Joining a new hedge fund is not without its risks. In Europe, [efc_twitter text="a dearth of new clients and rising costs forced hedge funds to close at a record rate in 2014"], with 370 firms shuttering their doors last year, according to Eurekahedge data.
This has not stopped new fund launches, however. [efc_twitter text="In January a number of new hedge funds in London were given the thumbs up by the Financial Conduct Authority"]. Here’s our pick of the new companies that could offer career opportunities in the future, which were tracked by corporate finance boutique IMAS.
1. Sand Grove Capital Partners
An event-driven hedge fund started by former Cheyne Capital Management trader Simon Davies, Sand Grove Capital Partners currently has just three employees. Davies is joined by head of compliance Paul Bramley and Anooj Unarket, who was also a partner in Cheyne’s event-driven team.
2. Squarepoint Capital
The much-anticipated new hedge fund spun out by Barclays’ nQuants quantitative trading team has now been given FCA approval. News of its launch emerged in August last year, and at least eight former Barclays employees including Thibaut Bondoux, Pierre-Adrien Nicolas, Clement Larrecq, Charles Caverne and Salim Louzgani are currently employed there.
3. TCAM Global UK
The new UK office of U.S. asset management TIAA-CREF, TCAM is currently just a distribution office staffed with sales employees shipped across from state-side. There is, of course, always room for expansion.
4. Thunderbird Partners
Thunderbird Partners is an equity long-short strategy hedge fund started by former Ziff Brothers fund manager David Fear with backing from his former employer. So far, Thunderbird has nine employees and the vast majority hail from Ziff Brothers Investments (ZBI), which shuttered its hedge funds and gave top people money to start their own hedge funds. Current employees of Thunderbird include Scott McDermid, the former COO of ZBI, and ex-research analysts Tim Rupert and Marcus Strub.