Citigroup Equity Derivatives Head Leaving to Join Hedge-Fund Firm (Wall Street Journal)
Simon Yates, head of equity derivatives at Citigroup Inc (NYSE:C), is leaving the bank to become an executive at Two Sigma Investments LLC, a roughly $20 billion hedge-fund firm based in New York. According to a statement from the investment firm, Mr. Yates will join as CEO of Two Sigma Securities, the firm’s market-making arm. The move is the second high profile departure from Citigroup’s equities business in just over a month and represents the latest in a trend of Wall Street traders moving from more regulated banks to less regulated companies such as hedge-fund firms that manage money for clients.
Hedge Fund Finds Asset-Backed Bargains in Subprime Debris (Bloomberg)
Swooping into sectors left cratered by the global financial crisis, hedge funds have found that the surest bets in recent years are in mortgages and other asset-backed securities. Greg Richter, who co-manages the $950 million Candlewood Structured Credit Fund, says the reason lies in the mix of return and risk in securitized debt, Bloomberg Markets magazine will report in its July/August issue. “Some of it’s the opportunity, the beta,” Richter says.
Pacific View Expands Marketing Team (FINalternatives)
San Francisco, Calif.-based fund of funds Pacific View Asset Management has tapped Brendan J. Contant and Tracey L. Daly to build-out the firm’s marketing team. Both new hires will be based in New York. Contant, an industry veteran with over 25 years of experience in the money management business, will serve as the firm’s head of marketing and business development. He was previously a co-founder of Bennett Lawrence Management and prior to joining Pacific View was with Klingenstein, Fields & Co.
Olacabs to secure investment from Hong Kong-based hedge fund Steadview Capital (Economic Times)
Hong Kong-based hedge fund Steadview Capital is close to making its first investment in taxi services aggregator – Olacabs – which is looking to raise about Rs 300 crore in its latest round of funding. The money will be disbursed in tranches, according to people briefed on the negotiations, who estimate that the Bangalore-based company, owned and operated by ANI Technologies, is being valued at about Rs 600 crore in this deal.
KPMG Acquires Rothstein Kass’ Hedge Fund Assets (HedgeCo.net)
Audit, tax and advisory firm has acquired some of the assets of hedge fund specialist Rothstein Kass and most of its principals and employees. “Adding Rothstein Kass’s team to KPMG significantly enhances the services we provide to hedge funds of all sizes, all around the globe, and at every stage of the fund lifecycle,” said John Veihmeyer, Global Chairman of KPMG. “With the explosive growth of capital moving into hedge funds, enhancing trust has never been more important to investors, regulators, and the broader industry.
