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March 27, 2019  

Ex-Eminence Quant Chief Readies for Launch

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’s timetable for raising capital and launching a fund is uncertain, he could receive backing from Eminence founder Ricky Sandler. In any case, Parker’s exit from Eminence in January was said to be amicable.

Eminence, founded in 1999, runs a $5 billion long/short equity fund and another $2 billion in a long-only vehicle. The New York firm hired Parker in March 2017 to add a quantitative component to what until then was a fundamental stock-picking strategy.

Parker previously spent seven years at Morgan Stanley, where he was a managing director and chief U.S. equity strategist. He also was director of global quantitative research.

Prior to Morgan Stanley, Parker logged 11 years at Sanford C. Bernstein & Co., where his roles included chief U.S. equity strategist.

Parker’s reasons for leaving Eminence are unclear. One source speculated he wanted to run his own portfolio, seeking more autonomy than Sandler was comfortable with. The fact that Parker hasn’t before managed his own portfolio could be a sticking point when it comes to soliciting investors, the source said.