Tuesday, 21 October 2014
Last updated 46 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.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...