Hedge Fund Job Report: George Weiss, SAC Capital, Touradji Capital, Elliot Management, Armajaro, Soroban Capital

In this week’s hedge fund job report, we review senior management changes that were recently made at Paul Touradji’s Touradji Capital Management and Paul Singer’s Elliot Management, as well as portfolio manager additions that were made at George Weiss Associates and Armajaro Asset Management. Notably, both the George Weiss and Armajaro additions were brought aboard to launch new hedge funds. Finally, we also cover several senior additions at Steven A. Cohen’s SAC Capital Advisors and Eric Mandelblatt’s emerging fund management firm Soroban Capital.


First up is George Weiss Associates, which has poached Brenda Reed from Fidelity Investments’ London Office. While at Fidelity, Ms. Reed managed the mutual fund giant’s Fidelity Global Focus Fund, which has more than one billion in assets under management. At George Weiss Associates, she will reportedly be the lead portfolio manager for a yet to be launched global long/short equity hedge fund.

Steven A. Cohen’s SAC Capital Advisors has also recently hired a Fidelity veteran. SAC Capital poached Venk Kidambi from Fidelity Capital Markets where he was Head of Financial Engineering. Mr. Kidambi is now a director of Algorithmic Research at SAC Capital. The multi-strategy behemoth has also recently hired Bruce Roscherr as a quantitative strategies focused portfolio manager. Before joining SAC Capital, Roscherr was a Portfolio Manager at Citi Alternative Investments.
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All Credit to Moore Capital for This Year's Bounce Back

One of the biggest decisions that hedge fund managers in any investment style have to make is how they respond to significant losses, even if they are relative in nature. So think back to the response last year of Paul Tudor Jones in reconfiguring the capital allocations within his funds. Even though he made good money in 2009, his flagship BVI Global Fund was up 16.51% last year, he rejigged allocations - reducing some systematic strategies, cutting out some emerging market exposure altogether and increasing the classic opportunistic trading element. This was intended to be something of return to its roots for the Global Fund, as John Tudor Jones himself managed a bigger proportion of the assets, and macro in total was re-emphasized as it made up 88% of Fund assets from the 3Q of last year. The call was that the markets environment would be more suitable to that big-picture type trading that served Tudor Investment Corporation so well in the 90's, as QE created a time-warp.

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Och-Ziff Capital Reports Gains & Future Plans

Och-Ziff Capital Management Group gave a glimpse into its investment progression Tuesday when hedge fund manager Daniel Och revealed that the fund will push its, “investment track record, transparency and infrastructure as the key drivers to furthering our competitive differentiation over time.”
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Tiger Management’s Julian Robertson loves Apple

In an interview on CNBC this morning, Tiger Management’s Julian Robertson revealed that he remains hot on Apple Inc. (AAPL). Robertson believes that the company’s stock price could potentially surge to 25 to 30 times earnings over next 12 months. He said that such a high valuation is not inconceivable, since Apple is quite possibly the greatest company in the world.
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D.E. Shaw Firing, but other Top Hedge Funds are Hiring

Last week, hedge fund job seekers received unwelcome news when industry giant New York-based hedge fund manager D.E. Shaw & Co. announced that it was cutting 10 percent of its workforce, representing approximately 150 hedge fund industry jobs. Despite the layoffs at David Shaw’s quant shop, many other prominent hedge funds continue to hire.

As evidenced by HedgeTracker’s Hedge Fund Job Center, a large number of firms are looking to add talented portfolio managers, research analysts, fund raisers and operations professionals to bolster their teams. Some of the major hedge fund firms that appear on the hedge fund job board include: Steven A. Cohen’s SAC Capital Advisors, David Harding’s quantitative focused Winton Capital Management, multi-strategy behemoth Fortress Investment Group, Clint Carlson’s Dallas-based Carlson Capital, HBK Investments, and OakTree Capital Management.

The hedge fund job board also includes positions from more traditional investment managers, like Martin J. Whitman’s value-focused Third Avenue Management, Bill Gross’ fixed income focused PIMCO, Mario J. Gabelli’s GARP focused GAMCO Asset Management, and pension giant TIAA-CREF Investment Management.

Dalio’s Bridgewater Associates retains position as top US Hedge Fund

Ray Dalio’s Westport-based Bridgewater Associates continues to reign as the United States’ largest hedge fund. According to the Wall Street Journal, Bridgewater, which manages $50.9 billion as of July 1, outranks J.P. Morgan Asset Management - which takes second place with $41.1 billion in assets under management (AUM) - by nearly $10 billion. The bulk of JPM’s hedge fund assets are managed by Highbridge Capital Management, its multi-strategy hedge fund management subsidiary.

John Paulson’s Paulson & Co follows in third place with $31 billion in AUM. Bridgewater’s success this year is largely due to the strong performance of its Pure Alpha Fund II.

David Tepper is bullish on Stocks

An interview this morning on CNBC’s Squawk Box with Appaloosa Management’s David Tepper reportedly helped move the US stock market higher. The respected hedge fund guru is moving into stocks, saying that if the economy does well over the next few months, stocks are going to do well, while bonds and gold will not do as well...