|The Top U.S. Equity Emerging Hedge Fund Managers now manage $59.1 billion in U.S. equity assets, according to the latest hedge fund industry report. The Top Emerging Manager List is once again led by Sean Cullinan’s PointState Capital, which reported assets of $5.3 billion, having increasing by 6.2% year-to-date.|
Alexander Klabin and Douglas Silverman’s Senator Investment Group dropped to #3 on the list, as Peter Muller’s PDT Partners LLC claimed the #2 spot on this quarter’s list. Both Senator Investment Group and PDT Partners are headquartered in New York City, along with seven other hedge funds from the top 10 list.
PDT - Process Driven Trading – has been on Wall Street since 1993, but it recently became eligible for the emerging manager list when founder Peter Muller spun-off the quantitative trading shop from Morgan Stanley. Unlike most hedge funds on the list, PDT has a large team of eleven equity partners, more than 90 professionals and a global footprint that spans New York, London, and Hong Kong.
Despite losing the #2 spot, Senator Investment Group still had a noteworthy quarter, seeing its equity assets jump by more than $1 billion, or 28%, rising to $4.9 billion. Klabin and Silverman’s firm initially had a strong launch, having received $150 million in seed capital early-on from Blackstone Strategic Alliance Fund.
Rounding out the top 5 on the Top 50 Emerging Manager Hedge Fund List are #4 Soroban Capital Partners and #5 Conatus Capital Management. Long/short equity focused Soroban Capital Partners reported equity assets of nearly $3.9 billion at the end of the quarter, while globally focused long/short equity manager Conatus Capital Management reported assets of $2.3 billion.
Soroban Capital, which is led by Eric Mandelblatt, Gaurav Kapadia and Scott Friedman, launched its flagship hedge fund in November of 2010. Before founding the NY-based firm, all three founders worked together at TPG-Axon Capital. Prior to founding Greenwich-based Conatus Capital, David Stemerman was with Steve Mandel‘s Lone Pine Capital
Ranking Methodology: The Top U.S. Equity Emerging Manager Hedge Fund rankings are compiled on a quarterly basis using hedge fund firms’ overall U.S. equity assets. The Emerging Hedge Fund rankings include firms that were launched in 2008 or later. To view the list in its entirety, please visit Hedge Tracker’s Hedge Fund Portal.