019
Schonfeld Strategic Advisors&rsquo; multi-strategy fund blew away the competition last year.Schonfeld Strategic Partners Fund posted a 2018 return of more than 16%. That was by far the best showing among the top multi-strategy fund operators &mdash; firms that allocate capital to largely autonomous investment teams based on risk and the portfolio managers&rsquo; track records.The median result for 10 other large multi-strategy shops: a 2.4%...



Unterberg Returns Outside Capital

Wed, 23 Jan 2019
Unterberg Capital founder Tom Unterberg, a legendary investment banker in the technology sector, is retiring as a money manager.The New York firm, which ran a small technology-stock hedge fund, returned limited-partner capital in the past few months. Unterberg, 87, is now focused on running his family&rsquo;s money.&ldquo;Performance was okay,&rdquo; Unterberg said of his hedge fund, which targeted small-cap stocks. &ldquo;I just thought it was...



MidOcean Maps Floating-Rate Route

Wed, 23 Jan 2019
Loan investor MidOcean Partners has a new offering in the market.The New York firm, which manages $8.1 billion of alternative credit strategies through a mix of private funds and collateralized loan obligations, has begun reaching out to allocators about a vehicle that would seek to generate &ldquo;defensive income&rdquo; via investments in floating-rate loans. It is pitching MidOcean Select Floating Rate Fund as a long-only product with the...



Value Shop's LPs Seeing Red

Wed, 23 Jan 2019
A difficult year for value investors generally was especially painful for Triarii Capital.The Boston firm, led by former Baupost Group executive Miguel Fidalgo, is showing a 20% loss for its Triarii Capital Master Fund for the 12 months ended Dec. 31. That compares to an 8.8% decline for the HFRI Equity Hedge Fundamental Value Index.Triarii&rsquo;s poor showing leaves the fund down 8.8% cumulatively since its inception in May 2016 &mdash; a...



New Bitcoin Fund Attracts Notice

Wed, 23 Jan 2019
A young cryptocurrency investor with an avid social-media following is marketing a fund that primarily invests in bitcoin.Through an Austin startup called Adamant Capital, Tuur Demeester and his partners expect to lock in $30 million of commitments in the next few months, at which point they would begin trading. That would be an impressive haul considering that bitcoin is still trading below $4,000 &mdash; down more than 80% from its peak in...



Another Prime Broker Enters Field

Wed, 23 Jan 2019
R.F. Lafferty & Co. is joining a string of firms that offer prime-brokerage services to hedge fund operators too small to attract the attention of large financial institutions.The New York firm plans to roll out the services in the next three to six months, handling functions including custody, securities lending, margin lending, risk analysis and trading. As an introducing broker, it would steer any clearing business to BNY Mellon unit Pershing...



European Shop Offers Distressed Play

Wed, 23 Jan 2019
Event-driven manager Oceanwood Capital is pitching institutional investors in the U.S. on a co-investment play aimed at profiting from what it sees as an overreaction to political and economic turmoil in Europe.The Maltese firm, which runs $2.2 billion, is forming a commingled vehicle dubbed Bank Capital Co-Investment Opportunity that would seek to capitalize on market dislocations caused by Brexit, the election of a populist coalition in Italy...



Logica Develops Tail-Risk Products

Wed, 23 Jan 2019
Quantitative manager Logica Capital is offering three new tail-risk strategies.The initiative comes in response to recent stock-market volatility, which has boosted investor interest in protection against severe market dislocations. Each of the new strategies is available in a separate-account format.If there is ample demand, Logica also could offer them as hedge funds.In addition to straightforward downside hedging, the Los Angeles firm is...



The Grapevine

Wed, 23 Jan 2019
J. Goldman & Co. has picked up an equity-focused portfolio manager. Joshua Salzman arrived at the New York fund manager this month from Citadel, where he had worked since 2017 &mdash; most recently as an analyst in the firm&rsquo;s Surveyor Capital unit. Salzman also has spent time at Harvest Fund Advisors. J. Goldman, led by founder Jay Goldman, was managing $1.8 billion of gross assets on March...



The Grapevine

Wed, 23 Jan 2019
David Hilbert joined equity manager TOMS Capital this month as head of marketing and investor relations, the same role he previously played at Tide Point Capital. Before joining the now-shuttered Tide Point in 2014, Hilbert worked at Ivory Capital, Man Group and Goldman Sachs. New York-based TOMS is backed largely by the family office of GLG Partners co-founder Noam Gottesman. The firm is led by chief investment officer Benjamin Pass. It was...



The Grapevine

Wed, 23 Jan 2019
Maggie Kadziolka started this month as U.S. chief compliance officer in a newly opened New York outpost of London event-driven manager Sand Grove Capital. Kadziolka had been at now-shuttered equity manager Ivory Capital, where she started in 2016. She also has worked at Cordium and Meyers & Heim. The $1.3 billion Sand Grove has been adding to its headcount, which now stands at 14. Kadziolka is joined in New York by analyst Jordan Reed, who...



The Grapevine

Wed, 23 Jan 2019
Financial-stock analyst Christopher Larmoyeux jumped to New York equity manager Holocene Advisors this month from Goldman Sachs, where he had worked since 2015. Larmoyeux previously did stints at Citigroup and defunct hedge fund firm Cedar Hill Capital. Holocene is led by former Citadel executive Brandon Haley. It was running $2.8 billion at yearend...



The Grapevine

Wed, 23 Jan 2019
Biotechnology-stock specialist Nikhil &ldquo;Nik&rdquo; Khetarpal, formerly a managing director at shuttered hedge fund firm Tourbillion Capital, landed this month at Roivant Sciences. Khetarpal left Tourbillion in 2017 following stops at Balyasny Asset Management, Soros Fund Management, Citadel&rsquo;s PioneerPath Capital and Credit Suisse. Roivant, founded by former QVT Financial partner Vivek Ramaswamy, builds single-product companies around...



The Grapevine

Wed, 23 Jan 2019
INTL FCStone has hired three more staffers for its prime-brokerage unit, which launches March 1. Salesman Benjamin Brown will wait out a gardening leave before joining the New York firm as a managing director. Brown has worked at Cowen since 2017, joining via its purchase of Convergex. Client-services professional Chris Jennings arrived this month as an assistant vice president, also having worked at Cowen and Convergex. Paul Magahis, a managing...



The Grapevine

Wed, 23 Jan 2019
Investment due-diligence firm Blue Heron Research has two new two executives. Joe Bartolotta arrived at the New York operation in December as head of business development. Bartolotta spent the past year running BackTrack Reports, where he started in 2008. Also new to Blue Heron is Scott Nussbaum in the newly created position of chief compliance officer. He arrived this month from Cross Shore Capital, where he had worked since 2010. Blue Heron...



Managers Get Chance to Short Venture Capital

Wed, 16 Jan 2019
Hedge funds and other professional investors will soon be able to take long and short positions in an index that tracks the values of the biggest private technology companies.Lagniappe Labs, a Shreveport, La., research firm that last year launched the Prime Unicorn Index, is in talks with several financial institutions that want to license the index for a variety of investable products offering synthetic exposure to venture capital investments....



Shutdown Felt by Fund Managers, Lawyers

Wed, 16 Jan 2019
With the SEC in shutdown mode, hedge fund lawyers are struggling to advise their clients on a range of issues, from interpreting new rules to the timing of fund launches.David Tittsworth, a member of the investment-management practice at Ropes & Gray, said client queries about basic regulatory matters such as how and when to register as investment advisors have become more difficult to answer. The problem: The government shutdown, now in its 26th...



Weeden, Piper Jaffray Discuss Possible Deal

Wed, 16 Jan 2019
Weeden & Co. is exploring the sale of all or part of its business, including its prime-brokerage division.Sources said the Greenwich, Conn., broker-dealer is in talks with investment bank Piper Jaffray. The initiative follows months of negotiations last year over the possible sale of Weeden&rsquo;s prime-brokerage operation to a blockchain-technology company. That deal never closed.&ldquo;Nothing is carved in stone,&rdquo; one source said of the...



Graticule Drops Credit-Product Unit

Wed, 16 Jan 2019
Graticule Asset Management Asia&rsquo;s plan to start an opportunistic credit-product fund didn&rsquo;t pan out.The Singapore global-macro firm is unwinding a San Francisco unit that had been aiming for the fourth quarter of 2018 to launch a vehicle that would have invested in debt tied to out-of-favor industries and overlooked companies. A source said that in a matter of days, the initiative went from the roadshow-planning stage to being...



Credit Suisse Crew Cuts the Cord

Wed, 16 Jan 2019
Credit Suisse Asset Management is spinning off a $2.5 billion hedge fund.The vehicle, SPF Securitized Products Fund, has been managed since 2012 by a team led by Albert Sohn, a longtime Credit Suisse executive who has held senior roles overseeing deal-structuring, sales and trading of structured products. Sohn is now in the process of setting up his own firm, SPF Investment, which will take over management of the fund during the first quarter.In...



Parsing ExodusPoint's Performance

Wed, 16 Jan 2019
ExodusPoint Capital, the biggest fund launch in the industry&rsquo;s history, delivered a respectable 2018 return compared to its multi-strategy peers.Initial media reports took a dim view of the 0.6% gain ExodusPoint posted in its first seven months of trading. But performance data from other leading multi-strategy managers for the same period &mdash; June to December &mdash; cast the $8 billion ExodusPoint in a more favorable light.Consider...



Wolf Hill Adding Institutional Money

Wed, 16 Jan 2019
An equity-focused portfolio manager who has produced strong profits for friends and family members has opened to outside investors.Working through his Wolf Hill Capital, former Lombard Odier executive Gary Lehrman plans to launch a commingled fund called Wolf Hill Partners on Feb. 1. The vehicle would absorb $10 million of separate accounts that the New York operation started running in March 2017.While it&rsquo;s unclear how much capital...



BitGo Pitches Crypto Custody Service

Wed, 16 Jan 2019
Cryptocurrency custodian BitGo has solved a trading problem that&rsquo;s bedeviled crypto-fund operators subject to SEC oversight.The Palo Alto, Calif., firm is marketing a new service that would allow clients to trade digital currencies via exchanges without having to first withdraw the assets from the security of their BitGo accounts. Under current practice, crypto fund managers risk violating the SEC&rsquo;s qualified-custodian rule when they...



A Telling Tally: Well-Known Funds That Liquidated Last Year

Wed, 16 Jan 2019
A wave of prominent hedge fund managers called it quits in 2018, even as liquidations declined overall for the second year in a row.In announcing their decisions to return investor capital, managers tended to cite disappointing performance amid a decade-long bull market. "I don't want to spend the rest of my life chasing the S&amp;P 500," said Leon Cooperman, founder of the $3.6 billion Omega Advisors, which converted to a family office in...



Short-Sale Researcher Aims to Trade

Wed, 16 Jan 2019
A stock-research firm that advises hedge funds on short positions is now offering to manage their short books for them.Alternative Research Services, a Ridgefield, Conn., firm led by longtime short-position researcher Robert MacArthur, believes most long/short equity managers lack the knowledge and experience to take full advantage of opportunities on the short side &mdash; especially now that the market is in correction territory. In recent...



Banner Year for Puerto Rico Fund

Wed, 16 Jan 2019
A rally in Puerto Rico&rsquo;s bonds helped a distressed-debt fund deliver a triple-digit return last year.X-Square Opportunistic Debt Fund, a joint venture between Pluscios Management of Evanston, Ill., and X-Square Capital of San Juan, gained 124.4% in the 12 months ended Dec. 31. The full-year return includes a 7.7% loss in December due to yearend liquidity constraints and a spike in bond-market volatility. The fund had $50 million under...



Rare Stumble for Value Investor

Wed, 16 Jan 2019
December&rsquo;s stock-market rout was too much even for ValueWorks, a fundamental stock picker that has outperformed the market for 20 years.The long-biased ValueWorks Limited Partners fund, with roughly $200 million under management, suffered a one-month loss of 14.7% &mdash; dragging its full-year return down from a marginal gain to a 12.9% loss. By comparison, the S&P 500 fell 9% in December and was down 4.4% for the year.The fund&rsquo;s...



Hillhouse Alum Maps China Fund

Wed, 16 Jan 2019
Former Hillhouse Capital portfolio manager Gang Liu is setting up his own Hong Kong investment firm.Liu&rsquo;s startup, Destination Partners Asset Management, will follow a fundamental, long-biased equity strategy focused on public companies in greater China. The firm will also make private investments. A launch date hasn&rsquo;t been determined.Hillhouse hired Liu as an associate in 2007. He rose to managing director before leaving the firm in...



North Peak Continues to Rise

Wed, 16 Jan 2019
Long-biased equity manager North Peak Capital far outperformed its benchmark in 2018, while continuing to boost its assets.The New York firm&rsquo;s North Peak Capital Partners fund produced a 31.1% profit last year, versus an 11% loss for the Russell 2000 Index. And while long positions drove those gains, the operation made money on all of its short positions.North Peak has $120 million under management, up from $17.5 million when it launched...



The Grapevine

Wed, 16 Jan 2019
ExodusPoint Capital hired two more investment professionals last month. Portfolio manager Ian Epstein, who is covering global-macro investments in the firm&rsquo;s New York headquarters, had been working at Autonomy Capital from 2010 until November. Also on board is analyst Josh Powers, who handles debt products, currencies and other instruments in developed and emerging nations. He had been working at Brookfield Asset Management from April to...



The Grapevine

Wed, 16 Jan 2019
Gary Freeman joined Chicago fund operator Gillson Capital on Jan. 7 as head of investments in real estate stocks. Freeman, who holds the title of analyst, had been a portfolio manager at Balyasny Asset Management since 2016. He also has worked at GEM Realty. Gillson, led by former Citadel executive Dan Johnson, was managing $1.1 billion of gross assets at yearend 2017. With a 5.5% gain, its Gillson Capital Master Fund was arguably 2018’s top...



The Grapevine

Wed, 16 Jan 2019
Oil-and-gas company analyst Paul Regnier joined Citadel Global Equities&rsquo; London outpost this month from Lansdowne Partners, where he had worked since 2016. Regnier&rsquo;s former employers also include Orbis Investments, Silvaris Capital and Groupe Caisse des Depots. Citadel Global Equities is a unit of the $30 billion Citadel.



The Grapevine

Wed, 16 Jan 2019
Ralph Achacoso has departed ExodusPoint Capital to join David Kim&rsquo;s healthcare-focused Ghost Tree Capital, where he started in December as a stock trader. Achacoso held an operations role at ExodusPoint, which he joined in mid-2018 after leaving an analyst position at the now-shuttered PineView Asset Management. Earlier, Achacoso worked with Kim at the defunct Diamondback Capital. New York-based Ghost Tree was managing $358 million of gross...



The Grapevine

Wed, 16 Jan 2019
Alper Ince has left fund-of-funds operator Paamco Prisma Holdings, destination unknown. Ince, whose specialty is investing in equity-focused hedge funds, had joined predecessor Pacific Alternative Asset Management in 2002 after stops at Barra RogersCasey and Demirbank. His departure follows the 2018 exits of Paamco Prisma co-chief executives Jane Buchan and Girish Reddy. Those moves, in turn, came after a 2017 deal in which Pacific Alternative...



The Grapevine

Wed, 16 Jan 2019
Tenaron Capital has hired an interest-rate derivatives trader. John O&rsquo;Callaghan arrived at the New York global-macro firm in December from Barclays, where he had worked since 2009. O&rsquo;Callaghan also has spent time at Nomura and Lehman Brothers. Tenaron, led by Panayotis Korantzopoulos and Lycourgos Tsirakis, was managing $39.4 billion of gross assets at yearend...



The Grapevine

Wed, 16 Jan 2019
Tricadia Capital chief compliance officer Andrew Schinder left this month to assume the same title at Avenue Capital. Schinder had been at Tricadia since 2009. He also has worked at law firms Cadwalader Wickersham and Herrick Feinstein. At Avenue, he fills a post that Ty Oyer had occupied since the September death of former chief compliance officer Eric Ross. Avenue, a New York distressed-debt and special-situations investor, is led by Marc Lasry...



The Grapevine

Wed, 16 Jan 2019
BTIG has installed a prime-brokerage salesman in its Dallas office. Steve Stich, who arrived this month as a senior vice president, had been running a technology startup called Credit Stich since 2017. He was at Bank of America before that, preceded by a stop at Tarpon Capital.



Stelliam Shifts Focus After Returning Capital

Wed, 09 Jan 2019
Fundamental stock picker Stelliam Investment returned a large portion of its capital to investors at yearend.It&rsquo;s unclear how much money the New York operation continues to run. But it is known to have retained some outside limited partners, and still manages the assets of founder Ross Margolies and staff members.Stelliam had $2.2 billion under management on Oct. 1, down from a peak of $4.1 billion in early 2015 &mdash; a contraction...



Quant Pioneer Offers Clients Loss-Protection

Wed, 09 Jan 2019
Welton Investment, which has employed quantitative analysis for 30 years, is marketing a multi-strategy vehicle with investor-friendly fee terms.The offering, Welton Paragon, invests in some 4,000 securities around the globe, including stocks, bonds, currencies and commodity futures. The strategy has performed well since launching in mid-November, including a nearly 10% gain in December &mdash; a month when most hedge funds stumbled.Welton...



Survey: Hedge Funds Failed Turmoil Test

Wed, 09 Jan 2019
Most hedge funds didn&rsquo;t do enough to protect investors from the stock market&rsquo;s hard fall in the fourth quarter, leaving the industry vulnerable to continued outflows in the new year.That was the clear consensus among 144 industry professionals who took part in Hedge Fund Alert&rsquo;s annual outlook survey. By a margin of more than 2-1, survey respondents said the carnage that sent the S&P 500 Index plummeting 13.5% in the final three...



Short-Selling Play Replicated

Wed, 09 Jan 2019
A hedge fund operator that bets against business-to-business merchants is raising a fresh pool of capital.Flat Footed of Wilson, Wyo., hasn&rsquo;t signaled a launch date for its Flat Footed 2, which presumably would repeat the strategy of a vehicle called Flat Footed 1 that started trading in August 2016. The approach: short-selling established companies that distribute goods or materials to other businesses and are at risk of displacement by...



Wave of Closures Hits San Francisco

Wed, 09 Jan 2019
Two more fund-management firms in San Francisco have closed up shop, bringing to at least a dozen the number of managers in and around the city that have called it quits in the past year. The latest casualties: Lanternback Capital, which launched less than a year ago, and Finchwood Capital, which began trading in 2015 and was running a little less than $100 million at the start of 2018. In both cases, the firms were unable to raise enough capital...



"Constructive' Activist Reaps Rewards

Wed, 09 Jan 2019
Activist manager Hudson Executive Capital delivered a stand-out performance in 2018.At the end of November, the $1.3 billion firm was up 16.6% year-to-date, even as the HFRI Event Driven: Activist Index showed a 5.1% loss for the same period. Assuming Hudson Executive managed to avoid a substantial loss in December, its annual gain would come close to the 16.8% it earned in 2016 &mdash; its most profitable year.The New York firm&rsquo;s 2018...



ExodusPoint Set High Bar for Year's Major Launches

Wed, 09 Jan 2019
If 2018 saw the disappearance of some of the best-known hedge fund managers, it also witnessed some of the heftiest fund launches since the financial crisis &mdash; including the largest in the industry&rsquo;s history.ExodusPoint Capital, a multi-strategy startup led by former Millennium Management executives Michael Gelband and Hyung Soon Lee, set sail in June with $8 billion of investor commitments &mdash; marking the biggest-ever hedge fund...



Cancer Specialist Preps Hedge Fund

Wed, 09 Jan 2019
Arcus Ventures, a private equity investor specializing in oncology-related businesses, is starting a hedge fund.The New York firm aims to begin trading before the end of the first half with about $50 million. The yet-to-be-named vehicle would take long and short positions in companies that develop cancer treatments including drugs, drug-delivery systems, diagnostic tests and medical devices.Arcus, founded in 2007, is led by James Dougherty and...



Brown Brothers Forms Credit Fund

Wed, 09 Jan 2019
Brown Brothers Harriman launched a credit-focused hedge fund this month &mdash; a new direction for an investment bank that until now has mainly run mutual funds and separate accounts.The Cayman Islands-domiciled vehicle, BBH-NG Structured Fixed Income Fund, began trading with about $7 million. Brown Brothers already manages portfolios of asset-backed securities and commercial mortgage bonds for its fixed-income clients. It&rsquo;s unclear why it...



Bearish Forecast Proves Right

Wed, 09 Jan 2019
Industry professionals who participated in Hedge Fund Alert&rsquo;s survey a year ago turned out to be overly bullish.Apparently buoyed by a more than 13% gain in net asset value for the average equity fund in 2017, survey respondents predicted, on average, that global hedge fund assets would increase 7% during the 12 months ended Dec. 31. But, in fact, worldwide assets under management contracted by about 5%, to $3.11 trillion at yearend,...



Survey Highlights Doubts About AI

Wed, 09 Jan 2019
Hedge fund professionals remain deeply skeptical that artificial intelligence and machine learning will add meaningfully to returns, according to Hedge Fund Alert&rsquo;s annual outlook survey.About half of the 144 survey respondents said the application of cutting-edge data science to investment analysis and portfolio management will do little to improve performance &mdash; and any advantages early adopters enjoy will soon disappear as more...



Crypto Fund Opening to Investors

Wed, 09 Jan 2019
Arca Funds, a cryptocurrency shop led by a seasoned alternative-investment team, is about to begin marketing its debut offering.The Los Angeles firm&rsquo;s Arca Digital Assets Fund began investing Aug. 1 with an unknown amount of partner capital. Marketing will commence once the fund shows a six-month track record, or around Feb. 1.Arca uses a combination of fundamental and global-macro analysis to take long positions in the top 100 digital...



The Grapevine

Wed, 09 Jan 2019
Boston equity manager Clough Capital hired Christopher Mullahy in December to lead its institutional marketing efforts. Mullahy had been working in a similar capacity at Pier 88 Investment since 2017, and before that was at BNY Mellon Asset Management. Clough, led by Charles &ldquo;Chuck&rdquo; Clough, manages $2 billion through its hedge funds and mutual...



The Grapevine

Wed, 09 Jan 2019
ExodusPoint Capital has lured a team of index-arbitrage professionals from Millennium Management, promising them guaranteed compensation to run $2 billion of gross assets. The incoming group encompasses five individuals led by former Nomura executives Manish Jethwani and Nicholas Wells in London. The identities of the other recruits couldn&rsquo;t be learned. New York-based ExodusPoint has been hiring aggressively since being founded in 2017 by...



The Grapevine

Wed, 09 Jan 2019
Equity manager Consector Capital has hired a partner. Financial-stock specialist Charles Ernst arrived at the New York firm in December from Millennium Management. Ernst&rsquo;s former employers also include Sandler O&rsquo;Neill & Partners and Keefe, Bruyette & Woods. He got his start in the financial industry in 1997 at Smith Barney, where his colleagues included Consector founder William Black. Consector was managing $92 million of gross...



The Grapevine

Wed, 09 Jan 2019
Millennium Management added two portfolio managers to its New York office in December. Anton Dindio, whose background is in convertible-bond trading, had been a portfolio manager at Arrowgrass Capital since 2012. He also has worked at J.P. Morgan. Also new to Millennium is Adam Root, who focuses on municipal bonds and other fixed-income products. Root was at Bluefin Trading since 2016, following stops at Barclays and Lehman...



The Grapevine

Wed, 09 Jan 2019
Executive-search firm Atlantic Group of New York hired Todd Fahey in December as a Chicago-based senior managing director in charge of placing front-office capital-markets professionals. Fahey had been working at Solomon Page since January 2017. He also has spent time at Omerta Group, Sheffield Haworth and his own Exemplar Partners, along with Wall Street Options and Options...



The Grapevine

Wed, 09 Jan 2019
Cybersecurity consultant Drawbridge Partners hired a senior sales executive this month. Nathan Ford, a partner based in Los Angeles, had been working in sales at Eze Castle Integration since 2010. Drawbridge&rsquo;s services include vendor due diligence, cybersecurity training and risk assessments. The Stamford, Conn., firm also agreed in December to offer technology developed by CrowdStrike. Drawbridge is led by Jason...



The Grapevine

Wed, 09 Jan 2019
Odyssey Search Partners, which places fundamental-investment professionals at hedge fund and private equity firms, has hired an associate. Martha Masiarz joined the New York operation this month from Wells Fargo, where she had worked since 2014. Most recently, she was a member of the bank&rsquo;s equity-research team. Odyssey Search is led by founder Adam...



The Grapevine

Wed, 09 Jan 2019
Family Office Networks, which offers a range of services to family offices, opened a Houston branch this month. The division is led by James Row, a managing partner at Houston investment-banking firm Entoro Capital. Its mission: to offer wealthy families exposure to investments tied to the region&rsquo;s oil-and-gas industry. New York-based Family Office Networks serves more than 10,000 members through 17 locations worldwide, with several more...



Startups Rise Phoenix-Like From Funds' Ashes

Wed, 19 Dec 2018
A wave of hedge fund closures over the past year is giving rise to a new wave of fund launches.For now, fund-formation activity is light compared to the number of once-prominent managers that have called it quits since December 2017. A database of recently shuttered fund shops maintained by Hedge Fund Alert counts 23 firms including Blue Ridge Capital, Highfields Capital, Marble Arch Investments, Pennant Capital and Tourbillon Capital.Meanwhile,...



Machine Learning Pays Off for Voleon Capital

Wed, 19 Dec 2018
Voleon Capital, one of the few fund managers to rely exclusively on machine learning to pick investments, performed remarkably well amid the recent market downturn.Its equity-focused Voleon Investors Fund gained about 2% in November, after being roughly flat in October. That compares to a 1.5% gain in November and 2.9% loss in October for the Eurekahedge AI Hedge Fund Index, which tracks two dozen funds employing a range of...



FengHe Defies Trend in Asia's Equity Market

Wed, 19 Dec 2018
Asia-focused equity shop FengHe Fund Management has profited handsomely as the U.S.-China trade dispute has roiled Asian markets.The Singapore firm&rsquo;s FengHe Asia Fund was up 9.7% year-to-date through November, and continued to rise in early December, according to a performance report shared with investors this month. Compare that to the MSCI AC Asia ex-Japan Index, which was down 12% in the first 11 months of the year.Meanwhile, the...



Ex-BlueMountain Partner Plans Fund

Wed, 19 Dec 2018
Former BlueMountain Capital partner David Zorub, who oversaw equities at the $21 billion fund operator, is setting up his own hedge fund-management business.Zorub&rsquo;s startup, Parsifal Capital of Greenwich, Conn., is on track to launch a fund of the same name in the first quarter of 2019. Parsifal will invest in stocks globally, with an emphasis on shorting.BlueMountain, best known as a credit-product investor, hired Zorub in 2010 to build an...



Losses, Withdrawals Shrink Midway

Wed, 19 Dec 2018
Midway Group, which made a killing investing in mortgage securitizations in the years following the financial crisis, has seen its assets plummet amid weak performance and heavy withdrawals.The New York firm, led for 18 years by founder Robert Sherak, currently has about $50 million under management &mdash; down from $850 million four years ago. Among the investors that have pulled money from Midway are fund-of-funds managers Morgan Stanley...



Value Pro Raises Hefty Amount

Wed, 19 Dec 2018
A longtime value investor has launched a hedge fund with more than $150 million.Eli Samaha started trading through his New York-based Madison Avenue Partners in October and immediately closed to new commitments for an undisclosed period. His fund, Madison International, has an unconstrained mandate to pursue value and special-situations plays worldwide via long and short positions in debt and equities.Because changes in market conditions can...



Pennant Alumni Start Trading

Wed, 19 Dec 2018
Two former Pennant Capital partners have launched their own fund.Working through their newly formed Crescent Rock Capital, Michael Marone and Boris Vuchic began trading a vehicle called Crescent Rock U.S. Fund on Oct. 1 with almost $30 million. The Summit, N.J., operation employs a generalist long/short equity strategy.At Pennant, Marone invested in energy and financial companies. Vuchic covered healthcare stocks. Both left this March, as the...



Software Analyzes Transaction Costs

Wed, 19 Dec 2018
Compliance consultant Conformity360 has developed software that helps fund managers analyze and control their transaction costs.The cloud-based product, TCA-Hub, will be available in January to clients of the New York firm, which charges a flat fee of $2,500 per month for its technology and consulting services. An existing cloud-based tool, called RuleBook, helps managers meet deadlines for regulatory filings and other compliance...



Moon Stanches Third-Quarter Losses

Wed, 19 Dec 2018
Emerging-market manager Moon Capital posted gains in October, even as many of its peers showed significant losses.Both the firm&rsquo;s flagship Moon Capital Global Equity Fund and Moon Capital Global Equity Partners Fund were positive in October, founder John Moon said in a recent letter to investors, without disclosing actual numbers. By comparison, the HFRI Emerging Markets (Total) Index fell 3.7% that month.October was a &ldquo;dreadful...



Bain Alumnus Begins Trading

Wed, 19 Dec 2018
A year after starting his own business, former Bain Capital stock trader Dennis Goldstein has launched a hedge fund with $70 million.Goldstein&rsquo;s Boston firm, Rip Road Capital, began trading last month. Working with Goldstein on the investment side are head trader Dates Fryberger, analyst Charlene Neo and Nate Thorne, whose role is unknown. Craig Foscaldo is the firm&rsquo;s chief operating officer.Given Goldstein&rsquo;s background, Rip...



The Grapevine

Wed, 19 Dec 2018
Man GLG added a portfolio manager to its London office in November. Matteo De Paulis, who specializes in relative-value investments in equities worldwide, had worked at BTG Pactual since 2014. De Paulis also has spent time at Mariner Investment and Concordia Advisors. Man GLG is the discretionary investment unit of Man Group. It has $38 billion under management, out of $115 billion overall for its...



The Grapevine

Wed, 19 Dec 2018
Five portfolio managers exited Point72 Asset Management this month. Consumer-stock picker Vincent Ferraro previously worked at his own shop, Colliery Capital. It&rsquo;s unclear where financial-stock specialist David Haas worked before coming on board in 2011. Andrew Kim, whose coverage included technology stocks, joined in 2012 from Sursum Capital. Raymond Kim, who focused on technology, media and telecommunications stocks, had started at the...



The Grapevine

Wed, 19 Dec 2018
Caxton Associates has hired a derivatives-focused portfolio manager. Jonathan Conway arrived in the New York global-macro shop&rsquo;s London office in November from Point72 Asset Management, where he had worked since January. Conway also has spent time at Credit Suisse and WestLB. Caxton, led by Andrew Law, was managing $16.3 billion of gross assets at yearend...



The Grapevine

Wed, 19 Dec 2018
Two portfolio managers have been let go by Citadel unit Surveyor Capital. Industrial-stock specialist Shoney Katz had joined the operation&rsquo;s New York office in 2014 from Point72 Asset Management. Healthcare-focused equity professional Kishen Mehta arrived in 2016 from Adage Capital. Surveyor, one of four equity-trading units of Citadel, also dismissed three analysts. Citadel&rsquo;s flagship Wellington fund was showing a year-to-date return...



The Grapevine

Wed, 19 Dec 2018
Former Citadel researcher Mehmet Bayraktar arrived in Point72 Asset Management&rsquo;s New York office this month as a director. A non-compete agreement had kept Bayraktar sidelined since his June 2017 exit from Citadel, where he had worked since 2016 as head of equity-model research. He also has worked at MSCI, Turkey-based Is Asset Management, Goldman Sachs and Barclays. Point72 has $13 billion under...



The Grapevine

Wed, 19 Dec 2018
Marketing specialist Jill Meleski Cohen joined Avenue Capital on Dec. 3 as a senior managing director. Cohen had been at placement agent Pinnacle Trust since 2017, and before that was at Salient Partners, Citigroup, MPM Capital, Paramount BioSciences, Brown Simpson Asset Management and Financial Dynamics. Avenue is a New York debt fund operator with $9.7 billion under...



The Grapevine

Wed, 19 Dec 2018
Citadel&rsquo;s market-making subsidiary has hired a head of risk management for Asia. Eric Hamard joined Citadel Securities&rsquo; Hong Kong office in November from Credit Suisse, where he oversaw assessment of trading-related risk in Asia. Hamard also has spent time at Societe Generale and Alcatel. Citadel had $30 billion under management on Dec....



The Grapevine

Wed, 19 Dec 2018
Emerging-market investor Rohatyn Group has hired a marketer to focus on institutional allocators. Miles Burns started last month as a vice president in the firm&rsquo;s New York office. He joined from Morgan Stanley, where he was a sales associate, and previously worked at FBR and AXA Investment. Rohatyn, also known as TRG Management, runs a variety of alternative-investment strategies focused on emerging markets, including currencies, fixed...



Private Equity Shop Launches Quant Business

Wed, 12 Dec 2018
Private equity manager Sterling Partners has started a quantitative-trading operation.The new business, Sterling Partners Quantitative Investments, encompasses separate divisions focused on equity and managed-futures strategies. The equity offering will be available starting in the first quarter through a commingled vehicle called SPQI Equity Market Neutral Fund, while the managed-futures strategy will be offered via separate accounts.Sterling, a...



Pantera Retools Vehicle Following Steep Loss

Wed, 12 Dec 2018
Pantera Capital has gut-rehabbed a cryptocurrency fund that lost almost 80% of its assets in the first nine months of this year.Pantera Digital Asset Fund, which launched in November 2017, was intended as a multi-strategy vehicle that would employ a range of quantitative techniques in an effort to outperform buy-and-hold portfolios of bitcoin and other digital currencies &mdash; including Pantera&rsquo;s own bitcoin fund. The digital asset fund...



BlackBox Offering Isolates Big Stat-Arb Plays

Wed, 12 Dec 2018
A statistical-arbitrage manager with a history of strong returns is setting up a vehicle that would employ the higher-capacity strategies of its flagship fund.BlackBox Group is calling the new offering Unlimited Alpha. It would invest alongside the existing BlackBox Master Fund in pairs trades involving long and short positions in closely related stocks &mdash; say, the Class-A and -B shares of a single company.BlackBox has yet to set a launch...



Firm Joins Outsourced-Trading Field

Wed, 12 Dec 2018
Outsourced-trading shop Capital Institutional Services is setting its sights on hedge funds.The Dallas firm, founded in 1977, currently provides trade-execution services to about 500 clients including family offices, insurance companies, mutual funds and pensions. It now wants to compete in the hedge fund arena, where an increasing number of vendors is vying to take over managers&rsquo; trading operations.Capital Institutional recently recruited...



Startup Preps Commodity Vehicle

Wed, 12 Dec 2018
Two derivatives traders who previously worked at Barclays and Millennium Management are launching a hedge fund.Working through a London startup called Two Point Capital, Tanzil Dosani and Andrew Kos plan to take a systematic approach to trading energy and agricultural futures. There are no details on the exact timing of a launch.Dosani previously spent four years at Millennium, where he used relative-value tactics to trade commodity futures. That...



Growth-Stock Fund Taking Shape

Wed, 12 Dec 2018
A former Pimco equity analyst has formed his own investment operation.Working through his Topline Capital, Collin McBirney is aiming for January to launch a vehicle called Topline Capital Partners with perhaps $10 million. The Santa Monica, Calif., firm mainly would trade the stocks of growth-oriented technology, business-service, industrial and healthcare companies.At Pimco, where he was employed from 2012 to this August, McBirney worked under...



Paris Shop Adding NY Research Desk

Wed, 12 Dec 2018
Quantitative-investment firm Capital Fund Management hired David Eng this month to work on a research desk it is building in New York.While details are sketchy, CFM is known to have tasked Eng with covering statistical-arbitrage investments as a senior research manager. Previously, all of the firm&rsquo;s researchers worked in its Paris headquarters.The plan is to continue adding researchers to the New York office, which is led by Oliver...



Light Street Embraces Private Equity

Wed, 12 Dec 2018
Technology-stock fund manager Light Street Capital is set to launch a private equity vehicle it began marketing over the summer.The Palo Alto, Calif., firm, led by Glen Kacher, plans to hold a first equity close on Dec. 14, locking in an undisclosed amount of capital. The initial commitments will allow Light Street to make 3-5 growth-equity investments.&ldquo;The pipeline is robust &mdash; we are actively evaluating 35 opportunities as part of...



Palmer Square Repeats CLO Play

Wed, 12 Dec 2018
Palmer Square Capital has set up a fund that helps finance its activities as an issuer of collateralized loan obligations.Guilford Capital Credit 2 is a follow-up to a 2015 vehicle that supplies warehouse financing for the corporate loans backing Palmer Square&rsquo;s CLOs and invests in the deals themselves &mdash; thus helping the Mission Woods, Kan., firm comply with risk-retention rules.The new fund would function similarly. While CLOs...



Crypto Fund Makes Appeal to LPs

Wed, 12 Dec 2018
The manager of a hedged cryptocurrency fund is making an unusual pitch to investors who have suffered sharp losses via long-only vehicles.While the Bloomberg Galaxy Crypto Index is down about 80% year-to-date, Typhon Capital was showing a relatively benign 26% loss through Nov. 30 for its Leonidas Cryptocurrency Fund, which hedges its long positions with futures. To entice investors, Typhon is offering to partially honor their high-water marks...



Bridge Loans Beckon Fund Shops

Wed, 12 Dec 2018
A number of debt fund operators have joined a rapidly expanding field of private lenders that write bridge loans on commercial properties.A survey by sister publication Commercial Mortgage Alert identified 152 nonbank lenders that originate senior bridge loans of $10 million or more, including at least eight firms that are mainly known as hedge fund managers: Atalaya Capital, Axonic Capital, Benefit Street Partners, CarVal Investors, Ellington...



The Grapevine

Wed, 12 Dec 2018
Point72 Asset Management has hired two investment professionals. Matthew Pascale joined the Stamford, Conn., multi-strategy manager this month as a portfolio manager. He had been a senior analyst at Balyasny Asset Management from 2016 until this August, and before that was at ShearLink Capital, Tiger Legatus Capital, KKR and Blackstone. Also new to Point72 is New York-based analyst Brett Strause, who arrived in November. He had been at the...



The Grapevine

Wed, 12 Dec 2018
Millennium Management hired three investment professionals in November. Peter Lee joined the multi-strategy giant&rsquo;s New York office as a portfolio manager covering fixed-income products. He had been working at Balyasny Asset Management since March 2017, and before that was at Citadel. Joining Millennium&rsquo;s Singapore office was portfolio manager Praveen Visesh, who had worked at Deutsche Bank since 2011 with a focus on government debt...



The Grapevine

Wed, 12 Dec 2018
LMR Partners has hired a portfolio manager with a focus on convertible-arbitrage and relative-value investments. Sebastian Gorga arrived in the London multi-strategy firm&rsquo;s Hong Kong office in November from Och-Ziff Capital, where he had worked since 2016 as a trader. Gorga&rsquo;s resume also includes stops at Arrowgrass Capital and Morgan Stanley. LMR has $5 billion under...



The Grapevine

Wed, 12 Dec 2018
MFS Investment has hired a debt-focused portfolio manager. Andy Li arrived in the Boston fund operator&rsquo;s London office in November from Man Group unit Man GLG, where he worked in a similar role since 2014. Li also has spent time at ECM Asset Management and Accenture. MFS had $458 billion under management on Nov. 30, mostly in mutual funds.



The Grapevine

Wed, 12 Dec 2018
Portfolio manager William Johns joined London-based Capula Investment in November. Johns had been head of correlation trading at Nomura since 2011. He also has spent time at Citigroup. Capula, led by Yan Huo, employs a mix of strategies with low correlation to the equity and fixed-income markets. It has $13 billion under management.



The Grapevine

Wed, 12 Dec 2018
Justin Dew left Welton Investment this month after 10 years on board. Dew led the Carmel, Calif., quantitative fund shop&rsquo;s New York office as director of strategic development, a role in which he was responsible for expanding its East Coast presence while identifying and pursuing broader growth opportunities. His destination is unknown. Dew previously worked at Clinton Group, S&P and Prudential. Welton, led by Patrick Welton, has $959...



The Grapevine

Wed, 12 Dec 2018
Daniel Mon joined Citadel unit Ashler Capital in November as a Chicago-based senior analyst covering the stocks of chemical, agriculture, container, packaging, timber and paper companies. Mon most recently worked at Hoplite Capital from 2014 to this July, after stops at Vollero Beach Capital, Plural Investments, Maywood Investment, ING Investment, Citigroup and Alliance...



The Grapevine

Wed, 12 Dec 2018
Associate Kayla Perez has left Point72 Asset Management to join the New York office of Citadel Global Equities, where she starts this month in a business-development role. Perez had been working at Point72 since 2016, after beginning her career at Goldman Sachs.



The Grapevine

Wed, 12 Dec 2018
DSAM Partners has a new chief financial officer. Chanelle Nicholls started at the London equity manager in November. Nicholls had worked since 2008 as a finance director at Eton Park Capital, which converted to a family office for founder Eric Mindich in 2017. Her resume also includes stops at Brevan Howard Asset Management, CQS, Merrill Lynch and PricewaterhouseCoopers. DSAM is led by James Diner and Guy Shahar. It had $2.7 billion under...



Pace of Fund Liquidations Seen Accelerating

Wed, 05 Dec 2018
Industry veterans are trying to make sense of an apparent spike in hedge fund liquidations by well-established equity managers.In just the past two months, firms including Ascend Capital, Brenner West Capital, Bronson Point Capital, Criterion Capital, Highfields Capital and SPO Partners have notified investors they plan to turn into family offices or shut down altogether. Going back to the fourth quarter of 2017, the list of liquidations includes...



Point72 Cutting Top Recruiter After Nov. Loss

Wed, 05 Dec 2018
Point72 Asset Management is dismissing its top talent scout after posting a sharp monthly loss for November.As head of recruiting for the $13 billion multi-strategy operation, Jonathan Jones is responsible for hiring analysts and portfolio managers for Point72&rsquo;s investment team, which currently numbers about 550. Point72 told Jones this week that it&rsquo;s letting him go, but he&rsquo;ll remain employed by the Stamford, Conn., firm for up...



AlphaMetrix Founder Advising Ex-NFA Chair

Wed, 05 Dec 2018
Aleks Kins, who was banned from the futures industry following the collapse of his AlphaMetrix Group, has been doing contract work for a trading firm run by a former chairman of the National Futures Association.Kins&rsquo; technology-consulting firm, Northwater Consulting of Chicago, was hired by Hehmeyer Trading about a year ago to build and maintain its website. Northwater continues to feed data to Hehmeyer Trading, a Chicago firm owned by...



LPs Get Fresh Crack at Chatham Fund

Wed, 05 Dec 2018
Debt investor Chatham Asset Management is seeking fresh capital for a closed-end investment vehicle that gained nearly 20% in its first year.The Chatham, N.J., firm, which has $4 billion under management, told investors last week it hopes to take in an additional $300 million to $400 million on Jan. 1 for its Private Debt and Strategic Capital Strategy. The vehicle, which targets less-liquid plays, held a first close on Oct. 1, 2017, with about...



Incline's Assets On the Decline

Wed, 05 Dec 2018
With its performance suffering, Incline Global&rsquo;s assets have dropped as well.The New York equity manager had $660 million under management on Nov. 1. It had been running $998 million as recently as March 1, following years of gradual growth.The reason for the reversal: Incline&rsquo;s flagship Incline Global Master fund entered November with a year-to-date loss of 19.6%, including a 15.9% slide in October that marked its worst month ever....



ProChain Delivers Enviable Returns

Wed, 05 Dec 2018
ProChain Capital, a cryptocurrency fund run by a seasoned hedge fund-management team, has significantly outperformed the market in its first four months of trading.The New York operation, an affiliate of distressed-debt fund operator Maglan Capital, was down 13.1% at the end of November, versus a 56.6% decline for the Bloomberg Galaxy Crypto Index during the same four-month period. The index tracks the 10 most liquid digital currencies.The gauge...



Wellington Pitches China Vehicle

Wed, 05 Dec 2018
Wellington Management is marketing a new equity fund focused on China.The offering, Wellington Select China Equity, is led by Hong Kong-based portfolio manager Bo Meunier, who has been researching Chinese stocks since 2001 and investing in the market since 2006, according to an investor note Wellington sent out last week. The fund mainly targets China A-shares traded on the Shanghai and Shenzhen stock exchanges, but also can buy and sell Chinese...



LPs Line Up for Atalaya Offering

Wed, 05 Dec 2018
Atalaya Capital is more than halfway toward a $950 million equity-raising goal for the latest in a series of distressed-asset vehicles.The New York firm last month closed on at least $565 million for Atalaya Special Opportunities Fund 7. Like its predecessors, Fund 7 has a private equity-like format, drawing on commitments as opportunities arise. But with a term of several years, it&rsquo;s more liquid than a typical drawdown fund. And investors...



New Crypto Fund Tests Demand

Wed, 05 Dec 2018
A former energy trader is marketing a cryptocurrency fund.Ryan Sagul, who previously worked at electricity-trading firm Tios Capital, now is chief executive of a Seattle startup called Lavaliere Capital. His team includes partner and president Ibrahim Alkurd; general counsel Matt McCoy; and chief information officer Nate Sagul, Ryan Sagul&rsquo;s brother.The timing of a fund launch is uncertain, as are the particulars of Lavaliere&rsquo;s...



Consulting Shop Resumes Operations

Wed, 05 Dec 2018
Business-development professional Brenda Mauro has relaunched her consulting firm.BMM Consulting of New York offers marketing and staff-recruiting support to service providers in the hedge fund industry. It also helps match those firms with startup managers.The outfit reopened for business in November. It is working with four undisclosed clients so far.An initial iteration of BMM operated from 2010 to 2016. Mauro then signed on at accounting firm...



BitGo Adds Leader for Trust Unit

Wed, 05 Dec 2018
Cryptocurrency-custody operation BitGo has hired a chief executive for its trust unit.Richard Corcoran started in September as head of BitGo Trust. He most recently worked as head of the trust department at First National Bank in Sioux Falls.That South Dakota bank was handling $400 million of assets when he started in 1991. By the time he left at yearend 2016, its trust portfolio was up to $4 billion.Earlier, Corcoran worked at law firm Woods...



Citadel Manager Shown the Door

Wed, 05 Dec 2018
Citadel has fired a portfolio manager who last year shuttered his hedge fund to join the big multi-strategy firm.Paul Sinclair was dismissed in November, partly for performance reasons. He had been running a portfolio of healthcare-company stocks from Citadel&rsquo;s San Francisco office since shutting down his Blue Jay Capital in September 2017.Blue Jay once ran $300 million. Its Blue Jay Health Sciences Fund generated a year-to-date return of...



The Grapevine

Wed, 05 Dec 2018
Citadel added a portfolio manager to its New York office in November. Razzy Ghomeshi had been at RBC, where he started his career in 2009 and eventually rose to head of trading for investment-grade credit products. In 2017, Business Insider named him among its &ldquo;Rising Stars of Wall Street.&rdquo; Citadel had $31 billion under management on Nov....



The Grapevine

Wed, 05 Dec 2018
Balyasny Asset Management has added two more members to its investment staff. Portfolio manager Nicholas Tan arrived in the Chicago multi-strategy manager&rsquo;s London office in November with a focus on industrial and material-company stocks in the U.S. and Europe. He had been at Millennium Management since 2015, and before that was at Morgan Stanley. Michael Karapetian started in October as a Boston-based senior analyst covering...



The Grapevine

Wed, 05 Dec 2018
Former Cerrano Capital business-development head Marc Zwebner has joined Avenue Capital. Zwebner started at the New York debt manager in November as a senior managing director. He had joined Cerrano in 2016 after working at York Capital, Third Point, EnTrust Capital and Care Capital. Avenue, led by Sonia Gardner and Marc Lasry, had $9.9 billion under management on Oct. 31. Cerrano founder Michael Weinberger shut down the New York firm in the...



The Grapevine

Wed, 05 Dec 2018
Equity-focused portfolio manager Allon Hellmann left Citadel unit Surveyor Capital in November. Hellman&rsquo;s plans are unknown. He had joined Surveyor in 2010 from Plural Investments, and before that spent time at Serengeti Asset Management, Bull Path Capital and Goldman Sachs.



The Grapevine

Wed, 05 Dec 2018
An equity portfolio manager has moved from BlueCrest Capital to Trium Capital. Jonathan Ingram started at London-based Trium in November. He had been at BlueCrest since 2016, following stops at Visium Asset Management, HBK Capital and Invensys. Trium employs opportunistic equity, diversified global-macro and statistical-arbitrage strategies. It has $425 million under...



The Grapevine

Wed, 05 Dec 2018
<pclass="msoplaintext"&rt; Wells Fargo Investment Institute installed Michael Paciullo in November as head of operational due diligence. The New York-based Paciullo had been on the operations team at fund-of-funds manager Archstone Partnerships from 2014 until that firm shut down in 2017. He also has worked at IAM Research, Pioneer Alternative Investments, Deutsche Bank and J.P. Morgan. Wells Fargo Investment Institute is the research arm of the bank’s wealth and management division. CORRECTION (12/13/18): This article has been revised. The original version incorrectly named the Wells Fargo unit that was joined by Michael Paciullo. He started at Wells Fargo Investment Institute, not Wells Fargo Fund Management.</pclass="msoplaintext"&rt;



The Grapevine

Wed, 05 Dec 2018
Emily Corzel joined Jefferies&rsquo; prime-brokerage team in New York in October in a capital-introduction role. Corzel had been employed in a prime-brokerage sales capacity at Credit Suisse since 2014.



The Grapevine

Wed, 05 Dec 2018
Operational due-diligence analyst Hans Govil resigned from UBS&rsquo; fund-of-funds unit in Stamford, Conn., on Nov. 30. Govil had been on board since 2014, and before that spent time at K2 Advisors and Longroad Asset Management. Meanwhile, UBS is planning to hire two operational due-diligence specialists early next year. UBS&rsquo; fund-of-funds unit, UBS Hedge Fund Solutions, had $40.8 billion under management on July 1 &mdash; its highest...



Bronson Point Done In by Disastrous October

Wed, 28 Nov 2018
Bronson Point Capital, which launched in the aftermath of the financial crisis and ran $2 billion at its peak, is getting out of the hedge fund business.After posting solid returns from 2010 to 2013, Bronson Point&rsquo;s assets began to shrink in 2015 following the departure of co-founder Paul Farrell. But the coup de grace was a double-digit loss the equity manager suffered in October. In the past few weeks, co-founder Lawrence Foley notified...



BTIG Affiliate Forms Fund-Seeding Business

Wed, 28 Nov 2018
The asset-management arm of prime-brokerage shop BTIG is starting a hedge fund-seeding business with backing from Vista Life & Casualty Reinsurance.The BTIG unit, Pacific View Asset Management, has been offering seed capital to long-only managers for some time. Now, the San Francisco firm is scouting investment opportunities among new and emerging hedge fund operations, with an initial focus on those running niche credit strategies such as bank...



Cetrulo Drops Launch Plans to Join Graham

Wed, 28 Nov 2018
Global-macro trader Erik Cetrulo has shelved plans to launch a hedge fund.Cetrulo, who spent 10 years at Point72 Asset Management and its predecessor, SAC Capital, formed a macro-focused firm called Entheos Capital earlier this year and began hiring key personnel for the New York operation. But in the past few weeks, Cetrulo and his team joined Ken Tropin&rsquo;s Graham Capital, where they&rsquo;re managing a global-macro...



Israeli Shop Pitches Fund of Funds

Wed, 28 Nov 2018
A multi-manager investment operation that takes a quantitative approach to picking hedge funds is marketing a vehicle with a more-aggressive risk/return profile than its flagship offering.The Israeli shop, Sharpe Alpha Group, raised an initial $12 million for its Sharpe Alpha Enhanced fund, which began deploying capital in September. The firm, which runs $52 million overall, is now actively marketing the vehicle to investors in Israel and the...



Marathon Alum's Plans Solidify

Wed, 28 Nov 2018
A hedge fund startup led by former Marathon Asset Management executive Vijay Srinivasan is taking shape.Srinivasan is calling his Santa Monica, Calif., firm Scarsdale Capital. He is aiming to launch a debut vehicle with an emphasis on credit products in the first half of 2019. Srinivasan, who holds the title of chief investment officer, plans to hire two investment professionals in the coming months.Scarsdale would build on Srinivasan&rsquo;s...



Vol-Arb Specialist Preps Hedge Fund

Wed, 28 Nov 2018
Lavaca Capital is packaging its volatility-arbitrage strategy as a commingled fund.Until now, access to the Houston firm&rsquo;s market-neutral portfolio has been restricted to separate accounts that currently hold a combined $140 million. But in January, Lavaca plans to launch a hedge fund dubbed Lavaca Capital Partners 1. The firm so far has received at least $25 million of commitments for the offering.Lavaca hopes to capitalize on increasing...



Crypto Funds Poised for Shakeout

Wed, 28 Nov 2018
As the value of bitcoin and other cryptocurrencies continues to plummet, industry professionals are bracing for a sharp contraction of the crypto-fund market.A researcher of cryptocurrency funds who attended CoinDesk&rsquo;s &ldquo;Consensus Invest 2018&rdquo; conference in New York yesterday predicted many vehicles will collapse &mdash; particularly those that invest in less-liquid tokens.He cited one fund operation that occupied &ldquo;fancy...



Altpoint Adds Crypto Division

Wed, 28 Nov 2018
Private equity firm Altpoint Capital has formed a cryptocurrency-focused hedge fund unit.The Greenwich, Conn., operation, Altpoint Cipher Partners, aims to invest in a range of assets including digital currencies, tokens, digital equities and derivatives &mdash; with a focus on illiquid positions. Its strategy calls for the use of leverage, along with short sales and other hedging techniques.The effort comes as the value of bitcoin and other...



Mortgage Pro Prepping Hedge Fund

Wed, 28 Nov 2018
A mortgage-market veteran who most recently oversaw Freddie Mac&rsquo;s holdings of distressed home loans and pre-credit-crisis mortgage bonds has opened his own investment shop.After leaving Freddie in October, Adama Kah formed Kah Capital of McLean, Va., with the aim of launching a hedge fund that would invest in nonperforming and re-performing mortgages, as well as newly originated home loans. He also would trade mortgage-backed securities,...



Corporate-Bond Shop Keeps Ahead

Wed, 28 Nov 2018
Junk-bond investor Millstreet Capital just booked its first monthly loss in years, but continues to beat its benchmark.The Boston firm&rsquo;s Millstreet Credit Fund was down 0.2% in October, bringing its year-to-date return to 8.5%. Both of those figures compare favorably to the HFRI Fixed Income-Corporate Index, which dropped 1.3% in October for a gain of just 0.1% on the year.The last time the Millstreet fund showed a monthly loss was in...



Market-Neutral Stance Benefits Sio

Wed, 28 Nov 2018
Healthcare stock picker Sio Capital is on track to produce its best annual return since launching in 2006, thanks in part to stellar performance in October.A number of highly profitable short positions drove a 6.5% gain last month, when the S&P 500 Index dropped 6.8% and the HFRI Equity Hedge (Total) Index fell 4.5%. Year-to-date, the firm&rsquo;s Sio Partners fund was up 26.2% at the end of October, versus 3% for the S&P and minus-3% for the...



Startup Bets on Artificial Intelligence

Wed, 28 Nov 2018
A hedge fund manager and a technology entrepreneur have teamed up to start their own investment firm.Robert Scannell and Satish Appalakutty are calling their Santa Clara, Calif., operation 278 Advisors. They are working toward the launch of a hedge fund dubbed 278 Investment Partners that would invest in the stocks of technology and biotechnology companies, selecting its positions through the use of artificial intelligence.Scannell previously...



The Grapevine

Wed, 28 Nov 2018
Pierre-Anthony Badet joined London multi-strategy firm LMR Partners in October as a portfolio manager. Badet had been working since 2002 at BNP Paribas, most recently as head of quantitative volatility trading for subsidiary Opera Trading Capital. LMR has $5 billion under management.



The Grapevine

Wed, 28 Nov 2018
Balyasny Asset Management picked up three investment professionals this month. Portfolio manager Avi Tillu works in the Chicago multi-strategy firm&rsquo;s London office with a focus on emerging-markets debt, currencies and commodities. He previously worked at Boston Consulting, following stops at Citadel and Goldman Sachs. Analyst Travis Potts works in Greenwich, Conn. He had been at Millennium Management since May, after spending time at...



The Grapevine

Wed, 28 Nov 2018
Ian Epstein left global-macro shop Autonomy Capital this month. Epstein had been working at the New York operation since October 2010. Autonomy, led by Robert Gibbins, has $4.5 billion under management.CORRECTION (11/28/18): This article has been revised. The original version gave an incorrect title for Ian Epstein.<br&rt;



The Grapevine

Wed, 28 Nov 2018
Debt-fund manager Benefit Street Partners has hired a senior associate. Parth Patel started at the New York firm this month with a focus on corporate debt. He had been working in the financial-institutions group at Goldman Sachs since 2014, most recently covering mergers and acquisitions involving financial-technology and asset-management businesses.



The Grapevine

Wed, 28 Nov 2018
Former Bank of America executive Camilla Churcher is taking a job as head of sales at LGO Markets, a cryptocurrency exchange designed for institutional investors. Churcher was a director on BofA&rsquo;s prime-brokerage sales desk from 2015 until this month, and before that spent time at Credit Suisse, Citigroup and Morgan Stanley. New York-based LGO Markets is set to launch in January. It is an arm of LGO Group, whose plans also include an...



The Grapevine

Wed, 28 Nov 2018
Kensico Capital has picked up an analyst. Brian Delaney joined the Greenwich, Conn., equity manager in October from Select Equity Group, where he had worked since 2014. Kensico is led by Thomas Coleman and Michael Lowenstein. It was managing $10.1 billion of gross assets at yearend 2017.



The Grapevine

Wed, 28 Nov 2018
Hudson Cove Capital has added an analyst to its private-lending team, which offers secured loans to small companies. Jack Golden arrived at the Jersey City, N.J., fund operator in September from EverBank, where he started in 2014. Golden also has worked at J.P. Morgan. Hudson Cove was managing $563 million of gross assets at yearend 2017. The firm is led by Fred Wang and David...



The Grapevine

Wed, 28 Nov 2018
Arrowgrass Capital has hired an analyst. Joshua Siber arrived in the London multi-strategy firm&rsquo;s New York office in October from a post as a vice president on the equity-research desk at Morgan Stanley. Siber also has spent time at Oppenheimer & Co., Kinetic Partners and PricewaterhouseCoopers. Arrowgrass, led by Nicholas Niell, had $6 billion under management at yearend...



The Grapevine

Wed, 28 Nov 2018
Jeffrey Schultz joined Navy Capital this month as general counsel and chief compliance officer. Schultz had been working since 2016 at private equity shop GPB Capital, and before that was at Phoenix Investment, BNP Paribas, K2 Advisors and Bingham McCutchen. New York-based Navy, led by John Kaden and Sean Stiefel, launched in 2017 with a focus on the stocks of marijuana...



The Grapevine

Wed, 28 Nov 2018
Magnetar Capital hired Tricia Quinn in October as head of external communications. Quinn had been working at public-relations firm Edelman since 2012, most recently as an account supervisor. Magnetar, headquartered in Evanston, Ill., had $13.5 billion under management on Oct. 1.



Startup's Vehicle Invests Like an Endowment

Wed, 14 Nov 2018
Former Stanford Management chief executive John Powers is setting up an endowment-style investment vehicle.The Menlo Park, Calif., operation, Powerscale Capital, is offering the vehicle to ultra-wealthy individuals, family offices and institutional investors &mdash; styling itself as an &ldquo;outsourced chief investment officer.&rdquo; The vehicle would deploy their capital mostly to funds run by outside alternative asset managers, with a heavy...



Volatility-Arbitrage Managers Pass the Test

Wed, 14 Nov 2018
Extreme fluctuations in volatility &mdash; including a spike in February, relative calm in the second and third quarters and another spike in October &mdash; throw a positive light on volatility-arbitrage funds that take a market-neutral stance.Managers including Deep Field Capital of Zug, Switzerland, Parallax Volatility Advisors of San Francisco and Rosen Capital of Los Angeles posted hefty gains in October, building on already-strong...



Princeton Alternative Funding Probed by SEC

Wed, 14 Nov 2018
The SEC is investigating Princeton Alternative Funding, a direct-lending operation that filed for bankruptcy earlier this year.The SEC is examining the Princeton, N.J., firm for possible violations of securities law stemming from “certain pre-bankruptcy transactions and practices,” according to a filing in U.S. Bankruptcy Court in Trenton. The regulator put the court on notice that it may file a civil complaint against Princeton Alternative...



Multi-Strats Cut Portfolio Managers

Wed, 14 Nov 2018
Three of the biggest multi-strategy fund operations — Balyasny Asset Management, Citadel and Millennium Management — have parted ways with a number of portfolio managers in recent weeks.It’s unclear if the cuts were tied to performance during the month of October, when a stock market rout dragged down hedge fund returns by 3% on average, according to Hedge Fund Research. A source said the net asset value of Balyasny’s two hedge funds...



Husband, Wife Disclose Shop Talk

Wed, 14 Nov 2018
Ratan Capital founder Nehal Chopra still plans to share investment ideas with her husband, Adi Capital founder Paritosh Gupta, after the couple were sanctioned by the SEC for talking shop.But now both Chopra and Gupta are fully disclosing the fact to their investors.In December 2017, the SEC ordered Chopra and her firm to pay a total of $400,000 in penalties, while slapping Gupta and his prior employer, Brahman Capital, with a total of $500,000...



Ex-Taconic Pros Shutter Fund Shop

Wed, 14 Nov 2018
Altalis Capital is calling it quits, joining a parade of long/short equity managers whose returns failed to impress amid a steadily rising stock market.The New York firm, founded in 2012 by former Taconic Capital executives Samuel Elder and Adam Fox, began liquidating its Altalis Capital Master Fund in the third quarter, and had largely returned investor capital by the end of September. While performance details were unavailable, Altalis&rsquo;...



Energy Specialist Assembles Offering

Wed, 14 Nov 2018
The one-time president of energy-focused brokerage firm Amerex is starting a hedge fund.William &ldquo;Clay&rdquo; Davis set up his Houston-based Verano Investment in June. He now is approaching the launch date for a vehicle called Verano Energy Trading that would invest in energy commodities &mdash; mainly wholesale electricity contracts in Texas.Davis most recently served in an interim position at brokerage firm Axiom Retail Energy from 2015 to...



Tech Vendor Adds to Client Roster

Wed, 14 Nov 2018
LiquidityBook has lined up two more hedge fund operators as users of its trading-management technology.The New York firm declined to identify its new clients, one of which it described as a $3.2 billion quantitative manager. The other is a $100 million startup that invests in equities worldwide.The additions would continue a growth streak during which LiquidityBook has increased its roster of hedge fund customers to 55 from 45 since May 2017....



Crypto Startup Focused on Volatility

Wed, 14 Nov 2018
Two options traders are developing a cryptocurrency fund that will offer downside protection.Their San Francisco firm, Proof Capital, is aiming to launch Smart Volatility Digital Asset Fund in January with $25 million. While many cryptocurrency funds simply buy and hold a basket of digital assets, Proof&rsquo;s offering would combine a &ldquo;core&rdquo; portfolio of long positions with a &ldquo;tactical&rdquo; portfolio of catalyst-driven trades...



Weeden Takeover Declared Dead

Wed, 14 Nov 2018
Overstock&rsquo;s blockchain-technology unit, tZero, isn&rsquo;t purchasing Weeden & Co.&rsquo;s prime-brokerage unit after all.The retailer revealed the deal was off in its third-quarter earnings report on Nov. 9. While there&rsquo;s no official explanation of why the transaction fell apart, some sources have speculated that Weeden&rsquo;s clearing brokers had misgivings about working with tZero.Weeden entered the prime-brokerage business via...



Emso Pitching India-Focused Vehicle

Wed, 14 Nov 2018
Emerging-market debt investor Emso Asset Management is marketing a fund that would acquire controlling stakes in companies in India that are undergoing bankruptcy reorganizations.The London firm, with $6 billion under management, aims to raise up to $500 million for the drawdown vehicle, India Opportunities Fund. Emso will manage the portfolio in partnership with Mumbai-based turnaround specialist Eight Capital.Emso is seeking to capitalize on...



The Grapevine

Wed, 14 Nov 2018
Invenio Asset Management, the hedge fund arm of Singapore agricultural-commodities company Olam International, has hired a portfolio manager who most recently worked at Millennium Management. Richard Cross joined Invenio&rsquo;s Purchase, N.Y., office in September. He had been employed at Millennium since 2014. Invenio manages commodity and quantitative...



The Grapevine

Wed, 14 Nov 2018
Citadel added an analyst to its New York office in October. Ben Lerner, who covers emerging markets, had been an assistant portfolio manager at Contrarian Capital. He started there in 2013, after stops at Third Avenue Management and Morgan Stanley.



The Grapevine

Wed, 14 Nov 2018
Balyasny Asset Management picked up two investment professionals in October. Senior analyst Matthew Stolzar and associate Andrew Disdier both work in the Chicago multi-strategy firm&rsquo;s New York office. Stolzar covers consumer stocks, with a focus on leisure and housing companies. He most recently worked from January to June as chief financial officer at healthcare company PhotoMedex amid its transformation to a real estate business called FC...



The Grapevine

Wed, 14 Nov 2018
Sales executive Camilla Churcher resigned from her position as a director in Bank of America&rsquo;s prime-brokerage team in New York in the past week or so, apparently to sign on with a competitor. Churcher had joined BofA in 2015 from Credit Suisse, where she started in 2005 after stops at Citigroup and Morgan Stanley. Her exit followed the October resignation of sales specialist Alice Kennon, who moved to Jefferies, and the September departure...



The Grapevine

Wed, 14 Nov 2018
Richard Puma joined the New York office of proprietary-trading shop HC Technologies in October as chief operating officer. Puma had been heading operations at hedge fund manager Duane Park Capital since 2016. He served two stints at Tudor Investment before that, separated by a stop at Ospraie Management. HC Technologies is led by former Tudor executive Joseph Niciforo. Michael Colabella has taken over Puma&rsquo;s duties at Duane...



The Grapevine

Wed, 14 Nov 2018
ExodusPoint Capital has enlisted a risk-management consultant. Aleksey Matiychenko started working for the startup multi-strategy firm this month, operating under the banner of a firm called Risk-AI that he started in 2008. Matiychenko&rsquo;s services include web-based tools that allow operators of hedge funds and multi-manager vehicles to examine return and risk data. His former employers include Ivy Asset Management and J.P. Morgan....



The Grapevine

Wed, 14 Nov 2018
Analyst Zac Meyer left Melvin Capital this month. There&rsquo;s no word on his destination. Melvin, led by Gabriel Plotkin, lost 15% in October. The New York equity shop was managing $8 billion of gross assets at yearend 2017.



The Grapevine

Wed, 14 Nov 2018
Millennium Management and affiliate WorldQuant have added a second public-relations executive in as many months. Guy Potvin arrived in October as head of external communications for both firms. Potvin had been a managing director at Teneo since 2013, following stops at Brunswick Group and Edelman. His arrival followed the hiring of Tripp Kyle as in-house chief communications officer. Kyle had been employed at Brunswick since 2011, working with...



LISTING: Top 20 Institutional Investors in Hedge Funds

Thu, 08 Nov 2018
Abu Dhabi Investment AuthorityAbu DhabiSize of hedge fund portfolio increased nearly 5% in past year, but continues to account for about 7.5% of overall assets. Target allocation for &ldquo;alternatives&rdquo; is 5-10%. ADIA&rsquo;s 30-year annualized return ticked up to 7% in 2017, from 6.9% a year earlier. Hedge fund investments have included commodity-futures trader Chesapeake Capital.NOTE: Complete listing appeared in November 7, 2018, issue...



LISTING: Top 20 Institutional Investors in Hedge Funds

Thu, 08 Nov 2018
APGAmsterdamInstalled Peter Branner as chief investment officer in September 2018 to fill vacancy left by Eduard van Gelderen, who quit in May and later joined Canadian pension manager PSP Investments. Total value of APG&rsquo;s hedge fund stakes increased about 6% in past year, in line with increase in overall assets. APG, which mainly runs money for Stichting Pensioenfonds ABP, has been investing in hedge funds since 2001.NOTE: Complete listing...



LISTING: Top 20 Institutional Investors in Hedge Funds

Thu, 08 Nov 2018
CPP Investment BoardTorontoTotal capital invested in hedge funds increased more than 10% in past year. Portfolio is showing 10-year annualized gain of 3.1%, versus 6.1% for pension as a whole. Has invested with AQR Capital, Brevan Howard Asset Management, Bridgewater Associates and Dymon Asia Capital.NOTE: Complete listing appeared in November 7, 2018, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo;...



LISTING: Top 20 Institutional Investors in Hedge Funds

Thu, 08 Nov 2018
Future FundMelbourneChief investment officer Raphael Arndt, speaking at Insurance Investment Forum in July, said &ldquo;hedge funds depicted in the TV show &lsquo;Billions&rsquo; are no longer relevant for institutional investors, having been replaced by managers making huge investments in data and technology.&rdquo; Future Fund invests in hedge funds both directly and through funds of funds, via commingled vehicles and separate accounts. Willing...



LISTING: Top 20 Institutional Investors in Hedge Funds

Thu, 08 Nov 2018
China Investment Corp.BeijingInvests in hedge funds via CIC International unit, which has office in New York. Fan Hua, who oversees asset allocation, is looking at more opportunities in Asia in response to increasing number of fund launches there. Has deployed capital to Blackstone, Capula Investment, Morgan Stanley Alternative Investment and Oaktree Capital, among others.NOTE: Complete listing appeared in November 7, 2018, issue of Hedge Fund...



LISTING: Top 20 Institutional Investors in Hedge Funds

Thu, 08 Nov 2018
California State TeachersSacramentoCracks top-20 list for first time since Hedge Fund Alert began publishing this ranking in 2013. Increase in size of hedge fund portfolio driven by CalSTRS&rsquo; move last year to create bucket for &ldquo;risk mitigation strategies&rdquo; that now has $20 billion of assets. The allocation, overseen by portfolio manager Carrie Lo, is designed to provide a cushion during market downturns. Lo previously developed a...



LISTING: Top 20 Institutional Investors in Hedge Funds

Thu, 08 Nov 2018
Texas TeachersAustinAllocates roughly 8% to hedge funds, evenly split between &ldquo;directional&rdquo; and &ldquo;stable-value&rdquo; strategies. Brad Gilbert oversees hedge funds, with Lulu Llano covering directional vehicles and Steven Wilson focusing on stable-value strategies. Texas Teachers has been pushing &ldquo;1-or-30&rdquo; fee structure it developed with consultant Albourne Partners. Model is employed by managers representing 75% of...



LISTING: Top 20 Institutional Investors in Hedge Funds

Thu, 08 Nov 2018
GM Asset ManagementNew YorkHedge fund stakes account for hefty 15.5% of pension&rsquo;s overall assets, up from 14.5% in past year. Has invested with Cerberus Capital, ESL Investments and Stone Lion Capital. Runs more than 30 retirement plans for U.S. auto giant and its affiliates.NOTE: Complete listing appeared in November 7, 2018, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Fund...



LISTING: Top 20 Institutional Investors in Hedge Funds

Thu, 08 Nov 2018
GICSingaporeOverall assets jumped 11% in past year, while size of hedge fund portfolio was essentially unchanged. GIC&rsquo;s allocation to hedge funds now below 3% target. Hedge fund portfolio encompasses 50 vehicles. Open to seed deals and investing with emerging managers.NOTE: Complete listing appeared in November 7, 2018, issue of Hedge Fund Alert and can be found on HFAlert.com, in the &ldquo;Rankings&rdquo; section under &ldquo;Fund...



Satori Expands Acceleration-Capital Program

Wed, 07 Nov 2018
Satori Alpha is more than halfway toward a $100 million fund-raising goal for a program that offers acceleration capital to small but profitable fund managers.The Dallas firm, which has been investing in acceleration deals since 2013, so far has signed $60 million of commitments for a newly formed program called Satori XL Partnership. The program made its first investment in July, when it pledged $25 million to Pavise Capital, a Mahwah, N.J.,...



Fortress Doubling Down on European Loans

Wed, 07 Nov 2018
Fortress Investment is increasing its bet on distressed loans in Europe as more credit managers are picking up on the strategy.Fortress has launched a marketing campaign aimed at raising &#8364;2 billion ($2.3 billion) for Fortress European NPL Fund 2, which would buy portfolios of nonperforming and subperforming business and real estate loans from banks in Italy and other countries in Western Europe.&ldquo;We believe that significant deal flow...



INTL FCStone Enters Prime-Brokerage Field

Wed, 07 Nov 2018
Commodity-futures broker INTL FCStone soon will begin offering prime-brokerage services to funds that invest in securities.The New York firm, which has long catered to commodity-trading advisors, formed a conventional prime-brokerage unit this month by hiring three executives who worked together at Convergex and then Cowen Group: Douglas Nelson, who once headed Convergex&rsquo;s prime-brokerage business, and brothers Michael DeJarnette and...



LPs Pledge to Unusual Vehicle

Wed, 07 Nov 2018
Solus Alternative Asset Management has closed on an initial $190 million of commitments for a distressed-debt fund that&rsquo;s available both in hedge fund and private equity-style formats.It&rsquo;s unclear what portion of the capital raised in the first close was earmarked for which version of the offering, called Solus Long-Term Opportunities Fund. The event-driven manager is working with placement agent Park Hill Group, which simultaneously...



Loan Investor Plans Securitization

Wed, 07 Nov 2018
Theorem Partners, which employs big-data and machine-learning techniques to invest in online-originated loans, is expanding its funding sources.Until now, the San Francisco firm has raised investment capital through a pair of hedge funds &mdash; Theorem Main Fund and Theorem Prime Plus Yield Fund &mdash; that have generated steady mid-single-digit returns via purchases of consumer loans. The funds&rsquo; assets have risen sharply in the past few...



Strong Start for Relative-Value Shop

Wed, 07 Nov 2018
A relative-value fund that spun off from Verition Fund Management last year has been raking in capital on the strength of its performance.DeepCurrents Investment, led by former Verition portfolio manager Steve Zheng, has grown to $330 million under management, from an initial $50 million when it launched in September 2017 with Verition&rsquo;s backing. And the expectation is that solid returns posted by the DeepCurrents Relative Value Fund will...



French Manager Defies CTA Trend

Wed, 07 Nov 2018
KeyQuant, a trend-following commodity-trading advisor, is capitalizing on investor demand for strategies with low correlation to stocks and bonds &mdash; even as most of its peers struggle to raise capital.During the first three quarters, assets managed by the Paris firm increased by more than 60% to $575 million. During the same period, managed-futures funds as a whole experienced net outflows totaling about $12 billion, according to...



Volatility Bodes Well for Universa

Wed, 07 Nov 2018
Tail-risk specialist Universa Investments is fielding more assignments from investors concerned about the possibility of a market crash.The Miami firm, led by Mark Spitznagel, has set up four new funds this year &mdash; the most since 2015, regulatory filings show. The vehicles, dubbed Universa Black Swan Protection Protocol 32, 33, 34 and 35, are the latest in a series offering customized risk protection to U.S. allocators. Universa added just...



Structured-Product Funds On a Roll

Wed, 07 Nov 2018
Hedge funds that invest in structured products were largely profitable in October, even as a surge in market volatility punished equity funds and took a toll on many high-yield debt funds.Some of the leading structured-product shops managed to produce strong gains for the month, building on year-to-date returns that already were among the best of any hedge fund strategy. Take Prosiris Capital, which recently told investors that its Prosiris...



CalSTRS, Harvard Join Ranks of Giant Allocators

Wed, 07 Nov 2018
California State Teachers has emerged as one of the world&rsquo;s largest hedge fund investors, eclipsing institutional heavyweights including Singapore&rsquo;s GIC sovereign wealth fund, Ontario Teachers and the University of Texas.The $228 billion CalSTRS has $14 billion invested in hedge fund strategies, or about 6% of the pension system&rsquo;s overall assets, according to data compiled by Preqin for Hedge Fund Alert. That&rsquo;s enough to...



The Grapevine

Wed, 07 Nov 2018
Millennium Management has picked up a pair of investment professionals. Debt-focused portfolio manager Jason Horowitz joined the multi-strategy operation in September, followed in October by high-yield trader Eric Seiden. Horowitz previously spent 13 years as a portfolio manager at debt-focused investment firm Muzinich & Co., and before that was at Credit Suisse. Seiden worked at Fore Research & Management from 2011 to 2017, most recently as a...



The Grapevine

Wed, 07 Nov 2018
Leslie Eisen has left her post as chief operating officer at Nick Tiller&rsquo;s Precocity Capital. There&rsquo;s no word on what she plans to do next. Michael O&rsquo;Brien, Precocity&rsquo;s chief financial officer and chief compliance officer, has added the title of chief operating officer. Eisen previously worked with Tiller at Point72 Asset Management and its predecessor, SAC Capital. Tiller, an energy-stock specialist, launched Precocity in...



The Grapevine

Wed, 07 Nov 2018
MKP Capital chief risk officer Henry Lee is retiring from the $6 billion fund operation after 22 years. His last day at the New York firm will be Jan. 31. Deputy chief risk officer Lin Li will assume the role of chief risk officer and join MKP&rsquo;s investment committee. Lee, who has been with the firm from the beginning, spent the first 10 years working as a senior portfolio manager before becoming chief risk officer. &ldquo;Henry has been a...



The Grapevine

Wed, 07 Nov 2018
Balyasny Asset Management has hired a researcher to focus on the stocks of consumer-discretionary companies for its Synthesis unit, which combines fundamental analysis and quantitative models. Edward Duggan joined the Chicago multi-strategy operation&rsquo;s New York office in October from a portfolio-manager post at Man Group&rsquo;s discretionary-investment arm, Man GLG. Duggan&rsquo;s resume also includes stops at Citadel&rsquo;s Surveyor...



The Grapevine

Wed, 07 Nov 2018
Fir Tree Partners has hired an analyst to focus on distressed-debt and event-driven investments. Sachin Gupta joined the New York firm in September from Cerrano Capital, which is shutting down. Gupta spent about a year at Cerrano following stops at Oaktree Capital and GMO. Fir Tree invests worldwide in public and private companies, real estate and sovereign debt. It was managing $8 billion at yearend...



The Grapevine

Wed, 07 Nov 2018
Healthcare-stock analyst Steven Breazzano has joined Casdin Capital. He arrived at the New York fund operator in September after spending a little more than a year at investment bank Evercore. Breazzano&rsquo;s resume also includes stops at Piper Jaffray and Bionest Partners. Casdin, led by former AllianceBernstein executive Eli Casdin, focuses on investments in stocks whose values could be impacted by advances in molecular medicine. It was...



The Grapevine

Wed, 07 Nov 2018
Portfolio manager Shikhar Ranjan is now working at Aperture Investors, an emerging-market hedge fund startup led by former AllianceBernstein chief executive Peter Kraus. Ranjan joined the New York firm in September from Agan Capital, where he had been a managing partner since June 2017. Prior to that, he was a founding partner at DW Partners, and also has worked at Brevan Howard Asset Management and Morgan Stanley. Kraus, who has financial...



Basso Unwinding Funds Amid Strategy Shift

Wed, 31 Oct 2018
Basso Capital, one of the last remaining convertible-bond-arbitrage shops, is returning most of its outside capital and largely getting out of the convertible-arb business.The Stamford, Conn., firm, founded in 1994 by Howard Fischer, is winding down its flagship hedge fund, Basso Holdings; a smaller vehicle called Basso Select Opportunities Fund; and a UCITS product it manages for Deutsche Bank. It also is ending most of the sub-advisory...



Ellington Joins Growing Field of Interval Funds

Wed, 31 Oct 2018
Ellington Management is setting up an interval fund, adopting a structure that a small but growing number of debt-focused managers are using to broaden their investor bases.The planned offering, Ellington Income Opportunity Fund, is set to launch in the fourth quarter with about $25 million. Managing director Mark Tecotzky will serve as co-portfolio manager alongside Ellington founder Michael Vranos.Ellington, which manages $6.9 billion via a mix...



Solar Capital Pitches Leveraged-Loan Vehicle

Wed, 31 Oct 2018
Private-debt investor Solar Capital is marketing a fund that would buy and originate loans to highly leveraged mid-size businesses.The New York firm, led by one-time Apollo Global partner Michael Gross and former CIBC executive Bruce Spohler, is seeking to raise $750 million for the drawdown-style vehicle, SCP Private Corporate Lending Fund. Placement agent Park Hill Group is overseeing the fund-raising effort, with plans for a first equity close...



Artisan Alumni Craft New Business

Wed, 31 Oct 2018
Two credit-product specialists are preparing their own hedge fund.Working through their Antora Peak Capital, former Artisan Partners analysts Scott Baker and Scott Duba plan to launch a vehicle encompassing a concentrated distressed-debt portfolio and special-situations equity plays.Baker and Duba are Antora&rsquo;s portfolio managers. The Kansas City, Mo., duo is interviewing prospective analysts and traders.Baker worked at Artisan from 2016...



Frontlight Closure Belies Stable Base

Wed, 31 Oct 2018
Frontlight Capital founder Edward DeNoble decided to shut down his global-macro operation even though the firm faced no immediate redemption pressure &mdash; the main reason for many hedge fund closures.DeNoble, formerly of Convexity Capital and Harvard Management, informed employees last week that he was pulling the plug after less than three years of trading. Clearly, performance was a factor. The firm&rsquo;s Frontlight Enhanced Macro Fund...



Fund Shop Succumbs to October Rout

Wed, 31 Oct 2018
Sharp losses in recent weeks persuaded Alexander Teicher to pull the plug on his Roundabout Asset Management.The New York firm, which launched onshore and offshore versions of its Roundabout Partners fund in 2016, already was playing catch-up when the fund fell 8.6% during the Oct. 1-24 period. At that point, Roundabout&rsquo;s inception-to-date return was a disappointing minus-1.9%, Teicher told investors in an Oct. 26 letter about his decision...



Highline Payroll Down Sharply

Wed, 31 Oct 2018
Highline Capital reduced its headcount by seven this month.While it&rsquo;s unclear how many staffers remain at the New York equity shop, it ended 2017 with 35 employees &mdash; including 20 investment professionals.The exits reflect a belief on the part of Highline founder Jacob Doft that his investment staff had become too large, and that he needed to flatten its chain of command by elevating some personnel and broadening their coverage areas,...



New ESG Offering in the Market

Wed, 31 Oct 2018
The field of hedge fund managers focused on environmental, social and governance principles continues to grow.The latest entrant: Fern Impact Partners, a New York startup led by executives of Hunter Investment of Duluth, Ga. Fern Impact Fund began accepting capital in September via Charles Schwab&rsquo;s institutional-investor platform.Overseeing the fund are chief investment officer Kristin Carlin and chief executive Sandra Myburgh. They take...



REIT-Stock Pro Up and Running

Wed, 31 Oct 2018
A real estate-stock specialist has begun trading with capital from Crestline Investors.Max Greenberg, whose resume includes Gratia Capital and Nomura, opened Real Asset Alpha of Los Angeles several months ago and recently began trading a separate account for Crestline.The size of Crestline&rsquo;s investment is unknown. The Dallas firm, which had $9 billion under management at yearend 2017, often deploys capital to long/short equity managers via...



Affidavit Disputes Schonfeld Lawsuit

Wed, 31 Oct 2018
Recent court filings in Schonfeld Strategic Advisors&rsquo; lawsuit against ExodusPoint Capital appear to undermine its complaint that ExodusPoint improperly used confidential information about Schonfeld personnel to recruit a business-development executive.The gist of Schonfeld&rsquo;s case is that an in-house recruiter ExodusPoint poached from Schonfeld violated her non-compete clause by soliciting other Schonfeld executives to work at...



The Grapevine

Wed, 31 Oct 2018
Alice Kennon has resigned from her post as head of West Coast sales for Bank of America&rsquo;s prime-brokerage group to take a job at Jefferies. Kennon, who is based in San Francisco, will remain in prime-brokerage sales at Jefferies, but her exact role and start date are unknown. She had joined BofA by way of its financial-crisis rescue of Merrill Lynch, where she initially held an institutional client-coverage role in London. For much of her...



The Grapevine

Wed, 31 Oct 2018
Partner Ali Haroon will step down on Dec. 31 as head of Varde Partners&rsquo; commercial real estate investments in North America and Asia. Haroon plans to pursue entrepreneurial opportunities while continuing as a senior advisor to Varde. He joined the Minneapolis firm in 2005 after a stop at Bear Stearns. Varde&rsquo;s commercial real estate investments encompass loans, bonds, properties and companies. Residential mortgage-product head Brian...



The Grapevine

Wed, 31 Oct 2018
Semper Capital hired two staffers in September. Elisabeth Bothwell joined the New York structured-credit manager as head of marketing from Structured Portfolio Management, which began unwinding a few months earlier. She had started there in 2016, following stops at Axonic Capital and McKinsey & Co. Also new to Semper is mortgage-bond investment specialist Sandeep Bangar, who had been a member of Citigroup&rsquo;s trading desk since 2016. Bangar...



The Grapevine

Wed, 31 Oct 2018
Boston-based Wellington Management is seeking to hire three professionals. One of the openings is for a client-relations and marketing specialist who would focus on risk-premia products within a $10 billion &ldquo;multi-asset&rdquo; group. Another is for a software developer within a $10 billion quantitative-investment unit. The firm also is looking for an associate director who would review portfolio construction as part of its risk-management...



The Grapevine

Wed, 31 Oct 2018
King Street Capital has hired a trader. Federico Rossini joined the New York debt-fund operator&rsquo;s London office this month. Rossini had worked since 2015 at Nomura, most recently as a high-yield and distressed-debt analyst. King Street is led by Francis Biondi and Brian Higgins. It has $20 billion under management.



The Grapevine

Wed, 31 Oct 2018
Investor-relations specialist Elena Bukowski has joined Point72 Asset Management amid the shutdown of her former employer, Tourbillon Capital. Bukowski had been at Tourbillon from 2014 until the firm began unwinding this month. She also has worked at Daruma Capital and Fiduciary Management. She holds the title of vice president at Point72, the $13 billion multi-strategy operation led by Steve Cohen in Stamford,...



The Grapevine

Wed, 31 Oct 2018
Citadel elevated Chase McCann this month to head of human resources for all of its fundamental-equity divisions: Citadel Global Equities, Aptigon Capital, Ashler Capital and Surveyor Capital. McCann already had been serving in that role at Citadel Global Equities. He started at Citadel in 2016, after stops at PricewaterhouseCoopers, Walgreens, Booz & Co. and Deloitte. The Chicago multi-strategy firm, led by Ken Griffin, had $31 billion under...



LISTING: Firms Advising Hedge Funds on Regulatory Compliance

Thu, 25 Oct 2018
ACA ComplianceNew YorkContact: Damon Zappacosta212-951-1030dzappacosta@acacompliancegroup.comAcquired rival compliance shop Cordium in September 2018. Combined operation has staff of 700 who work with 4,000 clients worldwide, from startups to large, established firms. ACA has advised more than 80% of the 100 largest hedge fund operators, but also works with new and emerging managers. Most of its professional staff have experience working for...



LISTING: Firms Advising Hedge Funds on Regulatory Compliance

Thu, 25 Oct 2018
Alaric ComplianceNew YorkContact: Guy Talarico212-243-5241gtalarico@alariccompliance.comServices for hedge funds include assistance with SEC and CFTC registrations, development of compliance policies, compliance monitoring and testing, mock SEC exams, cybersecurity assessments, and full outsourcing of chief-compliance-officer functions. Clients range from startups to firms with more than $100 billion of assets. Alaric&rsquo;s team, led by...



LISTING: Firms Advising Hedge Funds on Regulatory Compliance

Thu, 25 Oct 2018
Atlantia AdvisersNew YorkContact: Antonia Savaria212-354-3996asavaria@atlantiaadvisers.comAdvises fund operators, wealth managers and family offices on regulatory compliance, risk management and strategy. Also advises on regulations involving cryptocurrencies, blockchain technology and initial coin offerings. Founded in 2017 by Antonia Savaria, an attorney with more than 15 years of experience in compliance and risk-management. Offers multiple...



LISTING: Firms Advising Hedge Funds on Regulatory Compliance

Thu, 25 Oct 2018
Barge ConsultingDuluth, Ga.Contact: Marvin Barge678-765-7572marvin@bargeconsulting.comFounded in 2000 by former SEC examiner Marvin Barge. Works with range of money managers including hedge funds and private equity shops. Services include help with SEC registration and conducting mock audits. Clients have included units of American Express and SunTrust.NOTE: Complete listing appeared in October 24, 2018, issue of Hedge Fund Alert and can be found...



LISTING: Firms Advising Hedge Funds on Regulatory Compliance

Thu, 25 Oct 2018
Blue River PartnersDallasContact: Michael Minces214-736-7176minces@blueriverpartnersllc.comHandles administration, compliance and operations functions for more than 350 alternative-investment and other firms with combined $1.3 trillion under management. Has experience across all types of fund structures, strategies and asset classes. Services include fund launches, SEC registration, compliance programs and cybersecurity reviews.NOTE: Complete...



LISTING: Firms Advising Hedge Funds on Regulatory Compliance

Thu, 25 Oct 2018
Catalina PartnersTempleton, Calif.Contact: Patricia Watters949-274-3938pwatters@catalinapartners.comHelps clients prepare registration documents and assists with risk-management policies and compliance-monitoring programs. Provides training and other forms of compliance support. Also helps managers prepare for operational due-diligence reviews.NOTE: Complete listing appeared in October 24, 2018, issue of Hedge Fund Alert and can be found on...



LISTING: Firms Advising Hedge Funds on Regulatory Compliance

Thu, 25 Oct 2018
Charles Griffin IntelligenceNew YorkContact: Philip Segal212-332-2845philip@charlesgriffinllc.comHelps fund managers ensure that investors in funds marketed under the JOBS Act are accredited. Typically charges $600 per investor. Also helps identify individuals who might be barred from associating with hedge funds under the SEC&rsquo;s &ldquo;bad actor&rdquo; rule. Founded by Philip Segal in 2009, firm&rsquo;s main business is investigations for...



LISTING: Firms Advising Hedge Funds on Regulatory Compliance

Thu, 25 Oct 2018
Cloudbreak ComplianceWhite Plains, N.Y.Contact: Todd Kaplan914-867-0277todd@cloudbreakcompliance.comSince 2015, has provided regulatory and compliance support to 40-plus hedge fund managers and other types of investment advisors. Team includes compliance professionals and lawyers who previously held senior roles at large asset managers, law firms and compliance-consulting firms. Specialties include SEC registration, customized compliance...



LISTING: Firms Advising Hedge Funds on Regulatory Compliance

Thu, 25 Oct 2018
Conformity360New YorkContact: Al Cabrini646-205-3213acabrini@conformity360.comManages full range of compliance functions for hedge funds, private equity firms, wealth managers and other institutions. Helps clients establish operational and governance protocols to minimize risks related to investment-advisor registrations, regulatory filings, service-provider relationships and information technology.NOTE: Complete listing appeared in October 24,...



LISTING: Firms Advising Hedge Funds on Regulatory Compliance

Thu, 25 Oct 2018
Constellation AdvisersNew YorkContact: Greg Farrington212-300-3584gfarrington@constellationadvisers.comWorks with over 350 investment firms globally. Clients include hedge fund, private equity, venture capital and real estate managers, as well as family offices and broker-dealers. Offers regulatory and compliance services to firms governed by the SEC, CFTC, NFA, Finra, state regulators and other agencies. Also offers outsourced accounting,...



LISTING: Firms Advising Hedge Funds on Regulatory Compliance

Thu, 25 Oct 2018
Duff & PhelpsNew YorkContact: Angelique Thompson212-983-7711angelique.thompson@duffandphelps.comAsset-valuation advisor entered compliance arena in 2015 via acquisition of Kinetic Partners, expanding the unit through purchase of CounselWorks in 2016. Offers regulatory-consulting, compliance-support and cybersecurity services to global client base subject to oversight by multiple regulators.NOTE: Complete listing appeared in October 24, 2018,...



LISTING: Firms Advising Hedge Funds on Regulatory Compliance

Thu, 25 Oct 2018
FrontLine ComplianceRockville, Md.Contact: Chip Arvantides888-518-8070, ext. 2carvantides@frontlinecompliance.comFounded in 2006, firm helps fund operators develop compliance programs and conduct forensic testing and mock regulatory exams. Has track record of SEC exams resulting in no material findings for its clients. Client-renewal rate is above 90%. Staffed by former SEC examiners and investigators, as well as former compliance officers at...



LISTING: Firms Advising Hedge Funds on Regulatory Compliance

Thu, 25 Oct 2018
Get The NetNew YorkContact: Kevin Beauregard917-414-2684kbeauregard@getthenet.comFounded in 2005, offers compliance and operational-risk services to hedge funds ranging from startups to firms with more than $1 billion under management. Services include compliance surveillance and annual reviews, mock audits, SEC and CFTC registration, operational-risk due diligence, staff assessment and recruiting. Coordinates with technology vendors on workflow...



LISTING: Firms Advising Hedge Funds on Regulatory Compliance

Thu, 25 Oct 2018
Greyline SolutionsSan FranciscoContact: Matt Okolita415-604-9527mokolita@greylinesolutions.comIn 2018, bought out minority owners Karl Cole-Frieman and Bart Mallon, partners in San Francisco law firm Cole-Frieman & Mallon. Opened Chicago office headed by new partner Jennifer Dickinson. Also added outposts in New York, Dallas and London. Chief executive Matt Okolita previously held senior post at compliance advisor CounselWorks. In addition to...



LISTING: Firms Advising Hedge Funds on Regulatory Compliance

Thu, 25 Oct 2018
NRSLakeville, Conn.Contact: Joseph Brickman847-933-8120joseph.brickman@nrs-inc.comLexisNexis affiliate bills itself as a leading source of compliance technology and consulting services. Its ComplianceGuardian software offers soup-to-nuts automation of functions including regulatory filings and development of compliance policies. Firm also conducts educational seminars for staffers. Partnered with Fortress Information Security in March 2018 to...



LISTING: Firms Advising Hedge Funds on Regulatory Compliance

Thu, 25 Oct 2018
OricalNew YorkContact: Gregory Florio212-257-5781gflorio@orical.orgJim Leahy212-257-5783jleahy@orical.orgConsulting arm of financial-service law firm Florio Leahy. Co-founders Gregory Florio and Jim Leahy once were senior executives at Marathon Asset Management. Offers hands-on compliance consulting services, including help registering with regulatory agencies, supplemented by proprietary software. Counts more than 100 hedge fund and private...



LISTING: Firms Advising Hedge Funds on Regulatory Compliance

Thu, 25 Oct 2018
SCA Compliance and ConsultingChicagoContact: Sidney Wigfall630-857-0005sidney.scadvisors@comcast.net Founded in 2005 by Sidney Wigfall, a former SEC branch chief in New York who also has served as in-house and outsourced chief compliance officer and general counsel for hedge fund and private equity managers. Offers compliance reviews, operational-risk consulting and outsourced-compliance-officer services to managers of hedge funds, funds of...



LISTING: Firms Advising Hedge Funds on Regulatory Compliance

Thu, 25 Oct 2018
SEC3New YorkContact: Janaya Moscony212-706-4029, ext. 214janaya@seccc.comStaff includes former financial regulators and one-time compliance executives at investment firms. Has worked with hundreds of fund shops, asset managers and broker-dealers globally, with expertise in SEC exams, mock audits and developing training programs. An affiliate, CCO3, performs the role of chief compliance officer on an outsourced basis. Founded in 2003 by Janaya...



LISTING: Firms Advising Hedge Funds on Regulatory Compliance

Thu, 25 Oct 2018
Simon ComplianceChicagoContact: Lindsey Simon312-325-7341lindsey@simoncompliance.comFounder Lindsey Simon is former SEC enforcement attorney who also has been a chief compliance officer and general counsel at a hedge fund firm. Offers hands-on consulting services and customized compliance programs. Works with range of alternative-investment businesses including new and established hedge funds, funds of funds, private equity vehicles and real...



LISTING: Firms Advising Hedge Funds on Regulatory Compliance

Thu, 25 Oct 2018
SS&C GlobeOpNew YorkContact: Eamonn Greaves914-670-3612egreaves@sscinc.comFund-administration giant launched compliance-consulting unit in 2012. Assists managers with regulatory- and tax-filing obligations, including Form PF and Form 13F, FACTA-related filings and AIFM Directive disclosures. Compliance package available to firm&rsquo;s administration clients and on a stand-alone basis.NOTE: Complete listing appeared in October 24, 2018, issue of...



LISTING: Firms Advising Hedge Funds on Regulatory Compliance

Thu, 25 Oct 2018
State Harbor AdvisorsNew YorkContact: Michael Byl203-300-8543michael@stateharbor.comLaunched by Michael Byl in 2018 after leaving Gartland & Mellina, which exited the compliance-consulting field. Some clients followed Byl to new firm. As of October 2018, had 14 clients on retainer for full range of compliance services.NOTE: Complete listing appeared in October 24, 2018, issue of Hedge Fund Alert and can be found on HFAlert.com, in the...



LISTING: Firms Advising Hedge Funds on Regulatory Compliance

Thu, 25 Oct 2018
Titan RegulationChicagoContact: Julie Dixon408-628-1968julie.dixon@titanregulation.comLed by former Citadel chief compliance officer Julie Dixon. Clients include hedge fund shops, commodity-trading advisors, private equity managers, family offices and broker-dealers. Handles compliance program design and administration, staff training, SEC and CFTC registration, Form PF filings and mock audits. Has satellite office in San Francisco.NOTE: Complete...



Blue Ridge Alums Win Backing From Griffin

Wed, 24 Oct 2018
Blue Ridge Capital founder John Griffin has agreed to make a substantial day-one investment in an equity fund planned by two former Blue Ridge executives.Angela Aldrich, who was a portfolio manager at Blue Ridge, and Brian Smith, the firm&rsquo;s head trader, expect to begin investing at their newly formed Bayberry Capital in early 2019. Marketing documents for their planned fund say it will launch with an undisclosed amount of capital from...



New Products Boost Assets of Credit Manager

Wed, 24 Oct 2018
Fixed-income fund operator Bramshill Investments has launched two funds in the space of four months, marking a substantial increase in the firm&rsquo;s offerings and assets.The Hackensack, N.J. firm, led by former Man GLG portfolio manager Art DeGaetano, began trading Bramshill Structured Products Fund this month with $9 million. The portfolio is managed by DeGaetano and Paul van Lingen, who joined Bramshill last year and previously managed...



Apollo Offering Credit Tail-Risk Protection

Wed, 24 Oct 2018
Apollo Global is developing a product to protect investors against severe deteriorations in credit-market conditions.The Apollo Tail Convexity Strategy would be available to holders of the New York firm&rsquo;s separate accounts, but not as a commingled fund. It would aim to produce big profits should those customers&rsquo; debt-focused portfolios experience extreme declines in asset values, likely with an eye toward the effects of rising...



William Blair Launches Vehicle

Wed, 24 Oct 2018
William Blair & Co. has raised at least $180 million for an emerging-market hedge fund.The contributions to the William Blair Emerging Markets Leaders Fund came from three investors, according to a regulatory filing. The Chicago firm also runs a mutual fund of the same name.The mutual fund has generated highly volatile returns since the strategy&rsquo;s inception in 2008. For example, Class N shares were up 41.7% last year following a gain of...



Neo Ivy, Ex-Analyst Trade Charges

Wed, 24 Oct 2018
While quantitative-investment shop Neo Ivy Capital is racking up solid returns, the firm is embroiled in a nasty arbitration dispute with a former employee.Neo Ivy&rsquo;s founder, Renee Yao, accuses former research analyst Yinglong Guo of misappropriating the fund&rsquo;s source code by forwarding data to his personal computer before he left the firm in August 2017. For his part, Guo accuses Neo Ivy of breach of contract for failing to pay him a...



New Indexes Highlight Volatility

Wed, 24 Oct 2018
Hedge fund analytics shop Markov Processes International has created a set of performance indexes that allows investors to track funds with specific risk profiles.The Summit, N.J., firm, which for nearly 30 years has sold software to analyze hedge fund performance, also maintains return indexes in partnership with BarclayHedge and Eurekahedge. This week, Markov Processes will roll out new versions of the MPI BarclayHedge Elite Systematic Traders...



Axar Stuck in Extended Slump

Wed, 24 Oct 2018
After a strong start, special-situations shop Axar Capital is mired in a lengthy period of underperformance.The New York operation&rsquo;s Axar Onshore Fund is flat for the year, following a 4% gain in the first few weeks of October. But the firm, led by former Mount Kellett Capital executive Andrew Axelrod, was showing a year-to-date loss of 2.5% as recently as Sept. 30 &mdash; versus a 9% gain for the Wilshire 5000 Total Market Index.As of...



Matrix Alumnus Opens Fund Shop

Wed, 24 Oct 2018
A former Matrix Capital executive has launched a hedge fund.Pavlo Chikosh began trading in the past month or so via a Boston startup he&rsquo;s named Sabrelane Capital. The firm&rsquo;s debut offering, Sabrelane Capital Management Fund, started out with $3 million.Details about Sabrelane&rsquo;s strategy remain under wraps, but Chikosh&rsquo;s background as a managing director at Matrix suggests a focus on technology stocks. Matrix is known for...



Direct-Lending Fund Draws Investors

Wed, 24 Oct 2018
Business lender MGG Investment so far has raised $600 million for its second fund.The offering, MGG Specialty Finance Fund 2, has an equity-raising goal of $750 million. The investment minimum is $1 million for individuals and $5 million for institutions.Like MGG&rsquo;s first fund, which raised $650 million, Fund 2 writes loans to &ldquo;lower-middle market&rdquo; companies &mdash; typically, family-run businesses with less than $40 million of...



Quant Venture Up and Running

Wed, 24 Oct 2018
A quantitative startup has launched its debut hedge fund.Sayer Capital of Boston began trading its Recursion Fund in September with $12 million from three investors.Sayer formed in June after a few years of development by majority partner Christian Carrillo. Joining him are partner Idan Rubin and vice president John Lammers.Carrillo bills himself as a researcher, although his background is unclear.Rubin, Sayer&rsquo;s chief executive and head of...



The Grapevine

Wed, 24 Oct 2018
Putnam Investments has hired a staffer to help design and market products for its nascent hedge fund division. Mujtaba Mahmood joins the firm&rsquo;s Boston office from BlackRock, where he worked since April. Mahmood also has worked at Hutchin Hill Capital, Balyasny Asset Management, Och-Ziff Capital, Morgan Stanley and Perella Weinberg Partners. Putnam, best known for its mutual funds, launched its first hedge fund in 2017 and is developing a...



The Grapevine

Wed, 24 Oct 2018
Axonic Capital has hired Melissa Parvis to lead its investor-relations efforts. Parvis arrived at the New York operation in September from Perella Weinberg Partners, where she had worked since 2013. She also has worked at law firm Shearman & Sterling, HSBC and Wireless Capital. Axonic, which invests in structured credit products, is led by Clayton DeGiacinto. It has $2.5 billion under...



The Grapevine

Wed, 24 Oct 2018
Ares Management has added a marketing specialist to its New York office. Ashley Fochtman Zummo started in September as a principal covering pension systems. She had been heading business development and investor relations at Atalaya Capital, where she started in 2009 following stops at Goldman Sachs and Amaranth Advisors. Ares, led by Michael Arougheti, runs $121 billion through a mix of credit-focused hedge funds, collateralized loan...



The Grapevine

Wed, 24 Oct 2018
Lawton Park Capital has hired a head of investor relations and business development. Kerra Smith arrived at the Stamford, Conn., operation this month from a similar position at Forester Capital, where she had worked since 2015. Smith&rsquo;s resume also includes stops at Ice Canyon, Hudson Bay Capital, Gotham Asset Management, J.P. Morgan and Cambridge Associates. Lawton Park, led by Matt Hagerty, takes long and short positions in small- and...



The Grapevine

Wed, 24 Oct 2018
Nokota Management has hired an analyst. Ronald Serko arrived at the New York equity manager in September from TPG Sixth Street Partners, where he had been covering special-situations investments since 2014. Before that, he was at Lazard. Nokota, led by Mina Faltas and Matthew Knauer, had $4.5 billion under management at yearend 2017.



The Grapevine

Wed, 24 Oct 2018
Coatue Management added marketing specialist Emily Haight to its New York headquarters in September, assigning her to cover investors in the U.S. Haight had been working at Arrowgrass Capital since 2014, and before that was at Och-Ziff Capital, UBS, Bank of America and Bloomberg. Coatue is led by Philippe Laffont. The firm, which invests mainly in technology companies through a mix of hedge funds and venture capital vehicles, had $14.4 billion...



The Grapevine

Wed, 24 Oct 2018
Long-only bond investor Radcliffe Capital brought in Robert Lodge last week to lead its marketing and business-development efforts. Lodge had been heading investor relations at Azarias Capital since January 2017, and before that was at McClain Value Management, Verdis Investment, Davidson Capital, Glenmede and Pilgrim Baxter. Radcliffe is led by chief investment officer Steven Katznelson and research head Christopher Hinkel. It has $2.4 billion...



The Grapevine

Wed, 24 Oct 2018
Kiski Group&rsquo;s chief technology officer has jumped to multi-strategy startup Antecapio Investment, where he holds the same title. Jonathan Wang had been at Kiski since April 2017, following stops at TPG-Axon Capital, Ipreo, Bank of America, Bloomberg and Credit Suisse. New York-based Antecapio is led by former Weiss Multi-Strategy Advisers executive Rick Doucette and one-time UBS managing director Gerry...



Leucadia Gives Money to Ex-Folger Hill Team

Wed, 17 Oct 2018
Leucadia Asset Management is seeding an energy-stock trader who last worked at Folger Hill Asset Management &mdash; even as it unwinds its seed investment in Folger Hill.Salil Sharma is running an undisclosed amount of Leucadia&rsquo;s money via his Kathmandu Capital, a Boston operation that employs three other Folger Hill alumni. The plan is to manage a long/short book exclusively for Leucadia before launching a commingled fund &mdash; assuming...



Manager Pitches Merchant-Finance Strategy

Wed, 17 Oct 2018
A firm that invests in so-called merchant cash advances is seeking to raise $50 million for the niche strategy, which isn&rsquo;t subject to some of the regulatory constraints on direct lending.Axentia Solutions of Kansas City, Mo., has lined up $25 million from an undisclosed family office on the condition that the planned Axentia MCA Fund raises an additional $25 million from other investors. Axentia&rsquo;s management team, including former...



Former Citadel Quant Chief Planning a Launch

Wed, 17 Oct 2018
Jonathan Graham, the former head of Citadel&rsquo;s quantitative-investing unit, is laying the groundwork for his own investment business.Word began to spread in the past few weeks after his non-compete agreement with Citadel expired. Graham left the $31 billion multi-strategy fund manager in March 2017.It&rsquo;s unclear when Graham hopes to launch, or exactly what type of business he envisions. But his efforts are of keen interest to quant...



Balyasny's Hiring Pipeline Swells

Wed, 17 Oct 2018
Balyasny Asset Management continues to expand the ranks of its equity, macro and fixed-income teams.The multi-strategy fund shop has signed 13 portfolio managers who are set to start work in the coming months, on top of 16 who have joined since the start of the year, founder Dmitry Balyasny told limited partners last week. About two-thirds of the pending arrivals will join the firm&rsquo;s equities-management team, &ldquo;improving our coverage...



Startup Emphasizing Crypto Accounts

Wed, 17 Oct 2018
A group of financial-industry professionals has launched a separate-account business that would offer exposures to both conventional hedge fund strategies and cryptocurrency plays.Alpha Innovations, led by former Point72 Asset Management executive Lawrence Newhook, aims to steer client capital to outside managers that would run the money alongside their commingled vehicles. The Hamilton, Bermuda, operation opened for business this month with...



Canadian Shops Embrace Rule Change

Wed, 17 Oct 2018
Canadian hedge fund managers are lining up to launch liquid-alts vehicles following a move by securities regulators to loosen restrictions on mutual funds.CIBC, a Toronto bank that offers prime-brokerage services to fund managers in Canada and the U.S., counts nine clients that already have received approval from Canadian regulators to manage alternative mutual funds. Meanwhile, the bank has begun reaching out to about 200 hedge fund firms...



Campbell Opens Program to Outsiders

Wed, 17 Oct 2018
Managed-futures pioneer Campbell & Co. is marketing an investment that combines some of its best-performing strategies.The offering, Campbell Absolute Return, has existed in one form or another since 2002, but assumed its current strategy mix in mid-2014. Since then, it has generated an 8.9% annualized return, outperforming all 20 funds in Societe Generale&rsquo;s SG CTA Index. Year-to-date, the Campbell portfolio was up 5.4% at the end of...



Financial-Stock Pro on Launch Pad

Wed, 17 Oct 2018
Financial-stock specialist Bradley Davis is set to launch a fund in the coming days with backing from Crestline Investors.After leaving Citadel unit Aptigon Capital in February, Davis set up Tetrahedron Capital in New York, where he has since hired three sub-sector analysts covering banks, insurers and nonbank financial institutions. Tetrahedron&rsquo;s fund will begin trading with an undisclosed amount of seed capital from Crestline, a Fort...



Westpac Unit Exits Stake in Asia Shop

Wed, 17 Oct 2018
Asia-focused manager RV Capital has bought out its minority owner.The transaction gives the Singapore operation&rsquo;s employees full ownership, co-founder Ranodeb &ldquo;Ronnie&rdquo; Roy wrote in a Sept. 28 letter to investors. They previously held a 70% stake, with the other 30% controlled by Ascalon Capital.Sydney-based Ascalon bought its stake in RV in 2013. RV had launched the year before, and with the Ascalon transaction saw its assets...



Renamed Firm Adds Credit Vehicle

Wed, 17 Oct 2018
Stream Asset Management has followed through with plans to launch a second fund.The Red Bank, N.J., firm started trading Stream Credit Opportunities Partners this month with $44 million of equity. It employs a relative-value approach to trade a mix of debt instruments, including structured products.Stream also was running $40 million of gross assets through a market-neutral equity fund and managing a $110 million separate account for Crestline...



Tech Startup Automates Data Entry

Wed, 17 Oct 2018
A financial-technology startup has launched a broad marketing campaign for a product that automatically compiles data from alternative-investment managers.Canoe Intelligence is telling fund allocators that it can reduce the manual data-entry work they or their vendors must perform after receiving reports from the firms running their money &mdash; information that often comes in unstructured formats that are incompatible with basic forms of...



The Grapevine

Wed, 17 Oct 2018
Malik Abdul has quit his post as chief technology officer at hedge fund conference organizer Context Summits. His resignation was effective Oct. 16. A day earlier, Context Summits announced the resignation of chief executive Mark Salameh. It&rsquo;s unclear what Abdul and Salameh plan to do next. They previously worked together in AlphaMetrix&rsquo;s conference business before being hired by Context Capital in 2013 to launch a similar operation....



The Grapevine

Wed, 17 Oct 2018
Former Aptigon Capital portfolio manager Jennifer Pollak resurfaced in AllianceBernstein&rsquo;s New York office in September with the same title. Pollak worked at Aptigon, an equity-focused unit of Citadel, from February 2017 to May 2018. She also has spent time at Folger Hill Asset Management, Coatue Management, Highbridge Capital, Bear Stearns and J.P....



The Grapevine

Wed, 17 Oct 2018
DLD Asset Management, a New York firm that employs a mix of arbitrage strategies, has added three staffers in the past month. Laurie Beaty signed on as head of marketing and investor relations from Basso Capital, where she started in 2014. Mitch Nordon, a senior analyst, had been at B. Riley FBR since September 2017. Also on board as a senior analyst is Eric Potoker, who founded healthcare-stock research firm EBP Advisors in October 2017. DLD,...



The Grapevine

Wed, 17 Oct 2018
Point72 Asset Management has picked up a portfolio manager. Alla Liberman joined the Stamford, Conn., multi-strategy manager&rsquo;s New York office in September. She previously was a portfolio manager at Citadel from 2014 to 2016. Her resume also includes stops at Brevan Howard Asset Management, RBC and J.P. Morgan.



The Grapevine

Wed, 17 Oct 2018
Citadel has hired an analyst to cover the debt of healthcare companies. Kenny Norden arrived in the Chicago multi-strategy firm&rsquo;s New York office in September from MidOcean Credit, where he had been a principal since 2015. Norden&rsquo;s resume also includes stops at AXA Investment, J.P. Morgan and Goldman Sachs.



The Grapevine

Wed, 17 Oct 2018
Michael Lorch joined North Peak Capital of New York in September as chief financial officer and chief compliance officer. Lorch previously held the same titles at LMJ Capital, where he had worked since 2016. He also has spent time at EnTrust Capital and Goldstein Golub Kessler. North Peak, led by brothers Jeremy and Michael Kahan, runs $100 million of hedge fund assets with a long-biased equity approach. It also manages an undisclosed amount of...



The Grapevine

Wed, 17 Oct 2018
John Schabilion joined family office B1 Capital this month as a vice president in charge of public equity investments. Schabilion most recently researched hedge funds at 50 South Capital, a fund-of-funds unit of Northern Trust. He also has worked at Aurora Investment. Schabilion&rsquo;s arrival at B1 comes a year after deputy chief investment officer Sean Casey joined the Lake Forest, Ill., operation from Gore Creek Asset Management. B1 Capital...



The Grapevine

Wed, 17 Oct 2018
Augie Sciulla joined West Palm Beach, Fla., multi-strategy shop Wexford Capital this month in a business-development role. Sciulla had been at administration firm Caledonia since 2016, and before that spent time at Ardmore Global and JAT Capital. Wexford, led by Charles Davidson, has $3.5 billion under management.



LISTING: Investors Targeting Stakes in Hedge Fund Operators

Thu, 11 Oct 2018
White Oak EquityNew YorkContact: Bruce Wilson646-766-1445info@whiteoakequity.comSeeking to raise capital for a private equity vehicle that would buy minority stakes in alternative-investment managers running $250 million to $2 billion. Offering comes on the heels of three investments White Oak has made since June 2017: Blueshift Asset Management, a $360 million quantitative manager; FCO Advisors, a $1 billion debt-fund operator; and ROW Asset...



LISTING: Investors Targeting Stakes in Hedge Fund Operators

Thu, 11 Oct 2018
Titan AdvisorsStamford, Conn.Contact: Nick Weisser203-327-8600nweisser@titanadvisors.comMulti-manager operation, with $4.4 billion under management, makes seed- and acceleration-capital investments, typically deploying $80 million-plus per manager. In 2017, invested $80 million in acceleration deal with Nishkama Capital. Previously backed startup Tide Point Capital in 2012. Unusually, all of the performance-fee revenue Titan receives from its...



LISTING: Investors Targeting Stakes in Hedge Fund Operators

Thu, 11 Oct 2018
Tiger ManagementNew YorkContact: Fraser Seitel201-784-8880yusake@aol.comSeeding legend has backed about 50 startups since 2000. Twenty or so managers currently in Tiger&rsquo;s portfolio together run $33 billion-$34 billion, with Tiger Global accounting for about two-thirds of the total. Recently increased amount it&rsquo;s willing to invest to $50 million or more. Provided $50 million-$60 million to Yarra Square Capital, which launched in April...



LISTING: Investors Targeting Stakes in Hedge Fund Operators

Thu, 11 Oct 2018
Tages CapitalLondonContact: Mark de Klerk44-203-036-6074mark.dekerk@tagesgroup.comLocked in $203 million of initial commitments in May 2018 for a second fund that provides seed and acceleration capital to hedge fund managers. Tages previously deployed $900 million of seed capital both to hedge funds and UCITS vehicles. In July 2018, backed London startup Indar Capital in the launch of a $70 million fund. Inked deals with New York-based Nara...



LISTING: Investors Targeting Stakes in Hedge Fund Operators

Thu, 11 Oct 2018
Stride CapitalStamford, Conn.Contact: Don Rogers203-569-8920drogers@stridecapital.comSince 2012, has backed seven fund shops with initial investments of $25 million to $50 million. Those firms now run more than $1 billion combined. Most recently backed Johkim Capital of Dallas in mid-2018. Other investments include Greenhaven Road Capital, Monterone Partners, North Elm Capital, VIEX Capital and LRV Capital, whose team, assets and track record...



LISTING: Investors Targeting Stakes in Hedge Fund Operators

Thu, 11 Oct 2018
Stable Asset ManagementLondonContact: Erik Serrano Berntsen44-207-016-3163esb@stableam.comHas raised $300 million for debut seed-capital fund, with aim of reaching $500 million by yearend 2018. Team led by Erik Serrano Berntsen has backed nine startups since 2006. Targets specialty managers in New York and London with potential to grow to $1 billion-$2 billion within a few years. Offers capital and operational support in exchange for 20% revenue...



LISTING: Investors Targeting Stakes in Hedge Fund Operators

Thu, 11 Oct 2018
RIT CapitalLondonContact: Ron Tabbouche44-207-647-6203investments@ritcap.co.ukPublicly traded trust led by Jacob Rothschild has &#163;3.1 billion ($4 billion) market capitalization. Has seeded a number of startup fund managers over the years in exchange for revenue shares. Backed 2016 launch of Eisler Capital. RIT valued its investment in the firm at &#163;140.9 million at mid-2018, up from &#163;134 million a year earlier. Also backed Farmstead...



LISTING: Investors Targeting Stakes in Hedge Fund Operators

Thu, 11 Oct 2018
Reservoir CapitalNew YorkContact: Dan Stern212-610-9000dstern@reservoircap.comFinished investing $1.6 billion seed-capital fund in 2016. Has no plans for another dedicated seeding vehicle, in part because of disappointing returns. But continues to pursue seed deals via flagship fund that holds a mix of investments. Has backed fund managers including Abberton Capital, Castle Ridge Investment, OxBow Capital and Silver Ridge Asset Management....



LISTING: Investors Targeting Stakes in Hedge Fund Operators

Thu, 11 Oct 2018
Pacific Current GroupSydneyContact: Paul Greenwood253-617-7815info@paccurrent.comPublicly traded firm owns stakes in about 14 asset managers in the U.S., U.K., Australia, and India. In July 2018, acquired 24.9% stake in Victory Park Capital, a Chicago credit manager with $5.2 billion of assets. Formed joint venture with Strategic Capital to offer acceleration capital to emerging quant-fund managers, but isn&rsquo;t expected to do more deals. In...



LISTING: Investors Targeting Stakes in Hedge Fund Operators

Thu, 11 Oct 2018
Paloma PartnersGreenwich, Conn.Contact: Michael Liebowitz203-861-3230mliebowitz@paloma.comFounded by Donald Sussman in 1981, $4.6 billion firm backs managers pursuing a range of strategies, but favors quantitative and relative-value traders. Seedlings typically run money exclusively for Paloma for some years before raising outside capital. Usually invests $100 million to $150 million per manager. Most recently backed former Engineers Gate...



LISTING: Investors Targeting Stakes in Hedge Fund Operators

Thu, 11 Oct 2018
Northill CapitalLondonContact: Ryan Sinnott44-207-016-4119ryan.sinnott@northill.comLaunched in 2010 with backing from Italy&rsquo;s Bertarelli family, founders of the Serono pharmaceutical company. Seeks to buy majority stakes in startups, as well as established managers looking to cash out partners or investors. In November 2017, took position in Hastings Fund Management, an infrastructure manager owned by WestPac Banking. Other portfolio...



LISTING: Investors Targeting Stakes in Hedge Fund Operators

Thu, 11 Oct 2018
NewAlpha Asset ManagementParisContact: Antoine Rolland33-14-456-5234arolland@newalpha.netPhilippe Paquet33-14-456-5231ppaquet@newalpha.comSince 2009, has invested $1.7 billion in seed and acceleration deals, and had $1.2 billion under management as of September 2018. Looking to invest in startups and small, established firms globally. Also backs long-only managers in Europe. In March 2018, was hired by Massachusetts Pension Reserves Investment as...



LISTING: Investors Targeting Stakes in Hedge Fund Operators

Thu, 11 Oct 2018
Meritage GroupSan FranciscoContact: Meredith Barth212-906-8660mer-hfs@meritagegroup.comLed by Nathaniel Simons, son of Renaissance Technologies founder James Simons, Meritage mainly invests in other managers&rsquo; hedge funds on behalf of Renaissance partners. Has inked at least five seed deals in recent years, including Atalan Capital, Lamond Capital and Sarissa Capital. Also backed Hutchin Hill Capital, which shut down in 2017, and Anandar...



LISTING: Investors Targeting Stakes in Hedge Fund Operators

Thu, 11 Oct 2018
JefferiesNew YorkContact: Nicholas Daraviras212-284-1700ndaraviras@leucadia.comInvestment bank&rsquo;s parent has asset-management unit that acquires stakes in new and emerging hedge fund managers and commodity-trading advisors. Recently helped raise $250 million for Tenacis Capital. But unloaded position in struggling Folger Hill Asset Management to Schonfeld Strategic Advisors. Jefferies, then known as Leucadia National, seeded Folger Hill in...



LISTING: Investors Targeting Stakes in Hedge Fund Operators

Thu, 11 Oct 2018
Kudu InvestmentNew YorkContact: Rob Jakacki212-257-6422rjakacki@kuduinvestment.comIn February 2018, Oaktree Capital and White Mountains Insurance committed $250 million to Kudu and took minority ownership of the firm. Kudu buys stakes in investment managers running $1 billion or more, but has yet to strike a deal with a hedge fund firm. Founded in 2015 with backing from Fidante Partners, an arm of Sydney investment house Challenger. Led by Kudu...



LISTING: Investors Targeting Stakes in Hedge Fund Operators

Thu, 11 Oct 2018
IM GlobalParisContact: Jean Maunoury44-203-751-9428jean.maunoury@imsquare.co.ukAcquired minority stake in $2.3 billion Sirios Capital of Boston in July 2018, expanding portfolio that also includes $6.5 billion Dolan McEniry of Chicago and $20 billion Polen Capital of Boca Raton, Fla. More recently was negotiating to buy stakes in another hedge fund firm and a long-only manager. Plans to go public in 5-7 years, borrowing page from Affiliated...



LISTING: Investors Targeting Stakes in Hedge Fund Operators

Thu, 11 Oct 2018
InvestcorpNew YorkContact: Nick Vamvakas917-332-5700nvamvakas@investcorp.comHired former Blackstone and Credit Suisse executive Anthony Maniscalco in September 2018 to launch stake-taking business focused on smaller alternative-investment managers. Expected to begin investing with balance-sheet capital before launching a fund with a likely equity target of $500 million to $1 billion. Maniscalco sought to launch similar business at Credit Suisse...



LISTING: Investors Targeting Stakes in Hedge Fund Operators

Thu, 11 Oct 2018
HS GroupHong KongContact: Michael Garrowgarrow@hsgfunds.comAsia-focused seeder led by one-time Blackstone executive Michael Garrow and former Goldman Sachs executive Johannes Kaps. Secured $1.2 billion of commitments in 2018 for its second fund. Recently backed Solada Investment, a macro startup run by a former Moore Capital portfolio manager. It was HS Group&rsquo;s first investment in London. Other positions include Ishana Capital and Trikon...



LISTING: Investors Targeting Stakes in Hedge Fund Operators

Thu, 11 Oct 2018
Goldman SachsNew YorkContact: Ali Raissi44-207-774-1000ali.raissi@gs.comJack Springate212-855-9043jack.springate@gs.comActive buyer of minority general-partnership stakes positioned to invest remaining dry powder from $1.5 billion Petershill 2 fund in one or two more deals. Already has deployed big chunk of Petershill 3, which raised $2.5 billion to acquire stakes in a range of alternative-investment businesses including private equity firms....



LISTING: Investors Targeting Stakes in Hedge Fund Operators

Thu, 11 Oct 2018
GCM GrosvenorChicagoContact: Michael Kirchner312-506-6754mkirchner@gcmlp.comLarge multi-manager operation runs fully invested $475 million seed-capital fund that launched in 2013. Deployed $50 million to $100 million per manager. Last known deal was with Hollis Park Partners in 2015. Continues to pursue deals on a one-off basis. Also invests in new managers as a limited partner.NOTE: Complete listing appeared in October 10, 2018, issue of Hedge...



LISTING: Investors Targeting Stakes in Hedge Fund Operators

Thu, 11 Oct 2018
Dyal CapitalNew YorkContact: Michael Rees212-476-9021michael.rees@nb.comNeuberger Berman unit has taken minority stakes in more than 30 large asset managers since 2011. Doesn&rsquo;t look at startups or emerging managers. Latest deal is investment in Graticule Asset Management, an Asia-focused macro shop that spun off from Fortress Investment in 2014. Other recent acquisitions include Atalaya Capital, HPS Investment and Sound Point Capital....



LISTING: Investors Targeting Stakes in Hedge Fund Operators

Thu, 11 Oct 2018
Brummer & PartnersStockholmContact: Ola Paulsson085-662-1480info@brummer.seEurope-focused shop with SEK 117 billion ($12.9 billion) of assets owns part or all of about 10 hedge fund firms, while also running a multi-strategy fund that deploys capital to those managers. Typically invests hundreds of millions of dollars per deal. Known to quickly redeem from managers that underperform. In August 2018, bought a minority stake in AlphaCrest Capital,...



LISTING: Investors Targeting Stakes in Hedge Fund Operators

Thu, 11 Oct 2018
Borealis Strategic CapitalChicagoContact: Scott Schweighauser312-897-3479scott@borealisstratcap.comLed by former Aurora Investment co-head Scott Schweighauser, who began reaching out to investors about his startup in 2016. Yet to hold a first equity close, but plans to make initial investment in the first quarter of 2019. Schweighauser oversaw Aurora&rsquo;s seeding business before the fund-of-funds operator closed its doors in 2016. His deals...



LISTING: Investors Targeting Stakes in Hedge Fund Operators

Thu, 11 Oct 2018
BlackstoneNew YorkContact: Michael Pierog646-482-8988michael.pierog@blackstone.comBig player has inked three deals in past year via third hedge fund-seeding vehicle, which raised $1.5 billion of equity and still has about $1 billion left to deploy. Backed launches of Antara Capital, Asturias Capital and Seiga Asset Management. Also deploying remaining capital from $3.3 billion fund that takes minority stakes in established fund managers. That...



LISTING: Investors Targeting Stakes in Hedge Fund Operators

Thu, 11 Oct 2018
Aberdeen Asset ManagementNew YorkContact: Farhad Dehesh212-776-9069farhad.dehesh@aberdeenstandard.comAssembled four-member team in 2017 to purchase minority stakes in hedge fund and other alternative-investment managers. New unit called Bonnacord Capital seeking to raise $1 billion for a private equity fund to finance the deals, though apparently hasn&rsquo;t locked in any commitments so far. Placement agent Eaton Partners is marketing the fund....



LISTING: Investors Targeting Stakes in Hedge Fund Operators

Thu, 11 Oct 2018
Affiliated Managers GroupWest Palm Beach, Fla.Contact: Jay Horgen617-747-3300pr@amg.comPublicly traded company said in May 2018 that president Nathaniel Dalton would succeed Sean Healey as chief executive after Healey was diagnosed with Lou Gehrig&rsquo;s disease. Long-time buyer of general-partnership stakes hasn&rsquo;t made an acquisition since mid-2016, when it bought the remaining positions held by Goldman Sachs&rsquo; original Petershill...



Dyal Fund Buys Out Fortress Stake in Graticule

Wed, 10 Oct 2018
Dyal Capital has agreed to buy Fortress Investment&rsquo;s stake in Graticule Asset Management, an Asia-focused macro shop that runs more than $5 billion.Fortress, which spun off the Graticule team in 2014, is selling its entire 27% equity stake in the Singapore firm to Dyal, a Neuberger Berman unit that has emerged as the most prolific buyer of hedge fund general-partnership interests (see listing on Pages 6-9). Terms of the deal remain under...



Rimrock Isolates Interest-Rate Volatility Play

Wed, 10 Oct 2018
Rimrock Capital, a $4.5 billion fixed-income manager, is carving out a strategy from its main fund as a stand-alone offering.The Irvine, Calif., firm, led by Paul Westhead, is creating a special-purpose vehicle to capitalize on an expected increase in bond-market volatility. Rimrock Total Return Strategies Fund 2 would build a position in four-year options on the 10-year U.S. Treasury swap rate, while trading a mix of Treasurys, futures and swaps...



Paul Isaac's Investors Enduring Difficult Year

Wed, 10 Oct 2018
The flagship fund of Paul Isaac&rsquo;s Arbiter Partners is on track for its worst annual performance since 2011.The $565 million vehicle, Arbiter Partners QP, was down 14.3% at the end of September, having posted losses in six of the first nine months of the year &mdash; including a 10.3% drop in June. The firm&rsquo;s opportunistic-value strategy tends to be highly volatile, with four years of double-digit profits and four years of losses in...



Walleye Emerging as Fund Manager

Wed, 10 Oct 2018
Walleye Trading Advisors is expanding its fund-management business.The Plymouth, Minn., firm, founded in 2005 as an equity-options market-maker, launched its third hedge fund last month with about $130 million. The vehicle, Walleye Opportunities Fund, has stopped accepting contributions for the time being.Walleye launched its first hedge fund, Walleye Investments Fund, in 2006, but it has been closed to new investments for some time. That vehicle...



Shop Targets Italian Nonperformers

Wed, 10 Oct 2018
Event-driven manager Oceanwood Capital is pitching institutional investors in the U.S. on a portfolio of nonperforming corporate loans in Italy.The effort would see Oceanwood take a 12.5% stake in loans with a book value of &#8364;3 billion to &#8364;8 billion (up to $9.2 billion) that an undisclosed Italian bank plans to unload in one or two transactions. The London firm expects to commit &#8364;50 million to &#8364;100 million of equity for its...



Equity Manager Throws In the Towel

Wed, 10 Oct 2018
Fundamental equity shop Sajor Capital is shutting down.The San Francisco firm, led by former Partner Fund Management executive Frederick Seguritan, had some $10 million under management at the end of August. That&rsquo;s about the same amount the operation was running when it launched in May 2016.Sajor&rsquo;s fund, Sajor Partners, gained 6.8% over the January-August stretch. That beat a 2.6% rise in the HFRI Equity Hedge (Total) Index. But it...



Lawsuit Strategy Attracting Capital

Wed, 10 Oct 2018
A litigation-finance fund has raised another round of equity.Armadillo Financial closed on an undisclosed amount of capital for its Armadillo Financial Fund 3 on Oct. 1, on top of $150 million it already had raised for the drawdown vehicle since April.Armadillo operates as a joint venture between Arlington, Va., debt-fund manager EJF Capital and Houston attorney Nick Johnson. It offers low-interest-rate loans with typical balances of $5 million...



Business Booming for Matchmaker

Wed, 10 Oct 2018
Murano Connect, which acts as a matchmaker between alternative-investment managers and investors, has entered a period of rapid growth.Since its founding in 2011, the New York firm claims to have introduced fund operators to investors that contributed $10 billion to their vehicles &mdash; more than $2 billion in the past year. The firm now boasts an allocator network numbering 34,000.In the past six months, Murano has boosted the number of money...



Seasoned Quant Team Joins Schonfeld

Wed, 10 Oct 2018
Schonfeld Strategic Advisors has added a quantitative-investment team led by former Morgan Stanley trader Juhua Zhu.Zhu&rsquo;s six-member group joins a multi-strategy operation that now counts about 65 portfolio managers across a range of fundamental, quantitative and tactical-trading strategies. Including leverage, Schonfeld Strategic Advisors was running $8.9 billion at yearend 2017.Zhu&rsquo;s team is operating under the name Argus Investment...



Former Man Group Execs Open Shop

Wed, 10 Oct 2018
Two real estate-finance professionals who previously worked together at Man Group have started a business focused on fix-and-flip loans on single-family homes.Derrick Land and Travis Masters opened Blue Cypress Capital of Charlotte on Sept. 27, just days after leaving Man. They had been working in Charlotte for the U.K. fund-management company, which they joined in January 2017 via Man&rsquo;s acquisition of Aalto Invest.At Man, Land and Masters...



ExodusPoint Was Warned, Suit Says

Wed, 10 Oct 2018
Schonfeld Strategic Advisors filed suit against ExodusPoint Capital only after ExodusPoint ignored a warning to stop poaching Schonfeld staffers, according to the complaint.ExodusPoint recently solicited two Schonfeld employees who are &ldquo;not well known in the investment and hedge fund industry&rdquo; but were trained by Schonfeld to perform vital strategic functions, according to previously unreported details of the lawsuit. This shows that...



The Grapevine

Wed, 10 Oct 2018
Greenlight Capital has lost two analysts, while adding two others. One of the departures is Andrew Kaplan, whose employment plans are unknown. He had arrived at the New York event-driven shop in 2010 from Harvest Capital Strategies. The other, James Lin, is taking time off. He came on board in 2002. New to Greenlight is Ethan Auerbach, who worked briefly at Seafield Capital after managing a distressed-debt portfolio at BlueMountain Capital from...



The Grapevine

Wed, 10 Oct 2018
Financial-stock analyst Camron Ghaffari joined New York equity manager Holocene Advisors in August. Ghaffari had been working at Stelliam Investment since 2007, and before that was at Morgan Stanley, Moody&rsquo;s, Credit Suisse, Mastercard and International Paper. Holocene is led by former Citadel manager Brandon Haley. It launched with $1.5 billion in April 2017 and was running $2.8 billion at...



The Grapevine

Wed, 10 Oct 2018
TRG Management, an emerging-markets fund operator that does business as Rohatyn Group, has picked up a Singapore-based portfolio manager. Global-macro specialist Dan Su had been working as a trader at Balyasny Asset Management since 2016. Su&rsquo;s resume also includes stops at Tudor Investment, Commerzbank and Citigroup. New York-based TRG, led by founder Nicolas Rohatyn, was managing $5.5 billion of gross assets at yearend...



The Grapevine

Wed, 10 Oct 2018
Jonathan Moore re-joined Richmond, Va., fund-of-funds operator Spider Management in August in the dual roles of chief administrative officer and chief compliance officer. Moore had been in charge of investment administration at the Texas Children&rsquo;s Hospital since 2016. He held a number of roles at Spider before that, dating back to 2011. He also has worked at KPMG. Spider, owned by the University of Richmond, manages some $4.5 billion for...



The Grapevine

Wed, 10 Oct 2018
Proprietary-trading firm DRW is seeking additional staff for an office it opened in Greenwich, Conn., in September. The outpost, already manned by a few traders, will initially deal in fixed-income options and commodities. It is overseen by former Citadel portfolio manager Adam Garner, who joined DRW in 2017 as head of fixed-income options. Those products have been a focus for the firm since its founding by Don Wilson in...



The Grapevine

Wed, 10 Oct 2018
Craig Cohen left a prime-brokerage sales post in Jefferies&rsquo; Chicago office this month. There&rsquo;s no word on his destination. Cohen, a vice president, had been working at Jefferies since 2016. He also has spent time at J.P. Morgan, AM Investment and Morgan Stanley.



The Grapevine

Wed, 10 Oct 2018
Balyasny Asset Management elevated Adam Finger to chief administrative officer in August, from general counsel. Finger has worked at the Chicago multi-strategy firm since 2006, following stops at law firm Kaye Scholer and the Manhattan District Attorney&rsquo;s Office. With Finger&rsquo;s new assignment, chief compliance officer Matt Siclari has picked up the duties of general counsel for Dmitri Balyasny&rsquo;s firm. Siclari, a member of...



Corrections

Wed, 10 Oct 2018
A Sept. 19 entry in the &ldquo;Latest Launches&rdquo; table incorrectly reported that Maximus Long Short Equity Management&rsquo;s namesake fund launched in the first quarter. It is scheduled to launch in the first half of 2019.



Tricadia Revamps Business to Reverse Slump

Wed, 03 Oct 2018
Debt investor Tricadia Capital is overhauling its investment operation following several years of disappointing performance and investor withdrawals.The New York firm, whose assets have slipped to $1.7 billion from a high of $4 billion in 2015, is reshuffling its strategy mix and creating new management positions to oversee its investment team. Mark Black, who previously ran Raveneur Investment, joined Tricadia on Oct. 1 as head of corporate...



Blue Harbour Alums Join Activist-ESG Trend

Wed, 03 Oct 2018
A newly opened activist shop will incorporate environmental, social and governance principles in its efforts to influence management, following in the footsteps of Blue Harbour Group, Jana Partners and ValueAct Capital.The startup, Impactive Capital, is led by Christian Asmar and Lauren Taylor Wolfe, who previously worked together at Clifton Robbins&rsquo; Blue Harbour. They&rsquo;ve just begun marketing a fund of the same name that would take a...



Pagoda Co-Founder Goes Back to Highbridge

Wed, 03 Oct 2018
Adam Bernstein has returned to Highbridge Capital to launch a new strategy based on a novel approach to sector research.Bernstein previously spent nine years at Highbridge, leaving in 2014 to launch Pagoda Asset Management with two colleagues. Largely because of the Highbridge pedigree, Pagoda attracted strong investor demand, and was managing more than $500 million at yearend 2017. But after two years of middling returns, Bernstein abruptly...



Macro Fund Set to Raise Large Sum

Wed, 03 Oct 2018
A veteran bond trader is laying the groundwork for a global-macro fund that is attracting strong interest from investors months ahead of the planned launch.John McNiff, whose resume includes 10 years at Lehman Brothers, followed by stints at BlueCrest Capital and Graticule Asset Management, plans to begin trading around midyear 2019 via his Motum Capital of New York. Based on initial conversations with investors, Motum has the potential to launch...



Debt Shop Nears Fund-Raising Goal

Wed, 03 Oct 2018
Debt-focused startup Kennedy Lewis Investment has received commitments so far totaling about $350 million for its debut offering.The latest equity-raising round for the drawdown fund puts the New York firm within striking distance of its $500 million target. Kennedy Lewis aims to hold a final close by the end of November.The firm, led by former CarVal Investors executive David Chene and GSO Capital alumnus Darren Richman, held a first close in...



Slate Path Alumnus Up and Running

Wed, 03 Oct 2018
A former Slate Path Capital analyst launched an equity fund this month.Zachary Miller, who formed Parian Global Management earlier this year, began trading with $143 million &mdash; a respectable sum considering the difficulty most equity-focused startups have had attracting investors. The New York firm is managing the money through both onshore and offshore versions of its Parian Global Fund.Miller takes a fundamental-research approach to...



Key Staffer Exits Shrinking Mana

Wed, 03 Oct 2018
Quantitative fund manager Mana Partners has lost another top staffer.Co-founder Erin Kogan stepped down from her roles as chief financial officer and chief operating officer in preparation for the launch of a broker-dealer called Beespoke Capital. On Sept. 25, Kogan received a Finra license to run the new venture.Denver-based Beespoke plans to market shares of private funds. It also is recruiting technology professionals for asset managers,...



Healthcare-Stock Fund on Launch Pad

Wed, 03 Oct 2018
A biochemistry researcher is awaiting regulatory approval in Puerto Rico to launch a fund that would trade healthcare and pharmaceutical stocks in the U.S. and Canada.Hector Jirau, founder and chief investment officer at Jirau Capital, aims to begin marketing JCM Quantitative Value Fund in November following approval from the Office of the Commissioner of Financial Institutions of Puerto Rico. At that point, Jirau will begin reaching out to...



Sutton Square Crew Back in Business

Wed, 03 Oct 2018
Ken Brody&rsquo;s team at Sutton Square Capital appears to be getting a good look from some of the firm&rsquo;s former investors.The team, led by portfolio manager Victor Ho, left Sutton Square in the past month or so as the New York firm was shutting down due to Brody&rsquo;s failing health. Ho and his colleagues have since opened a New York firm called Yarra Square Capital.Yarra Square already has received capital commitments totaling about $75...



Passport Builds Up Crypto Team

Wed, 03 Oct 2018
Passport Capital has expanded the capabilities of its digital-asset investment team by adding three staffers.Joe McCann, Paolo Fragomeni and Alex Annese arrived at Passport in the past month or so. McCann and Fragomeni are developing the San Francisco firm&rsquo;s investment infrastructure, with McCann as head of the digital-asset unit&rsquo;s systematic strategies. Annese is a senior analyst covering fundamental investments in initial coin...



Crypto Shop Forms Offshore Vehicle

Wed, 03 Oct 2018
Cryptocurrency investor Walden Bridge Capital has launched an offshore version of its main fund.The Cayman Islands vehicle, Internet of Value Fund 1 Offshore, began accepting contributions this month. The U.S.-domiciled version, which launched in May 2017, takes a fundamental-value approach to picking digital currencies. It had about $12 million under management at the end of the first quarter.Walden Bridge is among an increasing number of...



Commodity Manager Tries New Tack

Wed, 03 Oct 2018
Commodity trader Stephen Smethurst is still looking for a lifeline for his Zafiro Capital.After its assets dwindled to less than $2 million, the Geneva firm liquidated its only fund last year and returned what little outside capital it still had. At that point, Smethurst was hoping to find a partner to prop up the business after mortgaging his house to cover expenses.As he continues searching for an investor to purchase an equity stake in the...



The Grapevine

Wed, 03 Oct 2018
BlueMountain Capital added senior analyst Ahmar Ahmad to its staff in August, assigning him to cover financial-company stocks under portfolio manager Mahmood Reza. Ahmad most recently was a principal at Roystone Capital from 2013 to September 2017. His resume also includes stops at Owl Creek Asset Management and consulting firm Stern Stewart. BlueMountain, led by Andrew Feldstein and Stephen Siderow, is a multi-strategy firm with $21 billion...



The Grapevine

Wed, 03 Oct 2018
Maverick Capital has added two investment professionals. Analyst Deep Dheri joined the Dallas equity manager&rsquo;s New York office as an analyst in August, a month after the arrival of senior analyst Matt Dabaco. Dheri previously analyzed restructuring and special-situations investments at PJT Partners. Dabaco was an associate focusing on private equity investments at Silver Lake Partners, following a stop at Morgan Stanley. Maverick, led by...



The Grapevine

Wed, 03 Oct 2018
Digital-asset investor Pantera Capital has a new marketing executive. Gerald Brant started at the Menlo Park, Calif., firm&rsquo;s New York office in August as a director. Brant had been at placement agent Stonehaven since 2014, following stops at Tangent Capital and Cyprus Tree Investment. He reports to Pantera president William Healy, who also started this year. Pantera runs $500 million through a mix of vehicles, including a venture capital...



The Grapevine

Wed, 03 Oct 2018
Startup Cowbird Capital has hired a head of business development. Ryan O&rsquo;Connell, who arrived at the New York equity shop in August, had been in charge of marketing and investor relations at Birch Grove Capital since 2015. He also has spent time at TIG Advisors and Reynders Gray. Cowbird, led by former Lone Pine Capital managing director Scott Coulter, launched its debut fund in...



The Grapevine

Wed, 03 Oct 2018
Senior analyst Drew Ronkowitz resigned from his post covering industrial-company stocks at Schonfeld Strategic Advisors at the end of September to join Izzy Englander&rsquo;s Millennium Management. Details of Ronkowitz&rsquo;s new assignment are unknown. He had started at Schonfeld&rsquo;s New York office in March 2017 after stops at BlueCrest Capital, Morgan Stanley and J.P....



The Grapevine

Wed, 03 Oct 2018
Carmot Capital has hired a chief operating officer. Alex Antebi, who started in August, already had been working as an advisor to the Palo Alto, Calif., quantitative shop. Antebi also remains the acting chief operating officer at Peakview Capital. He previously led operations at Connective Capital, founded Obi Capital, and spent time at Gracie Capital, Scoggin Capital, Persistent Edge, J.P. Morgan and Rothschild. At Carmot, Antebi is assisting in...



The Grapevine

Wed, 03 Oct 2018
Investor-relations and marketing specialist Charlotte Jerbic joined global-macro manager Phillimore Investments in August. Jerbic most recently worked in a similar capacity at BTG Pactual from 2009 to September 2017, after a stop at Cantor Fitzgerald. Phillimore was formed in 2017 by chief executive Giles Coppel. The Greenwich, Conn., operation was managing $109 million of gross assets on April...



The Grapevine

Wed, 03 Oct 2018
Rock band Counting Crows will headline a Help for Children charity concert sponsored by Ellington Management, Fortress Investment, Galaxy Investment, Goldman Sachs, Paloma Partners, Pershing Square Capital and Wheelock Street Capital. The second annual &ldquo;HFC Rocks to Fight Child Abuse&rdquo; is scheduled for 6:30 p.m. on Oct. 18 at the Hammerstein Ballroom in New York. The organizers aim to raise more than $1 million to prevent and treat...



Seminole Latest Casualty of Market Dynamics

Wed, 26 Sep 2018
Seminole Capital, a once-$3 billion equity manager, is shutting down after more than 20 years of trading.The New York firm, founded in 1995 by portfolio managers Michael Messner and Paul Shiverick, is liquidating its two hedge funds and returning some $800 million of investor capital. Chief operating officer Justin Kerker is overseeing the wind-down.Why Messner and Shiverick are calling it quits at this point is unclear, but as early as 2015 they...



SEC's Shift on ICOs Forced Pantera's Hand

Wed, 26 Sep 2018
Months before the SEC sanctioned Crypto Asset Management for ignoring rules covering private funds, Pantera Capital quietly restructured one of its funds to avoid a regulatory run-in.Pantera, a San Francisco firm that launched the first bitcoin fund in 2013, also runs a vehicle called Pantera ICO Fund that invests in initial coin offerings. The SEC has made it clear it views bitcoin as a currency, which means a fund that invests mainly in bitcoin...



Partner Conflict Topples Profitable Fund

Wed, 26 Sep 2018
A rift between the two partners of Arrow Ridge Capital is forcing the TPG Capital-backed hedge fund to shut down, despite solid returns.Vikram Arora and Andy Shah, who launched San Francisco-based Arrow Ridge in late 2016, found themselves unable to reconcile after clashing over the fund&rsquo;s investment approach. The firm is working to return capital to investors as quickly as possible, a TPG spokesman said in a statement to Hedge Fund Alert....



Advisors Caution Funds on Pay-to-Play

Wed, 26 Sep 2018
Lawyers and compliance consultants are advising fund managers to pay more attention to the SEC’s pay-to-play rule in the wake of several high-profile enforcement actions.With campaign season in full swing — and the stakes higher than ever for voters in both parties — the expectation is that the SEC will take a zero-tolerance approach to enforcing a 2010 rule aimed at preventing managers from influencing politicians who in turn could...



Tiger-Backed Sparrow Calls It Quits

Wed, 26 Sep 2018
Sparrow Fund Management has abruptly shut its doors, a little more than two years after launching with seed money from Julian Robertson.The timing is odd given that the equity manager had recently moved from New York to San Francisco, installed a new chief operating officer and hired an analyst. But at the end of July, its Sparrow Partners fund was showing a year-to-date loss of 1.3%, and a source said portfolio manager A.J. Secrist had grown...



Anchorage Pitches CLO-Equity Fund

Wed, 26 Sep 2018
Anchorage Capital is marketing a drawdown fund that would invest in the equity tranches of collateralized loan obligations managed by the firm.The offering, Anchorage Structured Credit Fund, would have a 30-month investment period, followed by a four-year harvest period, according to marketing materials the New York debt manager began circulating this month. It&rsquo;s unclear how much money Anchorage is seeking to raise for the vehicle or when...



UK Prop Shop Crossing Atlantic

Wed, 26 Sep 2018
Maven Investment, a U.K. proprietary-trading shop and market maker, is establishing a presence in the U.S.The London firm plans to open an office in New York in the next couple of months to house 4-5 portfolio managers and an execution trader. Additional investment professionals, including sector specialists, likely will be added over time.Maven currently employs 120 people in London and Hong Kong. The firm&rsquo;s MVN Asset Management affiliate...



Vol-Arb Firm Adds Marketing Muscle

Wed, 26 Sep 2018
Volatility-arbitrage shop Talton Capital is counting on its performance to attract more investors.The Chicago firm has hired several third-party marketers to pitch its flagship strategy, dubbed DelTheta. They are working in concert with business-development head Jeff Bryk, who joined last October with a mandate to solicit contributions from wealthy individuals.At the same time, founder Hunter Young is in advanced talks with one or more backers...



Crypto Pros Gauge Fallout From Rout

Wed, 26 Sep 2018
The bear market in cryptocurrencies clearly has taken a toll on crypto-fund managers, though damage reports vary widely.One industry professional who attended the CoinAlts Fund Symposium in San Francisco last week estimated that 30-50 crypto-fund operations had closed their doors since the start of the year. And many others that had planned to launch never got off the ground, as the values of bitcoin, ether and other digital currencies plunged...



Serengeti Marketing Niche Strategy

Wed, 26 Sep 2018
A new fund from Serengeti Asset Management would employ a novel strategy to finance the exercise of stock options by technology-company executives.The event-driven manager believes it can generate 20%-plus returns by entering into so-called forward private-purchase stock agreements with executives who want to monetize a portion of their equity prior to an initial public offering. For its efforts, Serengeti would pocket a &ldquo;stock fee&rdquo;...



New Restrictions on Alternative UCITS

Wed, 26 Sep 2018
A pending rule change in Europe would limit the ability of UCITS managers to invest in securitizations from the U.S.The measure, part of European Parliament&rsquo;s ongoing overhaul of its structured-finance regulations, will eliminate a loophole under which UCITS funds currently buy structured products from issuers that don&rsquo;t comply with the region&rsquo;s risk-retention requirements. Although the update was finalized late last year, it is...



Insurer Targets Hedge Fund Sector

Wed, 26 Sep 2018
Alliant Insurance is enlisting a prime-brokerage professional to help boost sales of liability policies to hedge fund managers.The Newport Beach, Calif., insurance broker has hired Andrew Brown, a prime-brokerage salesman whose resume includes positions at Merlin Securities and Wells Fargo. He&rsquo;s part of a New York-based marketing team within Alliant&rsquo;s alternative-investment practice that focuses on hedge fund businesses, private...



Fund Leverages Private Equity Skill

Wed, 26 Sep 2018
North Peak Capital, which started out as a private equity manager, has proved itself adept at running a hedge fund.A year after opening to outside investors, the long-biased North Peak Capital Partners fund returned 46.3% through Aug. 31, with nearly half of the gain coming in August. That compares with a 19.7% advance for the S&P 500 Index during the same period &mdash; and a scant 2.3% increase for the HFRI Equity Hedge Index.Meanwhile, the...



The Grapevine

Wed, 26 Sep 2018
Global-macro specialist Jack Fan joined the $35.9 billion Millennium Management last month as a portfolio manager. In August, he left his previous position at Graham Capital, where for more than seven years he created quantitative global-macro strategies. Graham, based in Rohatyn, Conn., manages $15 billion, most of which is in quantitative strategies.



The Grapevine

Wed, 26 Sep 2018
Investcorp has hired an executive who used to work at Blackstone and Credit Suisse to buy minority stakes in alternative-investment mangers. Anthony Maniscalco started work this month in the New York office of the Bahrain-based asset manager. Sources said the $22 billion firm is planning to raise capital for a fund that would finance investments in general-partnership stakes. Maniscalco joined Credit Suisse in 2015 to co-head a similar effort...



The Grapevine

Wed, 26 Sep 2018
Citadel has hired a former Balyasny Asset Management executive as head of business development for its four fundamental-equity trading units. Matthew Giannini assumed the newly created Citadel position this month, overseeing recruiting of trading and investment professionals for Aptigon Capital, Citadel Global Equities, Ashler Capital and Surveyor Capital. In March, Giannini left Balyasny, where he co-headed the $9 billion firm&rsquo;s business...



The Grapevine

Wed, 26 Sep 2018
In other personnel news at Aptigon Capital, the Citadel unit hired an investment associate last month. Xavier Le Sieur joined Aptigon&rsquo;s New York office from the investment-banking team at LionTree Advisors, where he had worked since 2016. Le Sieur also has spent time at Bank of America.



The Grapevine

Wed, 26 Sep 2018
Multi-strategy shop Antecapio Investment has hired a former Millennium Management pro as a portfolio manager. Greg Siegfried joined Antecapio in September to oversee a book of equities in the energy and materials sectors. He served as a portfolio manager at Millennium for four years ending in November 2017, overseeing similar investments. Siegfried started his career at Fort Worth, Texas, multi-strategy firm BBT Partners. New York-based Antecapio...



The Grapevine

Wed, 26 Sep 2018
Magnetar Capital has lost its head of communications. Michael Shore left the Evanston, Ill., multi-strategy firm in August to take a similar job at investment-banking and asset-management shop William Blair & Co. He joined Magnetar in May 2017, following stops at CME Group, the Investment Company Institute and the Public Company Accounting Oversight Board. Chicago-based William Blair had $94.4 billion under management on June...



The Grapevine

Wed, 26 Sep 2018
Samuel Tedawes has joined investment manager Land & Buildings as chief financial officer. Tedawes is also handling chief compliance officer duties at the Stamford, Conn., firm, which invests mainly in the shares of real estate companies. Tedawes arrived at the 10-year-old Land & Buildings in August from a controller post at Deltec Asset Management, where he had worked since 2016. He replaces Steve Katchur, whose destination is...



The Grapevine

Wed, 26 Sep 2018
KCL Capital has hired an analyst who covers the stocks of semiconductor and computer-hardware companies. Shane Steinberg arrived at the New York firm in August from T. Rowe Price, where he had worked since 2014. KCL, which has some $240 million of gross assets and invests in technology, media and telecommunications stocks, is led by Kevin Cottrell and Christopher...



Another Icahn Protege Planning Activist Fund

Wed, 19 Sep 2018
Samuel Merksamer, formerly a top lieutenant to Carl Icahn, is laying the groundwork for an activist hedge fund.Merksamer, who handled some of Icahn&rsquo;s biggest, highest-profile deals, is calling his New York operation Caligan Partners. Joining him as a partner is David Johnson, who previously spent about eight years at Carlyle Group.Rumors that Merksamer would launch an activist fund have been circulating since he left Icahn&rsquo;s publicly...



EJF Offering Aims to Leverage Trump Tax Cut

Wed, 19 Sep 2018
Debt-focused manager EJF Capital is marketing a so-called qualified opportunity fund, a new type of tax-advantaged vehicle authorized by the tax-cut law President Trump signed last December.The Arlington, Va., firm appears to be among the first hedge fund firms positioning a vehicle specifically to invest in economically distressed areas deemed &ldquo;qualified opportunity zones&rdquo; under the Tax Cuts and Jobs Act of 2017. Development projects...



Deep Basin Assets Swell Amid Strong Demand

Wed, 19 Sep 2018
A year after launching an energy-stock fund, Deep Basin Capital is putting investors on notice that its subscription window could close before yearend.The Stamford, Conn., firm was managing $530 million on Sept. 1, after generating a one-year return of 6.1%. Founder Matt Smith, in a Sept. 4 letter to his limited partners, said he believes the Deep Basin Long/Short Master Fund has a capacity of about $1 billion, &ldquo;given the leverage we employ...



Liquid-Alts Manager Preps ETF

Wed, 19 Sep 2018
Liquid-alternatives shop Dynamic Beta Investments is creating an exchange-traded fund that would seek to replicate the returns of commodity-trading advisors.The New York firm, founded by industry veteran Andrew Beer, is preparing to file documents with the SEC for an ETF that it hopes to launch around yearend. The offering would provide synthetic exposure to managed futures at a fraction of the cost of a hedge fund &mdash; perhaps 80-90 bp,...



Smith Cove Shifts to Family Office

Wed, 19 Sep 2018
Former Perry Capital investment chief Dave Russekoff no longer is trying to raise capital for a fund he launched last year.Going forward, Russekoff plans to operate his Smith Cove Capital primarily as a family office. At the start of the month, the Smith Cove Capital Fund was managing about $85 million for the firm&rsquo;s partners, friends and family.When he began trading in March 2017, Russekoff envisioned raising substantial sums from outside...



Serengeti Pitches Drawdown Format

Wed, 19 Sep 2018
Event-driven investor Serengeti Asset Management is forming a drawdown fund to house niche investments that are too small and complex for a liquid hedge fund structure.The offering, dubbed Caracal Fund, would target distressed debt, structured transactions, special situations and &ldquo;off-the-run&rdquo; positions in businesses undergoing fundamental transformation. Limited partners would be subject to a six-year lockup to accommodate a two-year...



Redemptions Sink Healthcare Shop

Wed, 19 Sep 2018
Healthcare-stock specialist Senzar Asset Management has shut down.The New York firm, led by former FrontPoint Partners executives Ajay Bhalla and Richard Yanuklis, returned the majority of its capital to investors in June. It appears to have sold the last of its assets in the past month or so.Senzar launched with $25 million in 2011. By early 2013, the firm was running $100 million. Its assets then soared to $650 million in 2014 and $1.1 billion...



LPs Commit to Medalist Offering

Wed, 19 Sep 2018
Medalist Partners has raised an initial $100 million for a secured-lending fund.The New York firm closed on the capital last week, bringing in commitments from both new and existing investors. The plan is to continue collecting commitments in stages en route to a final close with $300 million in the first quarter of next year.The vehicle, Medalist Partners Opportunity Fund 2, employs a drawdown structure. It will lend to a range of...



Investors Gain Entry to Vol-Arb Shop

Wed, 19 Sep 2018
Volatility specialist NorCap Advisors is reopening its funds to new investors.The Dallas firm, which boasts some of the strongest recent performance among volatility-arbitrage traders, stopped accepting outside capital about three years ago. It now manages $165 million across three funds.David Norcom, who started the business in 2004, is reopening the funds because he anticipates rising volatility will result in additional — and more-profitable...



Macro Fund Mired in Drawdown

Wed, 19 Sep 2018
A quantitative macro fund with $450 million under management is suffering its worst drawdown in six years of trading.Ramsey Quantitative Systems&rsquo; RQSI GAA Systematic Global Macro Fund was down 16.2% this year through August. The losses, which began in January, are largely attributable to an 11.2% plunge in February and a 5.3% drop in August.The drawdown erased a 16.2% gain investors earned last year, and cut the fund&rsquo;s annualized...



Coinbase Fund Expands Sales Team

Wed, 19 Sep 2018
Coinbase has hired a hedge fund marketer to pitch its cryptocurrency fund to institutional investors.The San Francisco firm, best known as a cryptocurrency brokerage for retail investors, installed Adam Weiss this month as a director of business development. Weiss&rsquo; responsibilities include raising capital for Coinbase Index Fund, which tracks five of the most-liquid cryptocurrencies.The fund began accepting outside capital on June 1. Its...



Quant Manager Reaches Out to LPs

Wed, 19 Sep 2018
The managers of a profitable quantitative vehicle are ramping up their marketing efforts.Joe Cook and David Senior, who run their Apollo Fund through a firm called Concentus Global, have laid out a capital-raising strategy in which they are touting the entity&rsquo;s returns to wealthy individuals and family offices. They eventually hope to raise at least $500 million.Cook and Senior launched Apollo Fund in August 2017 with just $500,000 and...



The Grapevine

Wed, 19 Sep 2018
Whitebox Advisors added a member to its investment team last month. Ranjit Ahluwalia most recently was a senior analyst at Silver Point Capital from 2014 until this May. He also has worked at CarVal Investors and King Street Capital. Whitebox is led by chief executive Mark Strefling, with Paul Twitchell and Robert Vogel leading its investment team. The Minneapolis multi-strategy firm had $6 billion under management on June...



The Grapevine

Wed, 19 Sep 2018
Coatue Management has added an investor-relations specialist to its San Francisco office. Brooke Simpson Beck arrived this month from Marcato Capital, where she had worked as a partner in charge of marketing since 2016. She also has worked at Och-Ziff Capital, GoldenTree Asset Management, Mellon Financial and U.S. Trust. Coatue, led by Philippe Laffont, was managing $14.4 billion through a mix of hedge funds and venture capital vehicles at...



The Grapevine

Wed, 19 Sep 2018
Startup ExodusPoint Capital has hired a credit-product analyst. Anthony Vitiello joined the New York operation in August from the trading desk at Marathon Asset Management, where he had worked since 2014. Vitiello also has spent time at J.P. Morgan and Barclays. ExodusPoint, led by former Millennium Management executive Michael Gelband, began trading in June with $8 billion of...



The Grapevine

Wed, 19 Sep 2018
Kennedy Lewis Investment has hired a head of business development. Ben Schryber, a partner, arrived at the New York debt-fund operator this month from Carlyle Group. Schryber had been working there since March 2017 as head of sales for credit-product vehicles. His resume also includes stops at First Avenue Partners, Albourne Partners and Blue Ridge Partners. Kennedy Lewis, led by David Chene and Darren Richman, started trading in November with...



The Grapevine

Wed, 19 Sep 2018
Durant Partners has hired Peter van Roden as an analyst. Van Roden had been working at Manatuck Hill Partners since 2017. He also spent five years at Spitfire Capital. Durant is led by former Water Street Capital analyst Justin Udelhofen. The New York equity shop began trading during the second half of 2017, and this year landed a $50 million seed investment from Stable Asset...



The Grapevine

Wed, 19 Sep 2018
Davidson Kempner Capital has hired an analyst. Michael Finkelberg arrived at the multi-strategy firm&rsquo;s New York headquarters in August from Snow Park Capital, where he had worked since 2015 as a researcher covering real estate-related stocks and debt products. Finkelberg also has spent time at Luxor Capital and Moelis & Co.



The Grapevine

Wed, 19 Sep 2018
Adam Shooshan joined Point72 Asset Management&rsquo;s treasury unit in Stamford, Conn., this month as an associate director. Shooshan had been working since 2009 at Blue Ridge Capital, which is liquidating. He also has worked at Silver Point Capital and State Street. At Point72, the $13 billion multi-strategy shop led by Steve Cohen, his duties include cash management and negotiating contracts with prime brokers, custodians and other...



The Grapevine

Wed, 19 Sep 2018
Tripp Kyle, who has long served as a spokesman for Millennium Management and affiliate WorldQuant, became the in-house chief communications officer for both firms this month. Kyle most recently counted Millennium and WorldQuant as clients as a partner at public-relations firm Brunswick Group, where he worked from 2011 until this August. He also represented the operations as head of the alternative-investment practice at Finsbury Group. He has...



New Identity, Same Mission for Claren Road

Wed, 12 Sep 2018
Claren Road Asset Management&rsquo;s top two partners have formed a new firm &mdash; and transferred control of Claren Road&rsquo;s remaining portfolios to the operation.With the launch of their New York-based Compass Rose Asset Management, Sean Fahey and Brian Riano continue to oversee the assets of two debt-focused funds and a smaller separate account that they had been running at Claren Road. Fahey and Riano have simultaneously shut down...



Putnam Expanding Nascent Hedge Fund Unit

Wed, 12 Sep 2018
Putnam Investments plans to launch a second hedge fund after raising a tidy sum for its debut offering.The Boston firm, best known for its mutual funds, has tapped portfolio manager Daniel Schiff to craft a diversified long/short equity vehicle. The fund would launch in the next couple of months with about $50 million of proprietary capital. It could be 12-18 months before the offering becomes available to outside investors.The moves follow last...



Ex-Paulson Pro Inks Seeding Deal for Soleus

Wed, 12 Sep 2018
Former Paulson & Co. executive Guy Levy has secured a seed investment from an affiliate of Stone Point Capital.It&rsquo;s unclear how much the Stone Point affiliate is investing in Levy&rsquo;s startup, Soleus Capital of Greenwich, Conn. What&rsquo;s known is that Soleus is prepping two funds &mdash; an equity hedge fund and a private equity vehicle &mdash; that are set to launch in the next few weeks with a combined $75 million.Stone Point, a...



Ex-Point72 Quant in Startup Mode

Wed, 12 Sep 2018
A former member of Point72 Asset Management&rsquo;s quantitative-investing unit is opening his own fund shop.Jinghua Yan, who left Point72 in the second quarter, formed TwinBeech Capital this month. While the timing of a fund launch is uncertain, Yan is in talks with Glenn Dubin&rsquo;s Engineers Gate about a possible seed deal.Yan is a long-time colleague of Ross Garon, who oversees Point72&rsquo;s quant-trading operation, known as Cubist...



LPs Losing Access to Marble Ridge

Wed, 12 Sep 2018
Dan Kamensky’s Marble Ridge Capital is closing its subscription window again after lining up at least $300 million of commitments in the past few months.Since launching in January 2016, the distressed-debt shop has experienced rapid growth — a function of solid returns and Kamensky’s reputation as a former star debt investor at Paulson &amp; Co. Last year, Marble Ridge stopped accepting capital for a while before reopening to new...



Compliance Pros Buy Out Backers

Wed, 12 Sep 2018
Amid an ongoing growth initiative, Greyline Solutions&rsquo; partners have assumed full ownership of the San Francisco compliance shop.The buyout was completed during the last week of August, with Greyline&rsquo;s managers acquiring stakes that lawyers Karl Cole-Frieman and Bart Mallon had taken in the business upon its 2013 launch.Now, Greyline plans to hire as many as five staffers by yearend, on top of the 12 it already employs. And it is...



Axonic Offering Unusual Fee Terms

Wed, 12 Sep 2018
Structured-credit specialist Axonic Capital is marketing a new fund that would take a cut of investors&rsquo; profits but charge no management fee.The offering, Axonic Drawdown Fund, would buy distressed assets from sellers seeking liquidity in &ldquo;a technically challenged market where fundamental values are unchanged,&rdquo; according to a pitchbook. Axonic, with about $2.6 billion under management, wants to lock in $500 million of...



Artisan Hedge Fund Pulling in LPs

Wed, 12 Sep 2018
A benchmark-beating hedge fund that Artisan Partners launched last year is close to shutting off access to a founders share class offering discounted fees.The equity vehicle, Artisan Thematic Long/Short Fund, now has about $130 million under management, up from about $45 million at its Nov. 1 launch. With $100 million of additional capacity set aside for existing limited partners, Artisan expects to begin moving new capital into a share class...



ESG Specialist Pitching Hedge Fund

Wed, 12 Sep 2018
A venture-capital firm that has long invested in environmentally and socially responsible businesses is now offering a hedge fund.Richmond Global’s fund-management arm, Richmond Global Compass, employs artificial intelligence to rate companies based on a range of environmental, social and governance (ESG) factors — then takes long positions in profitable businesses with the highest ESG ratings. The New York firm began running the strategy in...



Blue Ridge Alumni Prep for Launch

Wed, 12 Sep 2018
Two former Blue Ridge Capital managing directors are starting their own hedge fund.Working through a Columbus, Ohio, operation called Hunter Capital that they began setting up in April, Grant Bowman and Brian Waterhouse aim to launch during the first quarter of 2019 with $200 million. The plan is to close to new investors soon after.Hunter predominantly will follow a fundamental long/short strategy, investing in stocks worldwide. It likely will...



Contraction Continues at Passport

Wed, 12 Sep 2018
The assets and performance of Passport Capital&rsquo;s largest remaining fund are in a steep decline.The concentrated equity vehicle, Passport Special Opportunities Fund, was running $136 million in July &mdash; down from $383 million in December. And a large, but minority, portion of what&rsquo;s left consists of internal capital.Meanwhile, Passport Special Opportunity was posting a year-to-date loss of 19.5% on July 31. The fund had some strong...



Tide Point Decision Follows Losses

Wed, 12 Sep 2018
Christopher Winham&rsquo;s move to shut down his Tide Point Capital followed 18 months of disappointing performance and declining assets.When Reuters broke the news last week, it attributed the decision to Winham&rsquo;s &ldquo;personal wishes.&rdquo; Investors were told he plans to leave the hedge fund business.But the long/short equity manager&rsquo;s assets had fallen sharply during the previous year &mdash; with the Tide Point Master Fund...



The Grapevine

Wed, 12 Sep 2018
Fund-of-funds operator Titan Advisors has hired a director to help oversee its strategy for investing in credit-product vehicles. Chris Paolino arrived at the Stamford, Conn., firm in late August from Hartford Investment, where he held the title of head of portfolio strategy. Paolino had started there in 2007, following stops at United Technologies, Hartford Life and U.S. Trust. Titan, headed by George Fox and Tom Holliday, has $4.5 billion under...



The Grapevine

Wed, 12 Sep 2018
Citadel unit Aptigon Capital hired ShearLink Capital co-founder Vivek Mehta this week, assigning him to build a New York-based team that would invest in technology stocks. Mehta formed ShearLink in 2012 with Aaron Husock, and eventually ran some $400 million through the tech-stock operation. But the firm never raised as much capital as it hoped, and Mehta headed to the sidelines after it shut down at yearend 2017. Earlier, he worked at Viking...



The Grapevine

Wed, 12 Sep 2018
Blue Ridge Capital&rsquo;s former chief compliance officer joined Cloudbreak Compliance on Aug. 28. As a director at the White Plains, N.Y., firm, Mike Cairo is tasked with overseeing client interactions and aiding in business-development activities. Cairo had been employed at Blue Ridge from 2007 until this August, several months after the firm began unwinding. He also has spent time at Amaranth Advisors, Barclays, Daiwa Securities and the New...



The Grapevine

Wed, 12 Sep 2018
Masa Capital has hired a head of marketing and investor relations. Leigh Nisonson joined the New York quantitative-investment firm in early August. She most recently headed marketing at Consonance Capital from 2015 to this January, and earlier worked at Sidley Austin. Masa, led by Eric Tavel, began trading in January with $100 million of seed capital from Schonfeld Strategic...



The Grapevine

Wed, 12 Sep 2018
Balyasny Asset Management has added a senior member to a group of stock pickers who focus on consumer-company shares. Colin Kronewitter joined the Chicago multi-strategy firm&rsquo;s Greenwich, Conn., office in August, reporting to portfolio manager Justin Dodd. Kronewitter had been working at Mountaineer Capital from early 2017 until early 2018, following stops at Glade Brook Capital, Saras Capital, Maverick Capital and Wasserstein...



The Grapevine

Wed, 12 Sep 2018
Nomura added a portfolio manager to its proprietary-trading group in New York this month, assigning Douglas Teresko to head capital-structure arbitrage investments. Teresko most recently was a portfolio manager at hedge fund operator Advent Capital, where he started in 2011. He also has worked at Credit Suisse, DKR Capital, GDO Capital, Citadel, Houlihan Lokey and J.P....



The Grapevine

Wed, 12 Sep 2018
Mike Morrongiello joined Weeden Prime Services of Greenwich, Conn., on Sept. 4 in a sales role. Morrongiello, a director, most recently was employed at Deutsche Bank from 2013 to this April. His resume also includes stops at Credit Suisse, Nomura, Goldman Sachs, Speer Leeds & Kellogg and Lehman Brothers.



The Grapevine

Wed, 12 Sep 2018
Mark Cho joined New York equity manager Falcon Edge Capital in August as general counsel. Cho had been working in the same capacity at Tremblant Capital since 2016. Before that, he spent time at Oak Hill Advisors, Debevoise & Plimpton and Kirkland & Ellis. Falcon Edge, led by Richard Gerson, was managing $1.3 billion of discretionary assets at yearend...



The Grapevine

Wed, 12 Sep 2018
Olivia Zucosky joined Jefferies&rsquo; capital-introduction team in New York this month. Zucosky had been working as an analyst in Cantor Fitzgerald&rsquo;s cap-intro area since 2016. At Jefferies, she reports to managing director Leor Shapiro.



Avenue Pitching "Sustainable Solutions' Fund

Wed, 22 Aug 2018
Avenue Capital has joined a small but growing list of hedge fund managers offering funds that seek to make a positive impact on society and the environment.The $9.7 billion debt investor, led by the brother-sister team of Marc Lasry and Sonia Gardner, began circulating marketing documents this month for Avenue Sustainable Solutions Fund. The drawdown vehicle would make credit-oriented investments in North American companies whose business models...



High-Flying Equity Fund Has Scant Capacity

Wed, 22 Aug 2018
Investors soon could lose access to a deep-value equity fund whose annualized return is more than twice that of the S&P 500 Index.CAS Investment, which targets out-of-favor stocks often shorted by other hedge funds, is showing a 34% annualized gain for its Sosin Partners fund from October 2012 through the end of June, versus 13.8% for the S&P 500 during the same period. Year-to-date, it was up roughly 60% through mid-August &mdash; and...



Big Redemption Leads AidennLair to Close

Wed, 22 Aug 2018
Former Tricadia Capital executive Ari Benjamin is shutting down his AidennLair Capital two years after launching with a big chunk of seed capital from Pacific Alternative Asset Management Co.Sources said the New York firm is in the final stages of liquidating its AidennLair Master Fund. At the start of the year, AidennLair had $259 million of assets, including leverage. The firm employed seven people, including five investment professionals.The...



Alternative Route for Fidelity Alum

Wed, 22 Aug 2018
Another Fidelity Investments alumnus is starting a hedge fund.Thomas Soviero, who spent 22 years as a portfolio manager at Fidelity, plans to launch around Oct. 1 via his New York-based Soviero Asset Management. He is assisted by chief operating officer Melissa Ford, who previously worked at $1 billion equity-fund operator Column Park Asset Management of New York.Soviero Master Fund is expected to begin trading with about $50 million of...



Ex-Brown Brothers Crew Opens Shop

Wed, 22 Aug 2018
An investment team that previously worked together at Brown Brothers Harriman has launched an equity fund.Their New York startup, Long Path Partners, began trading last month with $4.5 million from the firm&rsquo;s partners and a handful of outside investors. The vehicle, Long Path Smaller Companies Fund, is the first of two long-only equity funds the Stamford, Conn., firm plans to offer.Leading the effort is William Brennan, whose duties at...



Family Office Group Builds Platform

Wed, 22 Aug 2018
Family Office Networks, a group representing thousands of family offices, is launching an online service designed to introduce members to small and mid-size hedge fund managers.The system, dubbed FON Alts, is set to debut in October with an initial 50-100 funds on the platform. It will be available free-of-charge to member family offices, though managers would have to pay a monthly fee to be included in the lineup.Via FON Alts, family offices...



Equity Specialists Plan Offering

Wed, 22 Aug 2018
Equity researchers Keith Goodman and Jason Wulf are establishing a hedge fund operation.The duo began the project at the start of this month, with an eye toward launching a fund by midyear 2019. They already are talking to prime brokers.Goodman and Wulf both led the research desks at their prior employers. Goodman remains at New York-based Glenhill Capital, assisting in an unwinding process that firm entered in June. Glenhill, led by Glenn...



Wall Street Vets Launch Crypto Fund

Wed, 22 Aug 2018
The founders of distressed-debt shop Maglan Capital have started a separate business to manage a crypto-asset hedge fund.Steven Azarbad and David Tawil, who continue to run the $80 million Maglan, are now also overseeing ProChain Capital, which began trading on Aug. 1 with $3 million of partner money. They are joined at the New York firm by partner and chief technology officer Justin Litchfield, who has experience investing in initial coin...



Due-Diligence Pros Scatter From UBS

Wed, 22 Aug 2018
Four operational due-diligence specialists have left UBS&rsquo; fund-of-funds division in recent months.The exits leave just two staffers on the operational due-diligence team. Among those gone is former group head Jay Nicholas, who launched a Connecticut hedge fund-governance firm called Genesis Point on Aug. 1.Nicholas had joined UBS in 2000 from PricewaterhouseCoopers. There&rsquo;s no word on the identities of the other staffers who left, or...



HEDGE FUNDS IN HOT WATER

Wed, 22 Aug 2018
Authorities Shift Focus as Insider-Trading Cases RecedeThe new U.S. Attorney for the Southern District of New York, Geoffrey Berman, made front-page headlines earlier this month with the indictment of Rep. Chris Collins (R-N.Y.) on insider-trading charges. Berman, whose appointment became official in April, already has several insider-trading cases under his belt &mdash; but none involving a hedge fund.Indeed, since Berman&rsquo;s predecessor,...



HEDGE FUNDS IN HOT WATER

Wed, 22 Aug 2018
Platinum Co-Founder Faces JailPlatinum Partners co-founder Murray Huberfeld faces 6-12 months in prison when he is sentenced on Sept. 14 for a scheme to bribe New York City corrections officer union president Norman Seabrook.Huberfeld pleaded guilty on May 25 to wire fraud. He was accused of paying Seabrook $60,000 in exchange for steering $20 million of union money into Platinum Partners Value Arbitrage Fund. Huberfeld was arrested in June 2016,...



HEDGE FUNDS IN HOT WATER

Wed, 22 Aug 2018
Och-Ziff Charges DismissedOn July 12, a federal judge dismissed the SEC&rsquo;s lawsuit against two former Och-Ziff Capital executives accused of bribing African officials in exchange for business. The reason: the SEC missed a five-year statute of limitations.U.S. District Court Judge Nicholas Garaufis in Brooklyn threw out civil charges against Vanja Baros and Michael Cohen, who had been accused of funneling tens of millions of dollars of bribes...



HEDGE FUNDS IN HOT WATER

Wed, 22 Aug 2018
Manager Gets 6 Years in PrisonHe told investors he was a successful hedge fund manager &mdash; and looked the part with his expensive car, Tiffany jewelry and seven-figure home. But the FBI and SEC allege the main thing Nicholas Lattanzio&rsquo;s hedge fund invested in was Nicholas Lattanzio.On July 12, a federal judge in Newark, N.J., sentenced Lattanzio to six years in prison following his conviction in February on two counts each of wire fraud...



HEDGE FUNDS IN HOT WATER

Wed, 22 Aug 2018
Firms Fined for Lack of Form PFThe SEC in June fined 13 private fund operators, including hedge fund shops, for repeatedly failing to file Form PF, which measures the size and scope of managers&rsquo; investment activities and exposures. The firms each agreed to pay a $75,000 civil penalty.&ldquo;These advisers&rsquo; repeated reporting failures deprived the SEC of important information they were required by law to provide,&rdquo; Anthony Kelly,...



HEDGE FUNDS IN HOT WATER

Wed, 22 Aug 2018
Manager Sentenced for FraudOn May 9, hedge fund manager Yasuna Murakami was sentenced to six years in prison for fraudulently diverting millions of dollars of investor capital to business and personal accounts he controlled.A federal judge in Boston also ordered Murakami to pay $10.5 million in restitution and forfeit a sports car he purchased with proceeds of the fraud. &ldquo;I&rsquo;m deeply ashamed of my crime,&rdquo; a tearful Murakami told...



HEDGE FUNDS IN HOT WATER

Wed, 22 Aug 2018
DB Zwirn Exec Settles ChargesA chief financial officer blamed for improper fund transfers that led to the collapse of once-prominent fund manager D.B. Zwirn & Co. finally settled his long-running fraud case.On May 4, the SEC imposed a civil penalty of $227,500 on Perry Gruss, settling a complaint filed in 2011. The SEC alleged Gruss aided and abetted a scheme to improperly transfer money among D.B. Zwirn&rsquo;s hedge funds.As part of the...



HEDGE FUNDS IN HOT WATER

Wed, 22 Aug 2018
Shkreli Draws 7-Year TermOn March 9, a man who attracted widespread condemnation for jacking up the price of an AIDS drug by more than 5,000% was sentenced to seven years in prison for a stock-fraud scheme involving his two hedge funds.Headline writers branded Martin Shkreli the &ldquo;most hated man in America&rdquo; for raising the price of Daraprim from $13.50 to $750 per tablet in 2015. But it was his hedge funds, MSMB Capital and MSMB...



HEDGE FUNDS IN HOT WATER

Wed, 22 Aug 2018
&lsquo;Tiger Cub,&rsquo; Husband Pay FinesRatan Capital and founder Nehal Chopra, a &ldquo;Tiger cub&rdquo; who regularly appeared on television, paid a total of $400,000 of fines for relying on investment advice from her husband without disclosing the fact to investors.The SEC, on Dec. 5, also fined her husband, Paritosh Gupta, and the firm where he worked, Brahman Capital, a total of $500,000.Chopra opened her New York fund shop in 2009 with...



HEDGE FUNDS IN HOT WATER

Wed, 22 Aug 2018
SEC Files ICO ComplaintOn Dec. 1, the SEC&rsquo;s newly formed cyber unit took its first action &mdash; seeking to halt an initial coin offering by a Quebec man with a checkered past whose company raised up to $15 million from thousands of investors in the U.S. and Canada.The SEC filed a complaint in New York against Dominic Lacroix, his business, PlexCorps, and partner Sabrina Paradis-Royer.Separately, a judge in Quebec found Lacroix in contempt...



HEDGE FUNDS IN HOT WATER

Wed, 22 Aug 2018
Manager Charged With BriberyThe founder of debt-focused manager Princeton Advisory was arrested in September in connection with a scheme to bribe the families and coaches of star college basketball players.Munish Sood stands accused of paying bribes in an effort to win investment-management assignments once the players turn professional. In all, 10 people were arrested by the FBI, including four assistant college basketball coaches at Auburn...



Hedge Fund Pro Offers Crypto Play

Wed, 22 Aug 2018
Another cryptocurrency vehicle is in the market.Working through their newly established Graph Capital, founders Yoon Kim and Ben Steiner launched a hedge fund with the same name on Aug. 1. By Sept. 1, they are expected to be running about $15 million.Graph follows a fairly broad strategy &mdash; incorporating both long-term holdings and short-term trades of cryptocurrencies &mdash; based on factors including arbitrage opportunities, technological...



Unusual Crypto Fund Takes Shape

Wed, 22 Aug 2018
A recently formed cryptocurrency business is marketing a fund that would generate returns by performing &ldquo;proof of stake&rdquo; functions for digital-currency networks.The Los Angeles firm, BitPros, is aiming to launch its Digital Asset Reward Fund on Sept. 1, with the goal of raising $30 million by yearend. Portfolio manager Michael Austin and partner Joshua Frazin already have a number of commitments in hand.Unlike most crypto funds, which...



The Grapevine

Wed, 22 Aug 2018
Millennium Management has picked up a portfolio manager to handle investments in debt, equity and derivative products. Felix Bhandari, who joined the firm&rsquo;s Los Angeles office in July, had been employed from 2014 until this March as a debt-focused portfolio manager at Laurion Capital. He also has worked at Goldman Sachs.



The Grapevine

Wed, 22 Aug 2018
Startup D1 Capital added analyst Jeffrey Lerman to its staff in July. Lerman had been employed at SPO Partners since 2015, and before that was at CCMP Capital. New York-based D1 is led by former Viking Global chief investment officer Daniel Sundheim. It is expected to launch a $4 billion equity fund by Sept. 30.



The Grapevine

Wed, 22 Aug 2018
Citadel unit Surveyor Capital has hired an associate to cover consumer-company stocks. Ceci Zhang arrived in the equity-focused operation&rsquo;s New York office in July after earning a graduate business degree. She earlier worked at Neuberger Berman and Citigroup.



The Grapevine

Wed, 22 Aug 2018
AllianceBernstein&rsquo;s hedge fund unit, AB Arya Partners, has hired a portfolio manager. Victor Bonilla joined the firm&rsquo;s New York office in July with a focus on short sales. He had been employed at Carlson Capital since 2016, and previously worked at Lawton Park Capital, Crescendo Partners, Diamondback Capital, Calypso Capital and Keefe Bruyette &...



The Grapevine

Wed, 22 Aug 2018
Point72 Asset Management hired an energy-stock analyst in July. Chen Geng most recently was a portfolio manager at Graham Capital, where he worked from 2014 to September 2017. Geng&rsquo;s resume also includes stops at Susquehanna International and Citigroup.



The Grapevine

Wed, 22 Aug 2018
Melissa McGowan Nisenson joined Cat Rock Capital this month as head of investor relations. She had been handling investor relations at Satchem Head Capital since 2015, and before that spent time at Avenue Capital, Merrill Lynch and Morgan Stanley. Cat Rock is led by Alexander Captain. The Greenwich, Conn., equity shop was managing $684 million of gross assets at yearend...



The Grapevine

Wed, 22 Aug 2018
Balyasny Asset Management added an equity analyst to its London office in July. Stephen Norris had been at Marshall Wace since 2016, and before that was at Triple Point Investment. He earlier worked as a mechanical engineer.



The Grapevine

Wed, 22 Aug 2018
Energy-focused equity manager Brenham Capital has parted ways with researcher Tony Kroschewsky. Kroschewsky&rsquo;s plans are unknown. He had joined Dallas-based Brenham in 2015 from a senior analyst post at Oil Patch Group, and before that was at Wells Fargo. The firm, led by John Labanowski and Stephen Thomas, was managing $1.5 billion of gross assets on Feb....



The Grapevine

Wed, 22 Aug 2018
Jordan Milman, who in December left his job as head trader at hedge fund operator LibreMax Capital, has switched career tracks. Milman this month launched a New York-based data center, called Archer Datacenters, that uses only renewable energy sources, according to sister publication Asset-Backed Alert. He was among a group of former Deutsche Bank executives, led by Greg Lippmann, who started LibreMax in...



PineView Unwinds in Wake of Redemptions

Wed, 15 Aug 2018
Technology-stock investor PineView Asset Management has closed its doors.The firm, led by former Tudor Investment executives Larry Petrella and Michael Siminerio, began returning limited-partner capital in the second quarter. That process now appears complete.PineView&rsquo;s decision to shut down followed a period of investor redemptions that were driven by disappointing returns. The Greenwich, Conn., firm was running $586 million of gross...



Longtime Technology-Stock Duo Resurfaces

Wed, 15 Aug 2018
Technology-stock specialists Telis Bertsekas and Nina Hughes have launched their own investment operation.Working through a Boston startup called Axiomada, the former BlueCrest Capital and Point72 Asset Management team began trading a separate account with more than $10 million in June. The plan is to add more separate accounts while working toward the formation of a commingled hedge fund in 2019.Axiomada also would bring in more staff.Bertsekas...



LPs: "More to Be Done" on Lowering Fees

Wed, 15 Aug 2018
After 10 years of pressuring fund operators to reduce fees, most institutional investors are dissatisfied with the lack of progress.Six out of 10 investors surveyed by Morgan Stanley&rsquo;s prime-brokerage group said the majority of the managers in their portfolios haven&rsquo;t lowered their fees, with some saying the industry &ldquo;has yet to shift significantly.&rdquo; Another 33% of investors said most managers have trimmed fees but...



Merger-Arb Plays Weigh on Quad

Wed, 15 Aug 2018
Quad Group&rsquo;s multi-strategy hedge fund is down this year after several years of stellar performance.The New York firm, which functions both as a proprietary-trading operation for its owners and as a fund manager for outside investors, is showing a 7.2% year-to-date loss for its Quad Multi-Strategy Fund as of July 31. The decline follows four straight years of double-digit returns for the strategy.The timing is unfortunate considering that...



Managers Cautioned on Big Data

Wed, 15 Aug 2018
Fund managers that gather big data, either directly or through outside vendors, need to be aware that certain methods could run afoul of insider-trading laws.That&rsquo;s a key take-away from the second in a series of compliance reports law firm Proskauer has been preparing for its hedge fund clients. The latest edition, going out this week, examines various practices that might trigger an insider-trading probe, including big-data techniques such...



Surveyor Adds Big-Name Manager

Wed, 15 Aug 2018
Citadel unit Surveyor Capital has hired a portfolio manager who previously handled European long/short equity investments at D.E. Shaw.Jeremy Klaperman arrived in Surveyor&rsquo;s New York office in July, tasked with building a team focused on industrial-company stocks. He had been working in D.E. Shaw&rsquo;s London outpost from January 2016 until this May, and before that was a portfolio manager at HBK Capital, also in London.His resume, dating...



Himalaya Launches Offshore Vehicle

Wed, 15 Aug 2018
Himalaya Capital, which runs a $9 billion-plus equity fund, has opened its doors to offshore investors.Himalaya, led for more than 20 years by Li Lu, recently took in $65 million through a newly formed Cayman Islands vehicle called Himalaya Capital Investors (Offshore). Until now, the firm has managed its assets through the U.S.-domiciled Himalaya Capital Investors fund.Himalaya has been largely closed to outside investors for some time. But it...



Logica Carving Out Stock Strategy

Wed, 15 Aug 2018
Logica Capital is marketing a new fund that isolates a profitable equity strategy from its flagship vehicle.The offering, Logica Focus Fund, will maintain a highly concentrated portfolio of just 10 S&P 500 stocks selected by a proprietary algorithm that founder Wayne Himelsein has been refining for 20 years. The algorithm considers purely technical factors including a stock&rsquo;s opening and closing prices and intraday highs and lows.That...



Merger-Arb Shop Adding Leverage

Wed, 15 Aug 2018
Merger-arbitrage specialist Kassirer Asset Management, whose flagship fund has generated positive annual returns for 17 years straight, is marketing a more-leveraged version of its strategy.The new offering effectively would borrow $1.50 for every $1 of equity capital, according to a note to investors from Kassirer&rsquo;s third-party marketer, Middlemark Partners of Greenwich, Conn. Middlemark is pitching the planned vehicle to institutional...



Amazon Alum Markets Crypto Funds

Wed, 15 Aug 2018
A former Amazon.com executive has teamed up with a blockchain prodigy to start a cryptocurrency investment operation.The firm, Tapas Capital of Bellevue, Wash., has just begun marketing two vehicles: Iberico Fund, which offers exposure to a market-neutral strategy run by an unidentified subadvisor, and Tapas Capital Compounder Fund, which invests in a variety of digital assets and blockchain-technology companies.Tapas founders Rob Eldridge and...



The Grapevine

Wed, 15 Aug 2018
Moore Capital installed a portfolio manager in its Hong Kong office in July. George Yifan Tan previously held the same title at Balyasny Asset Management since 2015. He also has worked at Morgan Stanley and Tibra Capital.



The Grapevine

Wed, 15 Aug 2018
Former Protege Partners executive Daniel Federmann landed at New York fund-of-funds operator Alternative Investment Management in July as chief financial officer. Federmann, a managing director, worked at Protege from 2003 until last year &mdash; ultimately serving as chief operating officer and head of the firm&rsquo;s operational due-diligence team. Federmann&rsquo;s resume also includes stops at Lazard Asset Management and...



The Grapevine

Wed, 15 Aug 2018
Coatue Management has hired an analyst to cover the stocks of internet and media companies. Dakotah Rice joined the New York equity manager in July from Carlyle Group, where he had worked since September 2017. Rice also has spent time at Goldman Sachs.



The Grapevine

Wed, 15 Aug 2018
Millennium Management has brought in a researcher to focus on the stocks of consumer-staple companies. Kyle Fitzgerald arrived at the New York multi-strategy manager in July from Citadel unit Surveyor Capital, where he had worked as an associate since 2016. Fitzgerald&rsquo;s resume also includes stops at Morgan Stanley, PepsiCo and Johnson & Johnson.



The Grapevine

Wed, 15 Aug 2018
Halcyon Capital has enlisted a researcher to cover the stocks of technology, media and telecommunications companies. Brian Weisman arrived at the New York multi-strategy manager in July from Silverpeak, where he had worked since 2016 as a vice president analyzing credit-product investments. He also founded video-game technology company Game Faim and worked at FrontFour Capital and Barclays. Halcyon, led by John Bader, has $9 billion under...



The Grapevine

Wed, 15 Aug 2018
Park Presidio Capital of San Francisco has hired an analyst. Eric Yeh most recently worked briefly at growth-equity investor TCV, and before that covered the stocks of technology companies at Hitchwood Capital. He also has worked at TPG Capital, Morgan Stanley and Merrill Lynch. His addition brings Park Presidio&rsquo;s headcount to 12. The value-oriented equity firm, led by Lee Hicks and Jan Koerner, started the year with $1.5 billion of gross...



The Grapevine

Wed, 15 Aug 2018
Putnam Investments is seeking two marketing professionals. The recruits would handle product development and strategy, and would pitch the firm&rsquo;s hedge funds to institutional investors from its Boston headquarters. Putnam, best known for its mutual funds, is focusing on candidates with 3-5 years of experience. The recruits would report to Thomas DeAngelis, who heads alternative-investment marketing within Putnam&rsquo;s...



The Grapevine

Wed, 15 Aug 2018
Isomer Partners has hired Amita Chundu as head of investor relations. Chundu arrived at the New York equity manager in July from Zurich Insurance, where she had worked as a hedge fund analyst since 2015. She also has spent time at BNP Paribas. Isomer is led by Neal Bandyopadhyay. Its lone hedge fund, Isomer Master Fund, had $89 million under management on Feb....



LISTING: PR Firms Advising Hedge Funds

Thu, 09 Aug 2018
Abernathy MacGregorNew YorkContact: Shawn Pattison212-371-5999shp@abmac.comOne of the first public relations firms to establish a dedicated hedge fund practice. Boasts blue-chip client roster including Element Capital, King Street Capital, Lone Pine Capital, Soroban Capital and Tudor Investment. In addition to media relations, advises on investor relations, shareholder activism, mergers and crisis management. Fund practice led by Shawn Pattison...



LISTING: PR Firms Advising Hedge Funds

Thu, 09 Aug 2018
ASC AdvisorsStamford, Conn.Contact: Steve Bruce203-992-1230sbruce@ascadvisors.comWell-established practice works with 30-plus managers including Farallon Capital, GoldenTree Asset Management, Graham Capital, Gramercy, Halcyon Capital, Kingdon Capital, Paamco Prisma and Solus Alternative Asset Management. Also works with private equity managers. Services include media relations, activist campaigns, transactions, crisis management and investor...



LISTING: PR Firms Advising Hedge Funds

Thu, 09 Aug 2018
Baretz & BrunelleNew YorkContact: Spencer Baretz917-848-0472sbaretz@baretzbrunelle.comAdded two new clients since the start of the year: the $1 billion Kawa Capital and startup StraTec Capital. Others include Adana Investing, Jadian Capital, Purchase Capital, Standard General and Wood Creek Capital. Also represents prominent hedge fund law firms including Seward & Kissel. Founded in February 2016 when Spencer Baretz and Ca