One year ago
»» Elm Park Capital Management, which spun out of HBK Capital Management in 2010, launched a fund to manage middle market credit investments.
Led by founder Mark Schachter, the Elm Park Credit Opportunities Fund closed to investment in March with $300 million, a spokesperson said this week. The firm originally had a stated fundraising goal of $250 million, according to a marketing document.
Returns for the fund were not immediately available.
See also: Best ideas for credit investing
»» Louis Bacon’s $15 million Moore Capital Management boosted its equity presence with the hire of Level Global Investors veteran William McLanahan as a portfolio manager.
McLanahan remains a senior portfolio manager at the Greenwich, Conn., firm, where his colleagues include Zack Hampton Bacon III, the founder’s elder brother who was rehired earlier this year to a non-trading role. Firmwide assets have held steady even though performance has been unremarkable. The $6.7 billion Moore Global Fund is up 1.63% this year through the end of July, according to an update from HSBC Private Bank, roughly even with the AR Macro Index. That flagship strategy dropped 2.21% last year, trailing the benchmark’s modest gain.
Patrick Clifford, an external spokesman for the firm, did not respond to a request for comment.
Five years ago
»» Highbridge Capital Management boasted of technology advancements that put quantitative strategies at the forefront of the firm’s growth. “What had taken the trader hours to complete could now be done in minutes,” said Jonathan Zhukovsky, Highbridge’s chief technology officer at the time.
When the firm was the subject of an AR cover story two years later, technology was still on the agenda, but then the firm was in the position of having to explain the rout its quantitatively-focused statistical arbitrage funds experienced during the financial crisis. The $1 billion market neutral Highbridge Statistical Opportunity Fund has fared better recently: It returned 3.1% last year and is up an additional 4.03% this year through the end of July, compared with a 3.68% rise for the AR Convertible and Equity Arbitrage Index.
A firm spokesman declined to comment.
See also: Highbridge cuts execs, including two PMS, in tough year • Highbridge co-founder Henry Swieca is staffing up for hedge fund launch
