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New Hedge Funds from Last Week
We compile this list of hedge fund launches from publications in the USA, Europe, Asia and the Middle East. When we mention a firm without also noting its location, the reason is often that the firm is based out of multiple major cities internationally. Although significant in a firm’s development, we don’t currently report the opening of new offices — only new funds. However, from the perspective of hedge fund jobs, new offices of an established firm are definitely important. Firms from the world’s hedge fund capitals, New York (”Big Apple Biggest Home To Hedge Funds“) and London (”London keeps European dominance as hedge fund assets rise 30 per cent“), are increasingly pushing toward Asia and the Middle East, while in developing markets a larger and larger number of local funds are sprouting up (”Asian Hedge Funds Top U.S., Europe Offerings In ‘07“).
Matthew Kratter, veteran of Clarium Capital, has launched a L/S equity hedge fund.
A new 130/30 fund is from Advent Capital Management (NY).
Covepoint Capital’s Emerging Markets Macro Fund has been spun off from Bear Stearns Asset Management.
The Real Return Alternative Strategies Fund is a multi-strategy fund from Veritas Asset Management (UK).
The Argo MS fund-of-funds of Argo Group, a spin off of Absolute Capital Management, invests in its own funds.
Millennium Finance (UAE) and Man Group (UK) will jointly launch a Shariah-compliant hedge fund.
The SquareInvest Distressed Opportunity Fund is a fund-of-funds from Union Bancaire Privée, investing in hedge and private equity funds.
AlphaNorth Asset Management (Toronto) may launch a new mid-cap fund.
The Meadowbrook Beta Neutral Fund of Meadowbrook Capital Management (NYC and Chicago) invests in healthcare technology.
The Clean Energy Asset-Based Lending Fund from Aurarian Capital will launch this fall.
Larson/Kelleher Capital Management (MA) has been founded by veterans of Sowood Capital Management.
No Comments » 
Jul 21st, 2008
Hedge Fund Job: Middle Office Analyst
All in all, middle office roles are not responsible for the allure of hedge fund employment, but especially in current market conditions they may provide an excellent way in the door. As the industry consolidates — large funds becoming larger — internal operations become correspondingly more complex and involve more personnel. Hedge funds are hiring, and hiring for Operations is a crucial part of that. We’ve also seen hedge fund middle office roles that allow for substantial growth and transitioning to other areas in the firm. Base salary on offer for this “Middle Office Analyst” position in New York City starts at $100k:
$1billion+ hedge fund has been operational for over 15 years and is highly ranked. The firm invests in multiple asset classes including private equity, derivatives and fixed income. The analyst will report directly to senior management. The main responsibility will be to work with Advent Geneva to update, review and create standard reports on a monthly basis. Required: an understanding of Geneva, exposure to operational issues such as CDS, CLO & bank debt, and very strong desktop skills. Must have either hedge fund experience, or strong accounting experience from either the sell-side or a big four accounting firm.
Another role with the same title, location and base salary (and also exclusive to Hedge Fund Search Digest) lists these specific responsibilities:
• Prepare daily flash P&L
• Review all MTM changes and pricing variances
• Understand hedging issues on P&L
• Reconcile daily P&L with fund administration
• Understand the P&L effects of all open items with the brokers or clients
• Reconcile P&L effects of Corporate Actions reporting for all funds
• Preparation of P&L attribution for internal and external clients
• Assist in checking testing results for all in-house system enhancements
Required qualifications for this job: 5+ years in financial services, P&L reporting experience, product knowledge (domestic & global markets, fixed income / derivatives), very strong accounting background.
Common responsibilities and qualifications for many other typical hedge fund roles can be found in previous posts to this column, and we provide comprehensive hedge fund salary data across functional roles in the 2007 Hedge Fund Compensation Report. Also, the 2008 Hedge Fund Compensation Survey is now underway. All qualified participants will receive free access to the compiled results, and the survey only takes a few minutes. Gain access to this valuable information by completing the Hedge Fund Compensation Survey now!
No Comments » Jul 17th, 2008
Last Week’s New Hedge Funds
Major financial news sources are publishing articles with titles like, “Hedge funds hit troubled banks with a hiring binge”… now is the time to look out for hedge fund job opportunities. We’ll take a closer look at this trend later this week, and in the meantime, look to Hedge Fund Search Digest for listings of 100’s of current jobs and free weekly updates.
In the meantime, here’s our weekly roster of hedge fund launches. Most of them are new funds from established firms. That’s in keeping with the consolidation of the hedge fund industry that continues to be widely reported. In the coming weeks we’ll be looking into what this means for hedge fund employment.
The Ermitage Directional Fund (UK) is a new diversified fund-of-funds.
Endeavour Capital (UK) will launch a new fund.
The EMA Vietnam Fund is from Equity Management Associates (MA).
The MENA Associated Gas and Global Environment Fund is a joint venture of the Man Group and the International Petroleum Investment Corporation (UAE).
The Eddington Equity Opportunities Fund is a fund-of-funds from Eddington Capital Management (UK).
Quay Financials (Gibralter), a new firm, has launched a special situations fund and a managed futures fund, and others are under development.
The Global Emerging Markets Fund from Próxima Alfa Investments (Spain) will launch this year.
The I Master Fund from Connective Capital (California) has launched with a technology focus; the Emerging Energy Fund will launch later this year.
Advantage Capital Equity Solutions (FL) will launch the Advantage Capital Equity Fund II based on its asset-based lending business.
Skandia has opened a fund-of-funds.
Jointly with other asset managers, Universal-Investment (Germany) has launched the AG Ostalb Global Fonds and the H & K Titan Strategie Portfolio UI.
Polar Capital (UK) may launch funds this year to focus on credit markets and the environment.
Credit Agricole Asset Management (Luxembourg & France) has launched an agricultural fund.
Arcoda Capital Management (NY) has launched a global L/S healthcare fund.
Bay Hill Capital Management (MA) has launched a volatility multi-strategy fund.
No Comments » Jul 16th, 2008
Last Week in New Hedge Funds
This week’s roundup of last week’s hedge fund launches or announcements. This information does not constitute a formal index of funds, and is only intended to give job seekers an idea of where there’s activity. As we’ve reported, turmoil in the financial industry is resulting in hedge funds finding new opportunities and hiring talent away from banks. Click here to monitor the very latest intelligence on hedge fund jobs worldwide.
If you are contemplating a move, you need comprehensive, up-to-date hedge fund compensation information. The 2007 Hedge Fund Compensation Report is available from Hedge Fund Search Digest at a fraction of the cost of comparable reports, and the Executive Summary is free.
AND… NOW ONLINE: The 2008 Hedge Fund Compensation Survey. All qualified participants will receive free access to the results, and the survey only takes a few minutes. Gain access to this valuable information by completing the Hedge Fund Compensation Survey now!
Castlestone Management (NY) has launched its Aliquot Active Commodity Index Fund.
Denali Advisors (California) will launch a 130/30 fund this year.
Two new funds from Knighthead Capital (NY) are credit-focused and event-driven.
Citigroup will seed a distressed fund run by two former employees, Jeff Jacob and John Humphrey.
The MENA Plus Fund of Wittenham Investment Management (Singapore) is a fund-of-funds investing in emerging markets opportunities.
The CCM Partners Fund from Conative Capital Management is a new special situations fund from the managers of Bushido Capital Partners.
The Global Diversified Fund of Bedrock Alternative Asset Management is a fund-of-funds.
The Alternative Opportunities Fund from Dynamic Funds (Toronto) will hold a portfolio of (mostly) Dynamic’s own hedge funds.
Fincere will launch its Emerging Markets Portfolio Fund.
The Cable Forex Fund is from Tri Global FX (NY).
The LG Asian Green Fund is from Lloyd George Management.
The Olympia Energy Fund from Olympia Capital Management (Paris) is a diversified fund-of-funds.
Stonehorse Capital Management will launch a fund-of-funds in August.
Nomura Asset Management will manage a fund-of-funds-style entity to invest in bonds.
The Akamai Asia-Pacific Fund is from Robert Howe of Geomatrix (Hong Kong).
No Comments » Jul 8th, 2008
Hedge Fund Job: Assistant Portfolio Manager
As institutional investors turn away from small funds, but remain interested in the hedge fund asset class, major employers like this one are somewhat insulated from the bad weather. This very large investment firm, based in San Francisco, is hiring for its US and Global Equity Group. The excerpts from the job description published here spell out the responsibilities of the position in detail. We’ve truncated the description of desired qualifications a little bit, while retaining the main idea. Helpfully detailed job posts are characteristic of large firms, which tend to have dedicated in-house HR people.
Overview:
The group manages a large number of funds across mandates (long-short, long-only and partial long-short) and breadth levels (from global large-cap to focused industry-specific funds). This position will play a large role in the day-to-day management and the development agenda for one or more of the funds.
Responsibilities:
• Construction and backtesting of new signals, portfolio level backtesting, data aggregation, incorporating new t-cost and risk models and fundamental research into stock characteristics at both the broad and narrow levels (including industry-specific research)
• Portfolio re-balancing, submitting trade lists, performance attribution, regular performance commentaries, and daily monitoring of portfolio positions
• Work with other members of the team in assisting in possible extension strategies, particularly the expansion of existing stock-selection ideas across a larger set of industries
Qualifications:
• MS or PhD in Finance. (Hard science considered assuming some industry experience.) CFA preferred
• 3+ years experience in portfolio management or equivalent sell-side research environment
No Comments » Jul 2nd, 2008
New Hedge Funds Last Week
Part of the reason we maintain this weekly feature is that new hedge funds mean new hedge fund jobs — not always, but often. If a small shop just starting out isn’t necessarily hiring, a strong firm launching its fifth fund may very well be. It’s a small world out there, and knowing where the movement is can only help. Chances are, there are very few degrees of separation (1 or 2) between you and somebody involved with any fund mentioned in this feature. An article from FinAlternatives, reporting the first of the funds we list below, directly notes: “Barker and Coley are also in the market to hire traders and other staffers for the new venture.”
Randy Barker and Geoff Coley formerly of Citigroup will start a distressed debt hedge fund.
The Pamplona Credit Opportunity Fund will open in September.
The PCM Green Power Fund (Hong Kong) invests in the environment and alternative energy.
Armored Wolf (California), a new firm, will run a commodity hedge fund.
AltEdge (UK) has opened two funds of hedge funds.
Marshall Wace (UK) has opened a Hong Kong office and plans several Asia-focused funds.
MPC Investors (UK) has changed its name and will launch the RWC Asia Ascent Fund.
Laven Partners (UK) has launched a fund of hedge funds and a futures fund.
The Athamas Capital SICAV SIF Hedge Fund (Luxembourg) focuses on energy and the environment.
ING Investment Management India has launched a fund of funds focused on Latin America.
Cazenove will launch UK Absolute Target.
Permian Investment Partners (New York) is a trio of former employees of Brahman Capital.
Mandarine Gestion (France) will launch two funds in September.
The KS Asia L/S Fund (Hong Kong) will be run by Kyle Shin, formerly of Kingdon Capital Management.
No Comments » Jun 30th, 2008
Hedge Fund Job: MBS Sales / Asset-Raising
It’s a good year to be a talented hedge fund marketer or a salesperson with a deep network. Small and startup firms are struggling to raise funds this year, and anyone who can deliver the goods will be highly valued. A few recruiters specialize in the area of sales & marketing of alternatives, and they are the contacts to know about. This hedge fund sales job, exclusive to Hedge Fund Search Digest, is based in New York. It also deals in a part of the market where many funds see opportunity right now.
Hedge fund sales / asset-raising person needed for a new MBS long/short strategy. This is a new fund at an established firm with an excellent track record, specializing in the MBS and fixed income arena. The firm’s seasoned chief was head of trading & research at a top investment bank prior to launching his hedge fund career.
Position requires good MBS or fixed income product knowledge, ability to sell well, and a good book of relationships. Looking for a seasoned ex-mortgage sales professional, ideally from an asset management firm (perhaps out of the sell side having worked in a large corporation) interested in moving to an entrepreneurial opportunity in a proven hedge fund. A great learning experience and an excellent management style will greet the executive at this fund. Excellent compensation.
No Comments » Jun 27th, 2008
Earning what you are worth? Annual Hedge Fund Compensation Survey
It is time again to assess where the industry is headed with regard to compensation levels. You are invited to participate in Hedge Fund Search Digest’s annual hedge fund compensation survey, which we are conducting to provide information to evaluate compensation, negotiate better job offers, and benchmark firm compensation practices.
Follow this link to participate in the annual Hedge Fund compensation survey.
Click Here to take survey now.
We had tremendous response last year. A sample of firms who participated last year includes (cited with permission from respondents) Dresdner Kleinwort, Bluebay Capital, UBS, Credit Suisse, Goldman Sachs, ABN AMRO, Perry Capital, Eagle Asset Management, AlphaSwiss, Apex Capital Management and hundreds of others.
All eligible participants will get survey results. Take the survey now to secure access to this valuable data. And please send this to your friends in the industry because every additional response benefits all participants.
No Comments » Jun 25th, 2008
Amid I-Bank Job Cuts, Opportunistic Hiring By Hedge Funds
Yesterday we noted the report from Financial News Online that hedge fund launches are in a slump. That was based on the First Quarter 2008 Industry Report from Hedge Fund Research, a Chicago firm. Acutally, fund launches during the first quarter, last year, just barely surpassed this year’s figure, but an eight-year low is still something to notice. An even more telling observation, though, is that the number of fund liquidations is 23% higher than during the same period last year, as London’s Times reports. A spectacular quantity of hedge fund assets did indeed vanish in the the early months of this year.
Poor performance isn’t the only factor at work; fund raising now is more difficult than formerly. (Executive recruiters have noted on this blog that 2008 is a good year for talented hedge fund marketers, and that has been clearly manifested in the hedge fund marketing jobs posted to Hedge Fund Search Digest’s database of opportunities.) However, as we noted last week, some of the larger funds are not only avoiding struggles that face start-ups, but positively thriving; it is a time of consolidation. (From the Reuters article linked below: “The decline in hedge fund launches also shows the preference shown to industry’s largest funds, which tend to be favored by institutional investors.”) Also, since hedge fund strategies differ so widely, there remain ways in which the overall state of the industry defies generalization, almost by definition. Some strategies are thriving precisely because of conditions adverse to others.
And the funds that are in a position to do so are taking advantage of the generally severe financial job market, and hiring. Bloomberg (”Hedge Funds Hire From Wall Street as Jobs Disappear, Pay Falls”) and Reuters (”Investment banking’s pain is hedge funds’ gain”) report on this amplification of a traditional dynamic: a big grab for talent out of investment banks by stable hedge funds, made possible by the cuts that have left many thousands unemployed and many others increasingly willing to leave positions that may not be secure. Traditionally, the potential for much higher pay at a hedge fund had to be set against the greater risk of the more entrepreneurial environment and the relative stability of employment at a bank. But that stability has been comprised, even as shrinking bonuses at investment banks suggest the pay gap will increase where hedge funds are successful. It’s not a bad time to get in touch with your recruiter.
No Comments » Jun 24th, 2008
Last Week in New Hedge Funds
Hedge fund launches are at an eight-year low, according to Financial News Online. We still read about a steady trickle each week.
The Mortgage Opportunity Fund of Five Bridges Capital will launch soon, investing in undervalued assets.
Odey Asset Management has opened a fund of funds division.
GSO Capital Partners will launch a USD 1.5-2 billion fund.
BlackRock, Lucas Capital Management, Ospraie Management, Tocqueville Asset Management and Zweig-DiMenna International Managers all will launch Shariah-compliant funds during the next two weeks with funding from the Dubai government.
Woori Absolute Partners will launch an Asia-focused fund based in Singapore.
Intelligent Portfolio is a multi-asset fund of funds from Castlestone Management.
Argonaut is a fund from the Restis Group focusing on equities in shipping industries.
A new USD 100 million fund from PCE Investors will seed hedge funds.
Sinfonia Asset Management is a new fund of funds division of the Tenet Group.
No Comments » Jun 23rd, 2008