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New Managers October 2017

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  • Steve Cohen, the hedge fund billionaire banned from managing outsiders' money, has been prepping a fund via an external firm. But, Business Insider reports that a big question is how much Cohen's new fund will raise. Reports about how much fresh money the new fund will target have varied - up to $10 billion on the high end
  • Just a year ago there were hardly any dedicated cryptocurrency funds, now investment in the sector has mushroomed enough that the first funds-of-funds are emerging. Serial entrepreneur and venture capitalist Rick Marini wants to raise $100 million to invest in 10 crypto-focused hedge funds. The fund, called Protocol Ventures, opened this month with $1 million of Marini's own capital, Bloomberg
  • Marathon Asset Management boss Bruce Richards is gearing up for the next global recession, which he reckons could be less than two years away. The chief executive officer of the credit hedge-fund firm is planning a new distressed fund to take advantage of the opportunities created by another world slump. It could start raising capital as early as the second half of 2018, according to Bloomberg .
  • Quantopian, a "crowdsourced" hedge fund backed by Point72's Steven Cohen and Andreessen Horowitz, has launched its first fund for outside investors that want to tap into its community of data scientists and programmers, according to The Financial Times . The Boston-based company provides a platform for computer scientists to try their hand at coding trading algorithms, awarding prizes to and licensing the best strategies. In 2016 Quantopian started trading with modest amounts of its own money to test out the reallife performance and resilience of some of the algorithms, and this spring it began allocating some of the $250m promised by Mr Cohen.
  • A tech focused stock team from Steve Cohen's investment firm is readying for launch. KCL Capital, founded by Chris LaSusa and Kevin Cottrell, plans to open N......................

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    This article was published in Opalesque's New Managers a top-down monthly analysis, news and research publication on the global emerging manager space.
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