Leading Hedge Funds are capitalizing on the difficult operating environment facing start-ups and hiring away managers who, at one point, might have considered starting their own, per a new blog from the Wall Street Journal. Marshall Mace, Millennium Management, CQS and BlueCrest Capital Management are among several firms that have hired talent otherwise capable of launching their own funds.
The article states heightened barriers, including increased regulation,a difficult capital raising environment and higher operating expenses have lead to the talent acquisition.
Marshall Wace, which has seen its assets grow 60% in the past 12 months to $10.7 billion, is planning a recruitment drive in the U.S., which will be spearheaded by partners Daniel Roberts and Nick Nielsen, according to the article. Multiple portfolio manager hires are planned in the next couple of years and the firms moving its U.S. office from Connecticut to midtown Manhattan.
Last week Izzy Englander’s $18.5 billion U.S. hedge fund Millennium Management hired Stephen Keller from UBS as UBSN.VX +0.45% head of European business development, a new role to in which he will go on a recruitment drive for portfolio managers, the article states.