European Hedge Funds’ Losses are U.S. Hedge Funds’ Gains; Pine River Capital, Millennium Management and SAC Capital grab talent

April 3rd, 2013
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U.S. hedge funds are capitalizing on the recent turmoil among startup European hedge funds and the European debt crisis which has produced a glut of top traders looking for a home. According to Bloomberg, U.S. hedge funds such as SAC Capital Advisors LLC and Millennium Management LLC have been hiring employees in mass from London-based firms that have struggled in the last couple of years. Highly touted startup funds, such as Edoma Partners LLP, launched in 2010 by Pierre-Henri Flamand, formerly of Goldman Sachs, were forced to close last year under the weight of poor performance. Ex-Citigroup trader, Sutech Sharma started Portman Square Capital in 2011 but fell short of his fund raising goal of $500 million and has yet to begin trading for his clients. Occitan Capital Partners and Benros Capital Partners LLP are also among the London-based hedge funds that have recently been raided by U.S. hedge funds.

Minnesota-based Pine River Capital Management LP struck gold when it plucked a couple of high profile traders from the European hedge fund carnage – Evan Pearce, an Edoma Partners LLP partner, and former Citigroup trader, Paul Godfrey from Portman Square Capital. Another Edoma partner, Oliver Haslam moved over to Millennium Management LLC, Paul Selvey-Clinton from Occitan Capital Partners recently joined SAC Capital Advisors. Other hedge fund firms which have benefited from the European trader glut are Citadel LLC and Arrowgrass Capital Partners LLP.

According to Bloomberg, recent European startups have struggled due to the sovereign debt crisis, and also because of the difficulty ex-bank hedge fund traders have in transitioning to privately run hedge funds where the trading psychology is vastly different. The pressures of generating short-term results are often new to bank traders who are only required to hit a yearly profits target.
For Detailed Investor Profiles on these Investors, click below:
Benros Capital Partners*
Citadel Investment Group
Edoma Capital*
Millennium Management
Occitan Capital Partners
Point72 Asset Management (SAC Capital)
Related People: ; ; Becket Wolf*; Douglas Haynes (President); Ali Hedayat; Ariel Roskis; Brandon Haley; Chandler Bocklage*; Conrad Levy (COO); Daniele Benatoff; David Grossman; David Nolan; Derek Kaufman; Emmanuel Niogret; Herve Gallo; Israel Izzy Englander; Jeff Runnfeldt*; Joe Squeri; Jonathan Larkin*;; Kaveh Alamouti*; Kenneth Griffin; Mark Stainton; Martina Slowey; Michael Gelband; Peter Nussbaum*; Pierre-Henri Flamand; Ryan Garino; Sol Kumin*; Steve Weller*; Steven A. Cohen; Ted Orenstein*; Thomas de Garidel-Thoron; Tom Conheeney*
Related Entities: Goldman Sachs*; Occitan Fund; Benros Capital Partners; Benros Capital Services (UK) Ltd; Brummer and Partners (UK) Ltd; Canvas Capital*; Citadel Alternative Asset Management; Citadel Equity Fund; Citadel Kensington; Citadel Wellington; CR Intrinsic Investors*; Cubist Systematic Strategies; Edoma Capital Partners; Equiduct; EverPoint Asset Management; Millennium International Fund; Millennium Management LLC; Millennium Partners; Millennium Partners LP; Millennium U.S.A.; New Castle Re; Occitan Capital Partners; S.A.C. Global Investors; SAC Meridian; SAC MultiQuant; Sigma Capital Mgmt; Sowood Capital*; Walter Capital*
Related Article Tags: Multi-Strategy, Long Short, Equity, Debt and Global Macro Hedge Fund News; Hedge Fund Jobs, Hirings and Firings; Hedge Fund Launches and Hedge Fund Closings


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