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Dubai has become an emerging hub for the hedge fund industry, with over 1,000 people now employed in the sector. While this is still a small fraction compared to the numbers in North America and Europe, the headcount in Dubai has been steadily increasing. The Dubai International Financial Centre has also seen a surge in employee numbers, with nearly 44,000 people now working there. The United Arab Emirates, including Dubai, has attracted hedge funds due to incentives, a favorable timezone, and a low tax regime. Neighboring Abu Dhabi has also managed to draw in big names in the industry. [Extracted from the article]

Dubai has become an emerging hub for the hedge fund industry, with over 1,000 people now employed in the sector. While this is still a small fraction compared to the numbers in North America and Europe, the headcount in Dubai has been steadily increasing. The Dubai International Financial Centre has also seen a surge in employee numbers, with nearly 44,000 people now working there. The United Arab Emirates, including Dubai, has attracted hedge funds due to incentives, a favorable timezone, and a low tax regime. Neighboring Abu Dhabi has also drawn in big names in the industry. [Extracted from the article]

Chris Rokos's hedge fund, Rokos Macro Hedge Fund, experienced a significant loss of 5.2% in August due to global market volatility and concerns about a potential US recession. This was the fund's worst loss since March 2023 and only the fourth time it has declined by 5% or more in a month since its launch in 2015. Other hedge funds also faced challenges during this period, leading some to liquidate positions or close trading pods. Despite this, macro hedge funds have seen an average gain of 5.6% in the first eight months of the year. Chris Rokos, who co-founded Brevan Howard Asset Management, currently runs one of the largest macro hedge funds in the world. [Extracted from the article]

Chris Rokos's hedge fund, Rokos Macro Hedge Fund, experienced a significant loss of 5.2% in August due to global market volatility and concerns about a potential US recession. This was the fund's worst loss since March 2023 and only the fourth time it has declined by 5% or more in a month since its establishment in 2015. The fund's losses have reduced its gains for the year to just over 14%. Other hedge funds, such as Millennium Management, Balyasny Asset Management, and BlueCrest Capital Management, also faced challenges and had to liquidate positions or close trading pods. Despite these setbacks, Rokos, who is estimated to have a net worth of $1.8 billion, continues to run one of the largest macro hedge funds globally. [Extracted from the article]

Eisler Capital, a hedge fund, is experiencing a wave of departures as it struggles with poor returns and competition for talent. Around 10 money managers have left the firm, including both voluntary departures and dismissals. The hedge fund has gained only 0.06% through August this year, compared to the 6.5% increase in the PivotalPath Multi-Strategy Index. This recent churn follows previous departures earlier this year, and the firm has been transforming itself into a multistrategy hedge fund from its origins in macro trading. The high turnover at Eisler has attracted industry attention, with some traders being prevented from trading before reaching certain loss thresholds set by the firm. [Extracted from the article]

Eisler Capital, a hedge fund, is experiencing a wave of departures as it struggles with poor returns and competition for talent. Around 10 money managers have left the firm, including both voluntary departures and dismissals. This comes after several traders left earlier in the year due to disagreements over investment strategy. Eisler Capital, founded in 2015 by former Goldman Sachs executive Edward Eisler, has been transitioning into a multistrategy hedge fund. Prior to the recent departures, the firm had over 60 investment teams and a hedge fund that gained 0.06% through August, underperforming its peers. [Extracted from the article]

Point72 Asset Management, the hedge fund managed by billionaire Steve Cohen, is considering returning some capital to investors for the first time. This move is in line with other multistrategy hedge funds that are looking to limit their assets after a period of rapid growth. While the exact amount to be returned is yet to be determined, it could potentially be in the billions of dollars. This trend of returning capital is becoming more common in the hedge fund industry, as larger funds struggle to manage the influx of cash while smaller firms struggle to raise capital. [Extracted from the article]

Douglas Haynes, former president at Point72 Asset Management, has decided not to proceed with his plan to start a hedge fund called Norias Research Group due to challenges in raising enough capital. The fund aimed to support investment ideas generated by analysts rather than hiring expensive portfolio managers, in response to the growing demand for multistrategy hedge funds. Despite having a staff of 30 professionals and a developed trading infrastructure, Norias was unable to secure enough initial investors to launch. This decision highlights the difficulty of starting a hedge fund in a market where investors are gravitating towards larger and more established money managers. [Extracted from the article]

Despite market volatility and concerns about a possible US recession, multistrategy hedge funds such as Walleye Capital, Point72 Asset Management, Schonfeld Strategic Partners, Citadel Wellington, and ExodusPoint Capital Management achieved steady gains in August. Walleye's Opportunities Fund led the way with a 3.4% increase, while other funds saw gains ranging from 0.7% to 1.6%. However, Bobby Jain's new hedge fund, Jain Global, experienced a decline of 0.5% in August, bringing its total decline since its July debut to about 1.2%. The tough trading conditions prompted some firms to liquidate positions or close trading pods. [Extracted from the article]

Despite market volatility and concerns about a potential US recession, multistrategy hedge funds such as Walleye Capital, Point72 Asset Management, Schonfeld Strategic Partners, Citadel Wellington, and ExodusPoint Capital Management achieved steady gains in August. Walleye's Opportunities Fund, with $4.8 billion in assets, led its peers with a 3.4% increase. The market turbulence, triggered by the unwinding of the yen carry trade and US economic uncertainties, prompted some firms like Millennium, Balyasny Asset Management, and BlueCrest Capital Management to liquidate positions or close trading pods. The success of Walleye was attributed to its equities long/short and quant strategies. [Extracted from the article]

Val Zlatev's Analog Century Management has received $1 billion in backing from Millennium Management, a multistrategy hedge fund. Zlatev will manage the funds in a separately managed account and will also oversee capital for other clients. Analog is the latest external money manager to receive funding from Millennium, which is looking to outsource some of its capital to outside talent. Zlatev's Analog Century Master Fund has consistently produced double-digit gains since its inception in 2018. [Extracted from the article]

Val Zlatev's Analog Century Management has received $1 billion in backing from Millennium Management, a multistrategy hedge fund. Zlatev will manage the funds in a separately managed account and will also oversee capital for other clients. This investment is part of a trend of hedge funds seeking external money managers to handle some of their capital. Analog currently manages around $1.35 billion in assets. Before founding Analog, Zlatev worked at Quentec Asset Management and Kingdon Capital. [Extracted from the article]

Millennium Management, a hedge fund, has closed two trading pods in Asia and the portfolio managers leading these teams, Shao Ying and Zachary Corones, are leaving the firm. The reasons for the closures and the performance of the teams are not immediately clear. Hedge fund platforms like Millennium allocate capital among different pods to manage risk and ensure steady returns. The closures may be related to concerns about a weakening US economy and tighter Japanese monetary policy, which caused market volatility. [Extracted from the article]

Paloma Partners, a multistrategy hedge fund, has hired Pei Ng, a former executive at Brevan Howard Asset Management, to be its new chief financial officer. Ng will assume the role after the current CFO, Ted Hagan, retires. This move is part of a trend of CFO switches at multistrategy hedge fund firms, as their operations and strategies become more complex. Paloma Partners, founded by Donald Sussman, has a history of backing hedge fund managers and allocating capital to investment teams. [Extracted from the article]

Brevan Howard Asset Management has hired David Nash from Modular Asset Management, a Singaporean hedge fund that was spun off from Millennium Management LLC in 2020. Nash, who joined Modular in 2021, has been authorized to undertake regulated investment activities for Brevan Howard since late July. Other portfolio managers at Modular who have ceased to be representatives this year include Daniel Liebau and Cindy Lau. Brevan Howard, which oversees about $34 billion, has been expanding its presence globally. The company has recently made changes such as scrapping management fees and restructuring to manage expenses. [Extracted from the article]

Dharmesh Maniyar, a former trader for hedge fund titans Paul Tudor Jones and Alan Howard, is closing down his hedge fund due to declining assets under management and redemption requests. Maniyar will redeem all investors in the fund on October 1st. This decision reflects a trend of hedge funds closing down as investors move towards larger, multistrategy investment firms. Macro hedge funds, in particular, have struggled to generate returns in a volatile interest-rate environment. Maniyar, originally from Gujarat, India, moved to the UK in 2003 and joined Tudor in 2013. He launched his own hedge fund in 2020 after spinning out from Tudor Investment Corp. [Extracted from the article]

Kevin Byrne, the CFO of hedge fund Millennium Management, is leaving to join rival Balyasny Asset Management as their COO. Byrne had been with Millennium for a decade after working at Goldman Sachs. Both Millennium and Balyasny have not commented on the move. [Extracted from the article]

Millennium Management, a multistrategy hedge fund, is in talks to raise new capital equivalent to about 10% of its $68 billion in assets. The New York-based firm plans to raise the cash through a draw-down fund, allowing them to access the funds as needed. This move is aimed at bolstering their ability to access capital and attract and retain investment professionals. Despite the hedge-fund industry facing capital outflows, Millennium and other giants have closed their doors to new cash, emphasizing the importance of stable capital. [Extracted from the article]

Aaron Weiner, who is leaving Coatue Management, is set to start his own hedge fund with backing from Millennium Management. Weiner will receive multiple billions of dollars to start trading for his hedge fund, initially exclusively for Millennium. This arrangement reflects a growing trend among multistrategy hedge funds to strike deals with internal and external traders to expand their talent pool. Millennium has previously given billions of dollars to external managers, and this deal with Weiner follows similar arrangements. Weiner, a former managing director at Coatue, has experience in health care and tactical solutions. [Extracted from the article]

Aaron Weiner, who is leaving Coatue Management, is set to start his own hedge fund with backing from Millennium Management. Weiner will receive multiple billions of dollars to start trading for his hedge fund, initially exclusively for Millennium. This arrangement reflects a growing trend among multistrategy hedge funds to strike deals with internal and external traders to expand their talent pool. Millennium has previously given billions of dollars to external managers, and other firms such as Point72 Asset Management and BlueCrest Capital Management have also provided funding to external teams. Weiner, a former managing director at Coatue, has experience at Blackstone Inc. and Goldman Sachs Group Inc. [Extracted from the article]

Brevan Howard Asset Management has closed two hedge funds managed by traders Alfredo Saitta and Louis Basger as part of a cost-cutting restructuring. The decision was made because the funds were not profitable and expensive to operate. Saitta will be leaving the company, while Basger will remain. Brevan Howard recently reduced its workforce by 10% to reduce costs after a period of rapid expansion. [Extracted from the article]

Stephen Irvine, the former head of Balyasny Asset Management's London office, is closing his hedge fund, Lijaro Asset Management, and returning capital to investors. The fund, which managed over $600 million in 2022, experienced two years of losses and saw its assets decrease to $207 million by January 2024. Lijaro cited the reduction in assets and the difficulty of raising further capital as reasons for the closure. This closure is part of a larger trend, with over 3,000 hedge funds closing in the past five years. Irvine started his own hedge fund in 2020, focusing on the industrial and cyclical sectors, and received investments from the Employees Retirement System of Texas and PAAMCO in 2022. [Extracted from the article]

Balyasny Asset Management has liquidated a trading book led by George Klavdianos after his team suffered losses of over $100 million. Klavdianos and his team have left the firm, and the process of liquidating the trades is almost complete. The losses were incurred in both long and short bets in Europe, as well as short positions in the US. Balyasny is now looking to hire credit money managers and traders specializing in investment grade and convertible bonds. [Extracted from the article]

Balyasny Asset Management has liquidated a trading book led by George Klavdianos after his team suffered losses of over $100 million. Klavdianos, who ran an event-driven credit strategy, has left the firm along with his team. The strategy accounted for about 1% of Balyasny's $21 billion in assets and experienced losses in both Europe and the US. Balyasny is now looking to hire credit money managers and traders specializing in investment grade and convertible bonds. [Extracted from the article]

Steve Cohen's Point72 Asset Management is expanding its macro trading teams as it diversifies its hedge fund business. Led by Mo Grimeh, the unit will soon have 51 macro trading teams, five times the size it was three years ago. Two new hires, Charles Thorburn and Ketan Gada, will join the team next year, focusing on trading rates and emerging markets, respectively. The growth of macro trading is driven by increasing interest rates and volatility in economies worldwide. Point72's hedge fund returned 9.8% through November this year. [Extracted from the article]

Multimanager hedge funds, such as Citadel, Millennium Management, and Balyasny Asset Management, have become dominant players in the industry, overseeing over $1 trillion in assets. However, concerns have arisen over these "pod shops" as they have all piled into many of the same trades, leading to worries about crowded trades and potential widespread losses if everyone exits at once. Regulators, investors, and traders are expressing unease about the amount of leverage and overcrowding in these funds, with some investors capping their allocations and others avoiding newer entrants. Smaller hedge funds are looking for opportunities to profit from the market dislocations caused by these larger competitors. [Extracted from the article]

Multimanager hedge funds, such as Citadel, Millennium Management, and Balyasny Asset Management, have become dominant players in the hedge fund industry, overseeing over $1 trillion in assets. However, concerns have arisen over these "pod shops" as they have piled into many of the same trades, leading to worries about crowded trades and potential widespread losses if all funds exit simultaneously. Regulators, investors, and traders have expressed unease about the amount of leverage and overcrowding in these funds, with some investors capping their allocations and others avoiding newer entrants. Smaller hedge funds are seeking to profit from the market dislocations caused by these larger competitors. While multimanager funds have attracted assets and star talent, increased competition, market volatility, and lower returns have raised questions about the sustainability of this model. [Extracted from the article]

Billionaire Alan Howard believes that Abu Dhabi has the potential to become a global financial center. He highlighted the city's strong regulation, rule of law, and favorable taxation as attractive factors for financial firms. Brevan Howard Asset Management, one of the world's largest hedge funds, recently opened an office in Abu Dhabi, joining other hedge funds and financial firms that are expanding in the region. Howard emphasized the importance of attracting top hedge funds to the city to help it grow as a financial center. [Extracted from the article]

Several hedge funds in Asia, including Nine Masts Capital, Southern Ridges Capital, and Pinpoint Asset Management, are adopting a fee model similar to global giants like Citadel and Millennium Management. This model charges clients additional fees to cover various costs, such as employee compensation and life insurance, in order to attract top talent. While this may result in higher fees than traditional models, it allows smaller funds to compete with international firms that offer large signing bonuses. The pass-through fee structure is a departure from the traditional "2 and 20" model and has been adopted by multi-manager firms to accommodate their expanding assets and attract skilled professionals. [Extracted from the article]

Several hedge funds in Asia, including Nine Masts Capital, Southern Ridges Capital, and Pinpoint Asset Management, are adopting a fee model similar to global giants like Citadel and Millennium Management. This model involves charging clients additional fees to cover various costs, such as employee compensation and life insurance, in order to attract top talent. While this may result in higher fees than traditional models, it allows smaller funds to compete with international firms that offer large signing bonuses. The pass-through fee structure is a departure from the traditional "2 and 20" model, and proponents argue that it is necessary for multi-manager firms with diverse portfolios. Despite weak returns for many hedge funds in Asia, some firms have found success with the new fee model. [Extracted from the article]

Rokos, worth around $1.7 billion according to the Bloomberg Billionaires Index, co-founded hedge fund giant Brevan Howard Asset Management in 2002 and made profits of about $4 billion during his 10-year tenure at the firm. (Bloomberg) -- Billionaire macro trader Chris Rokos's hedge fund posted returns of 2.4% in September, steering the asset manager further out of double-digit declines earlier this year. Macro hedge funds have staged a recovery from losses in the first half, gaining 1.2% on average during the third quarter, according to data compiled by Bloomberg. [Extracted from the article]

(Bloomberg) -- Deutsche Bank AG's Gianluca Delli Rocioli has joined Brevan Howard Asset Management as a portfolio manager, according to a person familiar with the matter. Best known for its macro trading strategies, Brevan Howard has been growing rapidly in recent years, ramping up assets and portfolio managers in tight competition with multi-manager platform peers like Millennium Management and Citadel. [Extracted from the article]

Read More: Hedge Funds at War for Top Traders Dangle $120 Million Payouts Before joining Millennium, Watson managed money for Brevan Howard Asset Management and was previously a managing director at Morgan Stanley. (Bloomberg) -- James Watson, a senior portfolio manager at Millennium Management, left to join rival Balyasny Asset Management, according to people with knowledge of the matter. [Extracted from the article]

Read More: Odey's Only Female Money Manager Gains; Clients Exit Anyway Odey Asset Management has been struggling to contain an exodus since a Financial Times investigation in June into Crispin Odey's alleged treatment of women over roughly 25 years. (Bloomberg) -- Odey Asset Management is shutting an emerging markets fund as the firm continues to reorganize in the wake of sexual assault allegations against founder Crispin Odey. [Extracted from the article]

Read More: Odey's Only Female Money Manager Gains; Clients Exit Anyway Odey Asset Management has been struggling to contain an exodus since a Financial Times investigation in June into Crispin Odey's alleged treatment of women over roughly 25 years. (Bloomberg) -- Odey Asset Management is shutting an emerging markets fund as the firm continues to reorganize in the wake of sexual assault allegations against founder Crispin Odey. [Extracted from the article]

Read More: Odey's Only Female Money Manager Gains; Clients Exit Anyway Odey Asset Management is struggling to contain an exodus since a Financial Times investigation into Crispin Odey's alleged treatment of women over roughly 25 years. (Bloomberg) -- Odey Asset Management is shutting an emerging markets fund as the firm continues to reorganize in the wake of sexual assault allegations against founder Crispin Odey. [Extracted from the article]

Adrian Courtenay, another portfolio manager at Odey, is also seeking to have the suspension lifted from his fund in order to allow clients to exit or invest into his strategy, Bloomberg reported earlier Tuesday. (Bloomberg) -- Odey Asset Management has lifted the suspension of a fund managed by James Hanbury, signaling its growing confidence that the outflows at the investment firm can be managed. [Extracted from the article]

(Bloomberg) -- Odey Asset Management fund manager Adrian Courtenay is seeking to have the suspension lifted from his fund in order to allow clients to exit or invest into his strategy, a signal he's confident that his fund will ultimately survive the current turmoil. A decision could be taken by the board as early as today and Courtenay expects the fund's assets to settle at between $20 million and $40 million, the person said, asking not to be identified because the details are private. [Extracted from the article]

The firm received withdrawal requests amounting to about 19% of the flagship Odey European Inc. hedge fund and 35% of the OEI Mac Inc. fund for their next dealing day on July 3, according to two separate letters to clients seen by Bloomberg. (Bloomberg) -- Odey Asset Management suspended two more funds, including its flagship hedge fund, after being hit by redemption requests from investors fleeing the firm following multiple sexual assault allegations against founder Crispin Odey. [Extracted from the article]

The Odey European fund traces its roots to 1992 as the firm's main hedge fund offering. (Bloomberg) -- Odey Asset Management suspended its flagship hedge fund after being hit by redemption requests from investors fleeing the firm following fresh sexual assault allegations against founder Crispin Odey. [Extracted from the article]

(Bloomberg) -- Sophia Whitbread, the only female portfolio manager at what used to be Crispin Odey's investment empire, has been the best performer among her peers in the firm since a crisis engulfed the company earlier this month. Whitbread's Brook Global Emerging Market fund has gained 5% since fresh sexual assault allegations against Odey surfaced in a Financial Times investigation on June 8. [Extracted from the article]

(Bloomberg) -- Sophia Whitbread, the only female portfolio manager at what used to be Crispin Odey's investment empire, has been the best performer among her peers in the firm since a crisis engulfed the company earlier this month. Whitbread's Brook Global Emerging Market fund has gained 4.3% since fresh sexual assault allegations against Odey surfaced in a Financial Times investigation on June 8. [Extracted from the article]

On Friday, the Special Situations and Odey Portfolio funds joined previously suspended Brook Developed Markets and Brook Absolute Return money pools, deepening the crisis at the asset manager. (Bloomberg) -- Odey Asset Management halted withdrawals from two more funds in response to mounting redemption pressure as the firm struggles to contain the fallout from fresh sexual assault allegations against its founder Crispin Odey. [Extracted from the article]

"The implosion of Odey Asset Management has been a stark reminder for investors how much attention should be paid to key-man risk", said Berlin-based Harald Berlinicke, the chief investment officer of Max-Berlinicke-Erben family office. (Bloomberg) -- "I have the ability to remain in an uncomfortable place for an uncomfortable amount of time", Crispin Odey told Bloomberg last year. [Extracted from the article]

(Bloomberg) -- Odey Asset Management is in the process of finding a new home for its funds after sexual assault allegations against its founder Crispin Odey rocked the investment firm. The firm is in advanced discussions to transfer its funds and some of its staff to other asset mangers, Odey Asset Management said in a letter to investors on Thursday seen by Bloomberg News. [Extracted from the article]

(Bloomberg) -- Odey Asset Management announced sweeping changes to the way it runs the firm over the weekend, removing founder Crispin Odey from the partnership and naming new managers to take control of his funds in a bid to contain the crisis at the London-based investment firm. Odey's main hedge fund will be run by his co-manager Freddie Neave following a decision by the firm to remove its founder who's facing fresh assault and harassment allegations, which Odey denies. [Extracted from the article]

(Bloomberg) -- Crispin Odey's main hedge fund will be run by his co-manager Freddie Neave following a decision by Odey Asset Management to remove its founder who's facing fresh assault allegations. Read more: Odey Sacked From His Hedge Fund Firm After Assault Allegations "We have been in regular communication with the FCA throughout this process", the firm said in the letter. [Extracted from the article]

Neave will manage the Odey European Inc. and OEI MAC hedge funds, while James Hanbury will run the Odey Opus fund. (Bloomberg) -- Crispin Odey's main hedge fund will be run by his co-manager Freddie Neave following a decision by Odey Asset Management to remove its founder who is facing fresh assault allegations. [Extracted from the article]

Born into a well-known family - Odey's grandfather was a Tory MP and his mother came from an old-line mercantile family - the University of Oxford alumnus started his firm in 1991. (Bloomberg) -- Odey Asset Management has removed its founder Crispin Odey from the firm's partnership in a stunning turn of events for the famed hedge fund manager who is facing fresh sexual assault allegations. [Extracted from the article]

(Bloomberg) -- Odey Asset Management has removed its founder Crispin Odey from the firm's partnership, according to a person with knowledge of the matter. Odey declined to comment. [Extracted from the article]