Sunday, 29 November 2015
Last updated 1 day ago
Jan 30 2014 | 10:40am ET
Three U.S. hedge funds have bolstered their staffs in London as they join the rush to buy assets from European banks forced to shed them.
Ellington Management Group opened its London office late last year, hiring Daniel Turner from Chenavari Credit Partners to lead it, Bloomberg News reports. MKP Capital Management added HSBC Holdings' Pritesh Solanki to its London office and has transferred trader Christopher Muller there, as well. And GoldenTree Asset Management has moved Cee Sarabi from New York to the British capital to seek opportunities on that continent.
Nor is the hiring done: Ellington, for one, hopes to recruit three more people for its London base.
"The big thing that engendered our push into Europe is that the volume of asset sales from European banks has finally picked up, and we expect that it will continue to increase," Laurence Penn, Ellington's vice chairman, told Bloomberg. "Some people got into this trade a few years ago, but they were too early."
European banks are selling off asset-backed securities and other credit assets as they struggle to comply with new regulations requiring higher capital ratios. Hedge funds and private-equity firms have been flocking to Europe—and London, particularly—to take advantage of the sales.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…