Ex-Goldman Energy Head Taps Commodity Finance
Total Page：16
File Type：pdf, Size：1020Kb
The long and the short of it www.hfmweek.com ISSUE 406 4 FEB 2016 CREDIT SUISSE’S EMEA PRIME CO-HEAD TO LEAVE ARGENTINA Dougal Brech departing to pursue own interests PEOPLE MOVES 06 OPENS UP EX-BLUEMOUNTAIN DUO LAUNCH EM RELATIVE VALUE FUND MEET THE FUND WHOSE Pair are spotting price dislocation opportunities 10 LAUNCHES PM BECAME ARGENTINA’S EX-GOLDMAN ENERGY HEAD TAPS COMMODITY FINANCE GAP FINANCE SECRETARY Neil West is chairman of Kris Tremaine’s start-up Kimura Capital LAUNCHES 11 ANALYSIS 23 Alt mutuals fight THE ALPHAPIPE-HFMWEEK back against SEC SERVICE PROVIDER derivatives plans Managers consider legal hedge funds have discussed SNAPSHOT challenge; CFTC structure floated the possibility of a procedural challenge to the rules, claim- Q4:15 BY SAM DALE ing the SEC would be exceed- ing its authority in the way it is LEADING ALTERNATIVE looking to impose the leverage MUTUAL fund managers limit. are plotting a fierce fightback Managers also say they have against the SEC’s derivatives been in early-stage talks with proposals through extensive the CFTC about the creation lobbying and a potential legal of a liquid alts structure operat- challenge and are even pushing ing outside of the ’40 Act with for a CFTC-regulated liquid alts similar rules to the European structure. Ucits regime. These talks Our research shows the latest market Rule 18f-4, proposed in began before the SEC’s deriva- December, would impose an tives plans were announced share shifts across prime brokers, exposure-based leverage limit but have grown in importance of 150% and strict asset segre- since then, say managers. admins, auditors and custodians in gation rules which threaten the SEC commissioners have viability of many existing alt previously expressed their con- the Q4 HFM/Alphapipe survey mutual funds, especially those cern about the rapid growth in the managed futures space. of liquid alternatives, ANALYSIS 16 HFMWeek understands which now total more 03 COMMENT COPING WITH INVESTOR DUE DILIGENCE IN THE GOOGLE AGE 14 CONTINUES ON P13 CAIUS CAPITAL ADVENIO CAPITAL SIGNAL CAPITAL SWISSCANTO ASSET ODEY ASSET MANAGEMENT MANAGEMENT MANAGEMENT NAME Odey Absolute Return NAME Swisscanto Equity Fund Fund STRATEGY European credit STRATEGY Global long/short NAME VX Alpha Systematic Volatility STRATEGY Global long/short LAUNCH DATE H1 16 equity STRATEGY Long/short volatility STRATEGY Long/short equity equity LAUNCH DATE H1 16 LAUNCH DATE Q2 16 LAUNCH DATE Jan 16 LAUNCH DATE Jan 16 LAUNCHES Phibro and Tosco and was head of oil LAUNCHES trading at Hetco until 2012. & CLOSURES Ex-Goldman energy head Kimura’s management team also IN BRIEF includes ex-UBS head of commodity structuring Morgan Metters, former taps commodity finance gap Trafigura global head of trade finance RG Niederhoffer Capital, the $825m New York short- Neil West is chairman of Kris Tremaine’s start-up Kimura Capital Alan Gordon, Chichester Capital term systematic manager, is Management founder Julian Barrow- launching the RG Niederhof- EX-GOLDMAN SACHS ENERGY sheets of between $10m and $100m. cliffe and ex-Trafigura senior trader fer Total Return Program. head Neil West and former Phoenix Kimura will initially launch a Warren Kirrane. Lee Barden joins It will combine a risk parity Partners global commodities head managed account proposition with from credit hedge fund ECM as CTO. strategy with the firm’s flag- Kristofer Tremaine are launching a $100m and three-year lock-up, as well “With the implementation of ship short-term trading new commodity trade finance hedge as a five-year closed-ended vehicle. A Basel III, banks are deleveraging sig- program. fund. more liquid version of the fund with nificantly in commodities and mov- London-based Kimura Capital is 180-day liquidity is being prepared. ing away from serving less profitable Omni Partners’ second secured lending fund has set to launch in the second quarter of Founder and CIO Tremaine was clients and financing commodity had its final close at $240m. the year with $110m. previously a managing director of trades. We see this as a multi-billion The firm plans to launch a It will provide small and medium- energy derivatives with Societe Gen- dollar opportunity,” said Tremaine. third vehicle in April. OSL sized businesses with alternatives to erale and a commodities trader with The funds will charge 1.5/15 fees. II launched in April 2015 bank funding for commodity trades. Hartree Partners and UBS. Kimura is regulated through Tow- and provides exposure to The portfolio will focus on energy, West, who is Kimura’s chairman, er Gate Capital, uses SEI as adminis- short-term loans secured base metals, softs and agriculture led Goldman’s energy division in trator and custodian and KPMG as against UK residential and and target firms with sub-investment London for seven years until 1994. its auditor. commercial properties. grade credit ratings and balance He has also held senior roles with [email protected] Chris Rokos’ firm will close to new capital this month as assets have rocketed to ASSET-RAISING $3.5bn, according to Bloom- berg. The move comes AQR soft closes two only five months after the global macro fund, which alt mutual funds had significant contributions AQR IS SOFT closing two of its from Rokos himself and alternative mutual funds to new Blackstone, launched. investors. Paulson & Co partner and The $135bn firm is planning sector head Samantha to close its $2.2bn Style Premia Greenberg is starting her Alternative Fund and $212m Style own long/short equity hedge Premia Alternative LV Fund to new fund. Greenberg, head of investors from 31 March, according media, cable and consumer to an SEC filing. sector investments, reportedly The Style Premia fund launched left on 29 January. THE WEEK in 2013 and over the past 12 months Insurance-linked special- Pershing Square Capital Management veteran Paul Hilal (pictured) is has ranked in the top 2% of its cat- ist Leadenhall Capital egory, according to Morningstar. Partners launched its first leaving Bill Ackman’s $15bn AuM activist firm to launch his own ven- Analyst Jason Kephart said AQR Ucits catastrophe bond fund ture, PCH Capital. Hilal, a long-time lieutenant and personal friend of runs about $10bn in the strategy last year with $80m. The Pershing founder and CEO Ackman, is resigning as a partner at the across a hedge fund, separately Dublin-based Leadenhall managed accounts and its mutual Ucits ILS Fund launched firm after 10 years to manage his own portfolio. In a letter to Persh- funds. on 22 December and brings ing shareholders, Ackman said Hilal’s decision to leave was based AQR previously said it would total AuM at Leadenhall to $2.4bn.w on his desire to manage his own portfolio, an opportunity Pershing shutter the strategy to new inves- tors once it hit $10bn. The firm Square could not accommodate due to the firm being a “one-prod- LAUNCHES IN BRIEF declined to comment. SPONSORED BY uct” single portfolio firm. In an email seen by HFMWeek, Hilal paid The AQR managed futures strat- tribute to Ackman and his Pershing Square colleagues. egy also passed $10bn last month. [email protected] 4-10 FEB 2016 HFMWEEK.COM 11.