Hedge Fund Hirings and Firings
It’s mostly hirings at this point as new funds and existing ones hire a variety of staffers and traders, while proprietary traders continue to leak out of big institutions and find their way to other venues.
Most recently in the prop migration, Kohlberg Kravis & Roberts hired a crew of traders from Goldman Sachs, according to Reuters.
Cantor Fitzgerald is hiring because it dodged some bullets that ventilated larger firms, according to a report from Bloomberg that says the financial meltdown “crushed Wall Street rivals such as Bear Stearns and Lehman Brothers, which made mortgage bets that Cantor and its publicly traded arm BGC Partners (BCGP) avoided.”
Cantor’s expansion has been unheralded but significant. “Cantor has also hired more than 50 investment bankers whose work has yet to show up in the usual rankings that chronicle the achievements of Wall Street’s elite,” Bloomberg says.
Hedge Funds Review describes a $350 million debt-and-equity fund raised by Abraaj Capital, where its Menasa Capital Management business will focus on the Middle East, North Africa and South Asia.
The Daily Stamford looks at a possible heir hired by Warren Buffet.
Bloomberg says OGI Capital Partners is bolstering its global macro fund with the hire of Marcus Blomberg, formerly with Alfred Berg Asset Management AB.
A report from eFinancial News says Financial Risk Management’s seeding operation FRM Capital Advisors is allocating as much as $50 million to San Francisco-based Sensato Capital Management, which is run by the former co-heads of active equity strategies at Barclays Global Investors.
The Financial Times says The Childrens’ Investment Fund co-founder Patrick Degorce has raised $700 million for hedge fund Thélème Partners, which has an ultimate target of over $1 billion. The fund has multiple share classes, some of which expose investors to less of a bite than the typical 2% asset and 20% performance fees.
The news is not all roses. Hedge fund behemoth Man Group acquired GLG Partners recently, and an unnamed source told Business Insider that minimal layoffs that were officially announced are only the tip of the proverbial iceberg. As much as 10% of the workforce might be let go, the source said.
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