Respected Quant Shop Mired in Rough Patch

Quantitative Investment Management, once ranked among the industry’s top systematic operators, continues its sharp decline.

Stung by losses in some of its strategies over successive years, the Charlottesville, Va., firm has seen its assets plunge. QIM was managing some $1.1 billion on April 30, down 26% since yearend and off 74% since yearend 2017, when the firm was running $4.3 billion.

Notably, 2017 also marked the last year QIM produced an annual profit in its flagship systematic global-macro strategy, known as Quantitative Global Program...

Denmark’s Pursuit of Hedge Fund Trader ‘Politically Motivated’

The 1.5 billion pound ($2.1 billion) trial against hedge fund trader Sanjay Shah and his associates was “politically motivated” and designed to “make an example” of those involved, a London judge said...

Billionaire Howard to Return Cash From Secretive Hedge Fund

Billionaire Alan Howard is returning money to investors from the secretive hedge fund that he personally runs.

He’s redeeming clients in the Brevan Howard AH Master Fund that he started four years ago to make bigger and riskier bets, according to people with knowledge of the matter. Howard will continue to manage capital for the firm’s two other money pools, the people said, asking not to be identified because the details are private. It’s not immediately clear if Howard is shutting the fund altogether...

Hedge Funds Start to See Inflows After Big Drawdowns in 2020

Global investors have turned net buyers of hedge funds in recent months, data showed, attracted by their strong gains and the prospects of higher market volatility as countries recover unevenly from the pandemic.

Hedge funds have attracted cumulative net inflows worth $1.3 billion in the past three months, data from Refinitiv Lipper shows. These funds, whose complex strategies generally do better in volatile times, registered massive outflows of $25 billion in 2020...

Hedge Funds Facing Biden Tax Threat Grab Puerto Rico Toehold

With Democrats pushing for higher taxes on the richest Americans to fund President Joe Biden’s infrastructure and climate initiatives, hedge fund managers are taking refuge in Puerto Rico.

ExodusPoint Capital Management and Millennium Management have established subsidiaries on the island, according to local records. That could help portfolio managers at the firms relocate to Puerto Rico to obtain huge tax breaks -- an increasingly popular option now that the pandemic has made working remotely mainstream...

Millennium Set to Open Two More Offices in Tax-Friendly Florida

Izzy Englander’s Millennium Management will open two more offices in Florida as its staff joins a growing southward migration...

Hedge Funds Face Backlash From Europe in Bond Market

European governments are acting to limit hedge funds’ participation in the market for new sovereign-bond issuance, following a surge in demand from the firms...

KLS to shut flagship fund feeder

KLS Diversified Asset Management, the relative value-oriented hedge fund, has decided to close down one of the two feeder funds to its flagship strategy, according to two sources within US pension plans...

Citadel appoints Goldman Sachs partner as CFO​​​​​​

Former chief market risk officer Andrew Philipp joined Ken Griffin's shop last month, after working for 16 years at the bank.

Hedge fund poached a top Morgan Stanley trader

Rokos Capital Management is making a habit of poaching senior traders from investment banks this year.

A few weeks after poaching Goldman Sachs' index derivative trading managing director Moran Forman in New York, Rokos has hired Shanil Ghelani from Morgan Stanley in London...