Weekly update

Brevan Howard axes 10% of traders following performance review

According to Bloomberg , about 10% of traders at Brevan Howard Asset Management, co-founded by Alan Howard, will be leaving due to poor performance. Around 24 out of approximately 210 traders are being let go because the firm's flagship Master Fund lost about 3% this year. Another fund, the Alpha Strategies fund, is down about 2.2% so far this year. The Master Fund had a bad month in February, losing 3.2% due to incorrect bets on US interest rates. Some of those leaving worked on macro trading, while others focused on systematic trading.

Goldman Sachs Asset Management raises over $700 m for new fund

On Thursday, Goldman Sachs Asset Management announced it had gathered over $700 million for a new fund called Union Bridge Partners according to Reuters . This fund collaborates with external managers to find investment opportunities in public and private markets. It's part of Goldman's $340 billion External Investing Group. So far, Union Bridge has invested 40% of the raised capital in companies across North America and Europe, focusing on sectors like hospitality, software, fitness centres, and music royalties.

Goldman's asset management arm aims to expand its private credit portfolio to $300 billion in five years. Philip Pallone, who heads the Union Bridge program, highlighted the increasing opportunities to partner with external managers for flexible capital solutions across different markets. The capital for Union Bridge came from institutions, private wealth clients, family offices, and Goldman employees.

Hedge fund Palliser hires former Elliott partner Kasoff

UK hedge fund Palliser Capital announced its expansion into the U.S. and the hiring of Steve Kasoff according to a new report . Kasoff, a former partner at Elliott Investment Management, will evaluate current and new opportunities in the United States for Palliser. He reunites with James Smith, Palliser's founder, who previously led Elliott's operations in Hong Kong. Kasoff, known for his expertise in real estate and structured credit, will be Palliser's first U.S based employee, joining 17 others in London and Asia.

Smith praised Kasoff's extensive experience across asset classes, expecting him to enhance Palliser's portfolio with new ideas. Palliser has advocated for changes at companies like Japan's Keisei Electric Railway and U.K.'s Capricorn Energy, and it's urging improvements at Samsung C&T. Managing approximately $850 million in assets, Palliser delivered over 10% returns after fees in the last year, outperforming the average multi-strategy fund's 8.56% return in 2023.

Barclays rehired a big hedge fund trader after some quite mediocre bonuses

Barclays, amidst cost cutting has rehired trader Ben Hutson, who left for a hedge fund role over four years ago. Hutson, a former managing director at Barclays London, returns as the global head of FX forwards in New York reports eFinancial . His reappearance was noted by Bloomberg via Terminal. Previously, Hutson worked as a portfolio manager at Garda Capital Partners. Barclays didn't comment on Hutson's predecessor. Changes in Barclays' FX team include the departure of James Hasset last April and appointments of Torsten Sch?neborn and Jerry Minier in June. With a goal to cut ￡188m ($239m) in compensation costs by 2026, Barclays' New York macro team saw disappointing bonuses despite reasonable performance. Hutson's return marks a trend of professionals moving from hedge funds back to banking this year.