Friday, 29 July 2016
Last updated 52 min ago
Oct 29 2013 | 7:53am ET
Société Générale's event-driven investing chief is setting up his own hedge fund—with a big assist from the bank.
Wayne Yu will launch the Condorcet Global Opportunity Fund in the first quarter of next year, Bloomberg News reports. And he'll do it while operating out of the New York offices of SocGen's Lyxor Asset Management division and with $250 million of the bank's money. Condorcet will operate independently of SocGen, however.
Yu's strategy has produced an 8% annualized return since 2010, and is up 6% this year through September.
Yu is bringing much of his team from SocGen to the new venture, including chief operating officer Steven Heller and analysts Ben Brill and Markus Homer.
Yu joined SocGen four years ago, after a six-year stint at Citadel Investment Group. A lawyer, Yu cut his teeth on event-driven matters handling mergers and acquisitions at Wachtell Lipton Rosen & Katz before moving into hedge funds and proprietary trading.