Hedge Funds in Dallas
Other than Maverick Capital, who would be considered the top hedge funds in the Dallas-Ft. Worth area? Looking for funds with >$1B.
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Are the ones that come to mind for me. I've heard not so great things about two of the three though.
cardinal69, you mention you've heard "not so great" things about two of the three funds you mentioned. which two?
off the top there is HBK, Q investments, Carlson Capital, highland
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WACC_attack has hit the big ones. There is another less well known group called Swank Capital that manages in excess of $1 billion and focuses on investing MLPs (Master Limited Partnerships), commodities and some other related assets. Another is Saracen which managed about $1.5B in mid-07 but has hit a rough patch as of late. I'm not sure what current AUM is nor the status of the business. Check out http://www.reuters.com/article/oilRpt/idUSN1555824420080215?pageNumber=… for recent rumors on the firm. This is a pure play on the energy strategy that blew up Amaranth.
HBK and Carlson have their main offices in Dallas to MMmonkey's post above.
There are some other smaller groups in Dallas as well. One or more were started by ex-members of HBK and Carlson.
A number of other big HFs have offices/people in Dallas and/or Houston to focus primarily on energy-related investing (local presence is always nice for these sorts of deals).
I met a senior guy from HBK's operations side about a year back. He's the one who told me that HBK in Dallas was middle and back office, despite it being their main office. Such is the same for TPG. Based in fort worth, but only middle and back office ops there.
That's incorrect info. HBK most certainly has front office people in Dallas, I know a few alums that are in the Dallas office after their IBD stint.
I can assure you that HBK's operations in Dallas includes more than middle and back office. The majority of their US based investment professionals including the most senior guys in the firm are located in Dallas.
Don't know about TPG but I do know they have a big presence in SF.
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HBK has the majority and most of the PMs of the US Equities group in Dallas. In fact, their trading floor is pretty impressive.
It's profiled in Hedge Hunters...I'll re-read it and update with AUM and strategy.
Pinnacle is a great fund. Too bad they only hire CFA's.
HBK has a pretty good reputation but are very well known for being overly-hedged in their trades. This is not your SAC alpha-cowboy trading floor but a pretty quiet place that does not like excessive risk. Recent edition of Absolute Return magazine had a cover story on them to review. They have been around for a while and the main partnership is pretty solid. They have formerly been extremely sticky with their recruiting academic requirements--meaning only the top tier Ivy league schools (especially Harvard). But in the last 1-2 years, they have been less focused on academic pedigree (although it still helps). One of the senior guys was telling me that they realized it was not helping them one bit with such stingy Ivy-league only requirements because all they ended up with was a bunch of rich kids. They also used to be famous for ranking the other hedge funds that they wanted to hire people from. If I recall correctly there were 4 tiers and there was only one other fund in the 1st tier that they felt was as good as them...
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i know a few people at HBK. the folks on the research and strategy side tend to come from very quantitative backgrounds, including electrical engineering, applied math, and statistics masters/PhD's. i think this is understandable. on the trading side, that's where you'll see more MBA's and professionals with relevant work experience, and less of an abundance of technical degrees.
Hedge Funds in Dallas and/or Houston (Originally Posted: 03/18/2007)
I just found this website, and it seems great. I have a question for anyone that might be able to help me. I am very interested in getting into a hedge fund in either Dallas or Houston. Do any of you know of good funds in either/both cities? Also, does anyone on here work at funds in these cities?
I will give you a little background about myself and hopefully someone can give me their opinion on my likelihood of getting into a hedge fund. I have been out of school for two years. I am a CPA and level III CFA candidate. I graduated from a top school with a high GPA.
I appreciate your help.
top dallas funds are maverick, hbk, carlson, highland... if you find somebody in the industry it'll make your search so much easier. also, another tip, it seems like resumes actually mailed on nice paper in a nice envelope seem to actually get attention...
maverick only has ops in dallas these days from what Ive heard.
slypko - Do you recommend mailing resumes to all the hedge funds I can think of in Dallas, even if they aren't advertising job positions?
Hell, it won't hurt....do it... I doubt that maverick moved all of its front office out of dallas. What would be the reason? And why keep the backoffice here? But then, I know nothing about them...
Slypko, you seem to be familiar with these firms? Are there any glaring differences in the strategies/size of these funds?
sizewise, yes. HBK and maverick are huge hedge funds. carlson is smaller. highland is mostly fixed income, not a typical hedge fund....supposedly has over $30 billion under management... yet as far as i understand it, they have numerous investment vehicles and the hedge fund itself is much smaller than that...
any Texas hedge funds that do a lot credit investing (i.e. equity tranche CDOs, etc)?
Spinnerhawk capital management, don't know size, founded by former portfolio manager of t boone pickens' firm Jim Wicklund. (dallas) Bonanza capital (dallas), only about 1b AUM, small cap long/short equity.
Anybody know of any in Houston? I only know of Centaurus, which is a trading shop anyways.
Houston?
Pinnacle is a 500m+ hedge fund in dallas with returns over 28% for the last ten years.
i want to work at Highland bad, my background? non target, 3.0 GPA. BB Ops 2 yrs, 31 yrs old, CFA L1 candid.. fuck it. exiting the industry. no chance. just going to sell some coke or real estate kind of a wide range there.
You can PM me. I work at a hedge fund in Dallas. It's a small community.
I'm jealous after the NY winter and the check I just wrote NY State.
Skylar Capital and Copperwood Energy are both in Houston and founded by Centaurus alumns
Which one is Greg Whalley?
Copperwood
BlackGold Capital Management is a credit orientated hedge fund in Houston. Has a little more than $1.0Bn AUM.
Highland Capital and Mount Kellet are in Dallas
For a more recent list of Dallas and Houston Hedge funds, I would recommend this article from last week: http://www.hedgetracker.com/article/Chicago-Texas-continue-to-dominate-…
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