Top L/S in London and Hong Kong (e.g., Lone Pine, Viking, Coatue, Maverick, Darsana, etc.)
Wondering what top names are in London. Gossip is fine. Hard to find names of places unlike in PE where there's practically lists of thousands of firms ranked by the collective imaginations of hardo college students everywhere.
Edgerton and Ako come to mind for London. TCI for sure too. You then ofc have the american pods which are expanding in London; P72, Citadel, Millenium etc.
In MM land - there is Citadel, Millennium, Balyasny, P72, Schonfeld, Lighthouse, Bell Rock , MAN GLG, Marble Bar and probably a few others I've forgot or that are starting to roll out in Europe (e.g. Brookfield).
In SM land - TCI, Egerton, AKO, Pelham, Helikon, Kintbury, Marshall Wace, Gladstone, Pelham, Lancaster, Theleme, Crake, Kuvari, Odey, Sandbar, Thunderbird, Immersion, and many others managing $0.5bn-2.0bn who don't wish to be very public.
There are also a number of firms that many would think of as LO such as Blackrock, Pictet, Threadneedle, Lazard and JPM which run sizeable L/S products. Blackrock's EU L/S equity HF if you include the UK desk is quite significant when viewed vs. Egerton/AKO where a lot of the assets are in fact LO.
One thing which is a bit different to the US is that the two years in IBD and then switch to being a HF analyst, ex the pods, is not as common. Hiring tends to be longer term in nature with most of these firms looking for low turnover of employees and building partnership cultures - the outcome of this is limited seats become available (ex the pods) on an annual basis and many are filled through networks (reduces HH costs) so job adverts don't make it to LinkedIn or headhunters.
Does the long term relationship and partnership culture mean there is more stability in L/S shops in London
Yes from a human capital perspective. Sustainability from a business performance point of view depends on performance, fee structure and investor flows of the individual fund so that is case specific. Ex the pods, I hear less churn like what you hear about from Coatue etc. in NYC but appreciate that Darsana, Lone Pine etc have fairly consistent teams from what I know.
Thanks, I can work with this list for a long time. Appreciate your time.
How would I go about finding the long tail of $0.5-2.0 players who don’t wish to be public?
As an American with only American PE experience I need as many shots on goal as I can get.
Erm...American, not on the ground in London and only PE experience is going to be tough given need for a work permit. You may need to take an intermediary step like going sell-side research or something in London.
On finding funds which are fledgling or undiscovered - look at short disclosures in Europe, LinkedIn (look where employees have moved to) and speak to the recruiting/talent teams at the prime brokerage firms which support their clients with consulting services around everything you need to run a HF that includes recruiting - MS, GS and UBS are the dominant E L/S PBs in London.
Been a PM on both continents. Unless you have to, don’t move to Europe to land a HF gig outside the platforms. Industry has been decimated, rarely any seats and enough talent. The US in this market probably has 10x the opportunity set and you can make way more money.
Isn't Pelham down like 50% YTD and Pelham Global Financials down 70%? Remember the head of fundraising whining at an LBS conference lmao
Financials shut down.
Pelham main fund is not down anywhere near 50% afaik.
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I don't know much about Marble Bar and what is going on there with regards to strategy / structure. Everyone I've met there seems happy but I've not seen much evidence of AuM or returns over and above what is in annual filings at the SEC that every HF has to file.
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Elliott
If you want to be a gangster (in the most respectful way possible).
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