Pine River Said To Ditch L/S Equity Trading As Focus Shifts To Event-Driven Bets

Jul 14 2017 | 9:45pm ET

Pine River Capital Management is reportedly ending long/short equity trading and switching over to a more event-driven approach anchored on mergers and acquisitions, spinoffs and C-suite changes.

As a result of the changes, equities portfolio manager Bradley Ruhoff is leaving the firm, according to a Bloomberg article citing unidentified individuals familiar with the matter. 

Pine River, which manages around $9 billion, has been restructuring its business since AUM peaked at $15 billion in 2015. Chief among the moves has been the decision to shutter its $1.6 billion fixed-income fund following the departure of co-manager Steve Kuhn in the spring of 2016. Pine River's Fixed Income Fund put the company on the map following the financial crisis, when it earned 93% in 2009.

Meanwhile, plans have been announced to spin off Renos Dimitriou’s $1.7 billion government bond-trading fund into a separate entity named Elan Capital Management next year. 

Going forward, Pine River has reportedly said it would focus on event-driven investing, municipal bonds and volatility trading, the Bloomberg article added. The company’s $800 million event-driven strategy was started two years ago and is managed by Neel Gupta and Paul Godfrey.

Based in Minnesota, Pine River was founded in 2002 by Brian Taylor, Jeff Stolt, Aaron Yeary, and Nikhil Mankodi. The firm manages approximately $9 billion deployed across a series of hedge funds, managed accounts and listed securities.

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