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Commenting from the LP side as someone who has met several people who are high up at Hudson Bay. Solid firm with risk limits that aren't as strict as some other multi-PM platforms and it seems to be more collaborative. They allow PMs to sit in cash during unfavorable market environments as opposed to other platforms that require full deployment at all times. AUM has grown significantly in the past few years, although they are still much smaller than Millennium, Citadel, etc. and performance has been quite good. They have protected capital very well during periods of market stress. Comp is likely to be a slight discount to the largest multi-strats but given the culture and risk management philosophy longevity is likely to be better. 

 

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