It's nearly Christmas and probably not the time of the year you want to be thinking about looking for a new job. But, if you want to launch your search in the New Year, it's worth noting that a number of tiny UK-based hedge funds have just launched. Here's our pick of the firms to gain approval by the Financial Conduct Authority (FCA) in November, which is tracked by corporate finance boutique IMAS.
1. Engadine Partners
Engadine Partners, is a new hedge fund set up by the former deputy chief investment officer at Egerton Capital, Marcello Sallusti. It's been slowly building its team in the run-up to authorisation last month. Jonathan Rodgers, a former Goldman Sachs research analyst who latterly worked for Egerton as an analyst and portfolio manager, has signed up as a partner. Engadine has even managed to persuade traders to move across to the UK from Spain - Filipe Correia da Silva, the former head of equities for Iberia at Cheuvreux, who was most recently country head for Spain and Portugal at MainFirst Bank in Madrid, also joined as a partner.
2. Exor Investments
A new UK arm of the Italian investment company, Exor Investments has hired some senior hedge fund portfolio managers. Dariusz Kieszkowski, who was latterly a partner at Eton Park Capital Management, has joined as a partner. Victor Bundhoo, who was formerly COO at Farema Capital, is head of operations, and Matteo Scolari - another Eton Park portfolio manager - has also joined the team as managing director.
3. Incipit Capital
A new quant futures hedge fund launched by former BNP Paribas derivatives traders, Incipit was given the regulatory thumbs up in November and so far has just the two founding partners as employees. Alessandro Gavazzeni, a former interest rates options trader at BNP Paribas, is one co-founder, along with Stefano Galluccio, the former head of exotic interest-rate and hybrid derivatives trading at the French bank.
4. Sempera Partners
Another small hedge fund set up by former senior traders in investment banks, Sempera Partners also has just two employees. One, Alex Tesei, is a former managing director and prop trader at J.P. Morgan, while the other, Daniele Baldi, was previously at UBS for 15 years until late last year.
5. Systematica Investments
This is the quant spinout of Bluecrest Capital Management that has been running for over a year now, but has just received regulatory approval. Assets under management have risen to around $10.2bn since it became an independent entity. In London, it now has eight employees registered with the FCA - largely former Bluecrest employees.
6. Valeur Capital
Valeur Capital, a more traditional asset-manager with multi-asset investment approach, has been hiring from large investment banks as it builds up its London operation. Alessandro Noceti, a former director at Credit Suisse joined in 2016 as did Davide Natale, who was in an FX sales job at Goldman Sachs, while Andrea Macchi, a former VP at Deutsche Bank, joined the group at the end of 2015. Andrea Sirtori and Marco Mattachini moved across from other Valeur offices.
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