Wanted to start a discussion on London HFs given very little on here. By this I don’t really mean the London offices of P72, Citadel etc (of course, more details the better) but rather London domiciled funds like the ones below. if any one has any color re comp/culture/performance/strategy/hiring i think would be super helpful: Landseer AKO Bell Rock Kintbury Eisler Samson Rock Man Gemsstock White Creek Naya Egerton TCI Marble Bar Calibrate Helikon Carrhae Fifthdelta + any others
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Career Resources
Adding:
Lighthouse/north rock
Egerton
Lansdowne (if they still run any HFs I can't remember)
Edit: missed Egerton already on there
Adding a couple credit focused HFs:
Cheyne
Arini
Also: Qube Research & Technologies Limited
Marshal Wace
A5 Capital - Elliot spin
Cisu is another Elliot spin, focusing on financials
Marshall Wace is the big mutistrat missing.
Think Lansdowne and Egerton are LO now (not 100% sure on the latter). Have been struggling for performance and losing key people to the MMs from what I hear.
Man is a multistrat doing everything - AHL is the quant biz, GLG has a range of discretionary and is a platform-type model.
There are a bunch of more SMID-cap focused equity l/s, eg Boldhaven and Capeview.
Traditionally London is a big base for global macro - so you have funds like Rokos based here.
Quite a lot of the successful equity l/s launches in the last decade have been spin outs from the pod shops (e.g. Albar and Kintbury are both ex MLP).
Then there are plenty of l/s strategies attached to traditional fund managers. E.g. there’s a big UK l/s fund sat within Blackrock.
Most of them really suck ass in terms of comp from what I have seen unless you get to partner and/or get a cut of the performance fees, which is similar to PE (carry) but with a more volatile career and lesser cash comp on average until you get there.
The fundamental SM funds in London that are better seats than good PE jobs are very rare. You can also see that in the pedigree of people that they hire.
You might not need to consistently work 80 hour weeks until you are entirely bald however.
Fifth delta not done so good last year is what I heard.
AKO: Pay not so good, culture for juniors so/so
Kintbury: Small team, nice culture. EMEA only L/S, ex sellsiders. Good performance
Samson Rock: Special sits
Eisler: heard pay is great, some PMs a bit touchy. Performance ok
Marble Bar: lost decent chunk of aum last 3-4 years, couple PMs let go recently
Helikon & Carrhae: EM focused, very good performance historically. Carrhae obviously much newer
Adding:
WhiteCreek: spin of Carmignac’s L/S book, running sub 1b aum for now
Covalis: Infra/Utils/Greentech focused
Adding Gladstone (equity l/s) and Taula (macro)
So what are the top seats being target by sellside / PE candidates? Is there an equivalent of a US-style 2+2 path in London?
Add Winton / Aspect for english quant (same founders as AHL)
Qube & Squarepoint are both french quant with london HQ
Maven Securities is UK only prop
Edit: a few more UK quant places:
- G-Research
- XTX markets (probably one of the highest paying places in the world atm)
- GSA capital
how much for xtx
The owner (Alex Gerko) said several times publically he'd do multiples of OpenAI for the best of the best AI researchers. Seeing as OpenAI pays their engineers ~1mil, XTX would do at least that. For a QR role without PnL linkage that is very very high. Idk anyone who works there so this could be total BS, but Gerko has a reputation for not chatting shit so I trust that number somewhat.
No idea the comp for normal staff - it's probably not insane.
Bump, great thread! Any info on activists or firms with flexible mandates?
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