Weekly round up

Bobby Jain’s hedge fund launch falls short of $8bn-$10bn target

Bobby Jain's recently launched hedge fund is falling short of its initial fundraising target of $8 billion to $10 billion, hindering his aspiration for the largest ever debut in the industry. The Credit Suisse veteran and former co-chief investment officer of Millennium Management have informed potential clients that the launch of Jain Global, now scheduled for July, is anticipated to commence with assets ranging from $5 billion to $6 billion, according to The Financial Times . This revised target reflects a trend of slowing performance among multi-manager hedge funds and emerging challenges in the model pioneered by Izzy Englander's Millennium and Ken Griffin's Citadel.

Light Street hedge fund up 46% in 2023

Light Street Capital, an alternative investment firm with it's headquarters in California, specialising in equity investments within the technology and media sectors, recorded a 46% increase for its Mercury hedge fund in 2023, Reuters report.

The report indicates that the long short fund experienced a 45.7% surge throughout the year, rebounding from a 54% loss the previous year. Additionally, the firm's long only fund outperformed expectations, achieving an impressive 58% gain.

Founded in 2010 by Glen Kacher, a former Research Analyst and Consultant at Tiger Management and Managing Director at Integral Capital Partners, Light Street Capital currently manages assets totaling $680 million.

Citadel Securities taps banking staff for new credit business

Citadel Securities, founded by Ken Griffin, the head of the Citadel hedge fund, has strengthened its emerging credit business through the appointment of two new sales professionals, Matt Amalfitano and Allyson Ehrlickman according to eFinancials . Both individuals bring valuable experience from their previous roles in banking, with Amalfitano transitioning from HSBC, where he served as Director of Credit Sales for nearly two years. His background includes roles in cross-asset sales at Bank of America and Goldman Sachs. Ehrlickman, on the other hand, comes to Citadel Securities from Barclays, working in fixed-income sales.

Former Gladstone Partner joins Man Group in PM role

Sumant Wahi, once a Partner at the global long short equity investment manager Gladstone Management, has made a move to Man Group, assuming the role of Portfolio Manager for a newly established tech focused stock picking strategy, reports by Business Insider. Wahi initially joined Gladstone, managing $2 billion in assets, in August 2021, where he took charge of tech sector investments.