As we’ve observed here often, multistrategy hedge funds aren’t the only game in town: there are also single manager hedge funds, and joining them has its advantages.
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While Citadel and Millennium, with their $68bn and $63bn in assets under management respectively, returned 8.1% and 6.9% in the six months to June, a smaller scrappier London hedge fund has more than doubled their returns.
Shiprock Capital Management, which was founded in early 2023 by Simon Milledge (ex GML Capital) and Andrey Pavlichenkov (ex-VR Capital) is understood to have generated returns of more than 17% so far this year. Assets under management have gone $100m to $500m in the process.
As it expands, Shiprock is hiring. Yacine Bourezak, a former director in special situations in Credit Suisse has just joined as a senior analyst in London. Pavlichenkov says the fund plans to continue investing in talent.
Shiprock invests in distressed and special situations. Arini Capital, the single manager hedge fund founded by Credit Suisse trading star Hamza Lemssouguer is also hiring, and added Mathew Cestar from private equity and credit firm ICG in May. Cestar was the former co-head of leveraged finance capital markets and co-head of EMEA credit at Credit Suisse.
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