Wednesday, 23 July 2014
Last updated 12 hours ago
Mar 3 2010 | 1:32pm ET
A former SAC Capital Advisors money manager is planning to briefly open his hedge fund to outside investors in the second quarter.
Hutchin Hill Capital, founded by Neil Chriss a year-and-a-half ago with $300 million in seed capital from Renaissance Technologies, is expected to remain open for about 12 months. But Chriss will close the fund at about $1 billion, Hedge Fund Alert reports; Hutchin Hill’s Master Fund currently manages about $400 million.
Investors are likely to be impressed by the fund’s early performance. Hutchin Hill rose 13% in the second half of 2008 and another 17% last year. Chriss also brings an impressive track record from SAC, where he managed a big chunk of its Multi-Strategy Fund from 2003 through 2007.
Chriss managed five Multi-Strategy subfunds at SAC, and his approach at New York-based Hutchin Hill is just as multifaceted. The fund combines hedged credit and equities, arbitrage, global macro and event-driven strategies, as well as one-time opportunistic investments.
Hutchin Hill currently boasts a staff of 41, according to HFA. In addition to CEO Chriss, they include principals Seth Padowitz, formerly of HBK Investments, Mark Haas, former global head of prime brokerage at Deutsche Bank and now Hutchin Hill’s chief operating officer, and Gregory Racz, late of Octavian Advisors and now chief legal officer at Hutchin Hill.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…