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EUROHEDGE MEETS… PHILIPPE JABRE by WILL WAINEWRIGHT Capital Opportunities,” Says Jabre

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EUROHEDGE MEETS… PHILIPPE JABRE by WILL WAINEWRIGHT Capital Opportunities,” Says Jabre 12 COVER FEATURE JABRE CAPITAL PARTNERS EUROHEDGE MEETS… PHILIPPE JABRE BY WILL WAINEWRIGHT capital opportunities,” says Jabre. “We are taking a long-term view, looking The founder of Jabre Capital Partners reveals a new bet on forward to bringing a seasoned ap- blockchain and gives his thoughts on the industry return of proach to investing in this relatively new field.” former recruit Greg Coffey Jabre is far from the only hedge fund veteran eyeing the impact of the new am midway through my alert for the next big trade, the Fran- technology. Brevan Howard co-found- interview with Philippe co-Lebanese manager has set his gaze er Alan Howard has made personal I Jabre when one of his in- firmly on blockchain technology and investments in cryptocurrencies and vestment staff knocks ur- its potential to disrupt established in- related businesses, while Adam Fish- gently on the door. An investment has dustries. er, a macro manager at Soros Fund hit the target share price set by Jabre “Blockchain is quite revolutionary,” Management, has internal approval to and the employee asks for advice. Ja- he says. “The market cap of all these make cryptocurrency trades, according bre – or “PJ” as he is known in the office tokens three years ago was around to Bloomberg. – flicks from interview to trading mode $5bn. It reached a high of $800bn ear- US manager Morgan Creek Capital in an instant and gives instructions. lier this year, which was extraordinary. Management bought Full Tilt, a North The moment is a brief insight into That said, I don’t think the value of the Carolina-based firm seeding crypto- Jabre’s passion for markets, which tokens is important – more the tech- currency businesses, earlier this year. remains undimmed after more than nology behind it.” “The disruptive power of the applica- three decades at the frontline. He tion of blockchain technology across was rarely out of the headlines in the all asset classes will create enormous pre-crisis years, making his name by Blockchain is quite investment opportunities,” Mark posting exceptional returns for GLG revolutionary. The market cap of Yusko, Morgan Creek’s founder and Partners before leaving London in the chief investment officer, said when -an wake of a market abuse fine to start all these tokens three years ago nouncing the deal. Jabre Capital Partners in Geneva. was around $5bn. It reached a Altana Wealth’s Lee Robinson, who The Swiss canton has been his trad- managed billions with Trafalgar Asset ing base since 2007. Jabre’s subse- high of $800bn earlier this year, Managers in the hedge fund industry’s quent career has made fewer headlines which was extraordinary. That pre-crisis heyday, putting him on a par but, in an industry where lifespans with Jabre, shares his enthusiasm. can be short, the longevity of his ca- said, I don’t think the value of the “Blockchain is the second or third reer stands out. “At his core, he loves tokens is important – more the most impressive disruptive creation markets and over time has become a of the last 40 years,” he says, behind trusted hand in the industry,” says Jim technology behind it only the microprocessor and possibly Neumann, partner at consulting firm PHILIPPE JABRE the internet. “Dotcom companies were Sussex Partners, who knew Jabre from worth close to $10trn in 2000 in pres- his GLG days when he worked on man- ent money terms, and more today, yet ager selection for Ramius Capital. Jabre believes the companies which crypto ventures barely add up to a few “When I look back over the past 11 successfully use blockchain to over- billion dollars. years, there have been extraordinary take competitors will have an impact “Clearly there is materially more events in the market and our firm has similar in scale to the internet. “You upside than downside of the order of been able do well,” says Jabre. “Most had an enormous number of com- 1000:1,” adds the Monaco-based man- of our funds are at their high-water panies trying to use the internet to ager. “All investors should be looking mark.” Firm-wide assets stand at disrupt established working practices, at a small allocation given the attrac- $1.5bn, mostly in three main strate- 95% of which did not survive,” he says. tive risk reward ratio.” gies: Global Balanced, which makes big “But the 5% of survivors are Amazon, Investor views are mixed. One fund stock and macro calls; Global Convert- Google, Facebook etc. The same thing of hedge funds investor – not invested ible, which uses bonds to make similar will happen with blockchain. If you can with Jabre – expressed scepticism that PHILIPPE plays, resulting in a more restrained invest at the start in the future survi- returns profile; and Multi Strategy. vors, the gains could be huge.” FIRM FACTS Smaller offerings in long/short cred- That is the rationale behind a unit JABRE CAPITAL PARTNERS it and emerging markets make up the Jabre is developing to give investors Founded in 2006 rest – for now. “Asset management is exposure to these potential gains. “We Offices in Geneva, London and Dubai JABRE a disciplined science but you have to are looking to expand our investment 36 employees adapt to the particular moment you strategy in this area with a first offer- $1.2bn under management find yourself,” he says. Ever on the ing focusing on early stage venture APRIL 2018 13 14 COVER FEATURE JABRE CAPITAL PARTNERS JABRE’S OFFICE BUILDING IS OPPOSITE A CLOCK TOWER ON THE PONT DE L’ILE, A HISTORIC CROSSING POINT BETWEEN NORTH AND SOUTH EUROPE PHILIPPE JABRE: LIFE AND TIMES MAY 1960 Philippe Jabre born in Lebanon 1978 As civil war intensifies, moves to Canada to study economics degree at Concordia University in Montreal 1982 Obtains MBA from Columbia Business School in New York. Moves to France and joins BAII, a subsidiary of Banque Nationale de Paris 1983 Begins managing money for BAII 1997 Hired by GLG Partners, a unit of Lehman Brothers, as the fourth partner, joining founders Noam Gottesman, Pierre Lagrange and Jonathan Green 2000 After strong returns, GLG Partners spins out from Lehman Brothers, which retains a 20% stake such a vehicle could generate high investors are better served investing in returns, with a lot of the excitement companies trying to benefit from the 2006 around blockchain’s potential already spread of blockchain and fintech more Jabre fined by UK regulator the FSA for market abuse. Moves from London to Geneva priced into valuations. But there is broadly.” interest, with 6% of respondents to Credit Suisse’s 2018 global hedge fund Return to form 2007 survey expressing appetite for block- Last year brought an important recov- Jabre Capital Partners starts trading three separate strategies chain or cryptocurrency investments. ery for Jabre, whose flagship Global The category wasn’t even offered as an Balanced and Global Convertible funds option the previous year. both posted double-digit gains after 2008 “All blockchain-related investments an uncharacteristic three-year stretch Firm starts trading an emerging markets strategy are subject to a high degree of risk as of losses and low single-digit gains the technology is still in its early days,” between 2014 and 2016. He dates the said Aaron Costello, a managing direc- turnaround to July 2016. 2011 tor on with consulting firm Cambridge “The first six months of 2016 were Makes $300m loss buying and selling stocks at the wrong time in the wake of the Tōhoku Associates, in a report in November. quite difficult because there was a big earthquake in Japan However, he believes focusing on com- contraction in oil, in China growth, and panies using blockchain – rather than people were uncertain of growth and 2013 the digital currencies underpinned by deflation. We were long the market Jabre Capital Partners wins Management Firm the distributed ledger technology – and suffered,” he says. Then the picture of the Year at EuroHedge awards could yield benefits. changed. “The risk/return profile for cryp- “There was a sharp reversal that 2016 tocurrencies seems binary given the started in summer 2016 when the ma- Firm launches its first pure credit fund with a lack of an economic source of return, jor intervention by central banks start- team hired from RAB Capital meaning investors must be able to tol- ed to have its effect. Japan and China erate massive volatility and potential took very heavy measures to spend 2017 for permanent loss. Instead, we think more on their economies, through Return to form in main strategies with 27.5% gain in Global Balanced We think investors are better served investing in companies trying to benefit from the spread of 2018 Begins building blockchain investing unit blockchain and fintech more broadly PHILIPPE JABRE Sources: Companies House, Financial Times, Wall Street Journal, Association Philippe Jabre, Pageant Media and Jabre Capital Partners JABRE’S OFFICE BUILDING IS OPPOSITE A CLOCK TOWER ON THE PONT DE L’ILE, A HISTORIC CROSSING POINT BETWEEN NORTH AND SOUTH EUROPE KEY DATA will be positive. “The rate of growth of the S&P 500 had been quite steady until this year,” he says. “The slope changed in January – equities began 69.6% to race upwards, due to money being THE GLOBAL CONVERTIBLE FUND’S thrown at the market after the US tax RECORD GAIN IN 2009 reforms late last year. This volatility correction triggered a market correc- tion, which was violent but healthy.” He accepts the widespread view % that structural funds betting on low 47.8 THE GLOBAL BALANCED FUND’S volatility as a strategy had reinforced RECORD GAIN IN 2013 the low vol levels.
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