So you want to become a renowned hedge fund manager? Financial News’s Rising Stars of Hedge Funds feature offers some hints on how to go about it.
Firstly, you might want to be keen from an early age. Take 34 year-old Jakob Nordestedt, co-founder and senior portfolio manager at Mojna Capital Partners. Nordestedt became passionate about equities when he was just 15. He built Excel models to develop his investment strategy whilst at university.
Secondly, don’t be afraid of working for an investment bank: Nordestedt was portfolio manager for HSBC’s European Alpha and European leveraged Alpha funds, and he spun out Mojna Capital from there. Spin-outs may be less easy to achieve these days, but plenty of others on the list started off in banking.
Thirdly, find yourself a sponsor: FN’s list is peppered with 30-somethings who say they attached themselves to big name hedge fund managers that ‘taught them much that they know about investing’.
Fourthly, don’t be afraid to start inauspiciously: 32 year old Louisa Strutt at Blue Mountain Capital Management began her career as executive assistant to the chief executive at hedge fund Ferox Capital, for example.
Fifthly, don’t be afraid to take a big career-changing bet. Take 35 year-old ex-Goldman prop trader Chris Tuohy, who joined hedge fund Tudor Capital in 2011. Tuohy bet that gold would fall in 2013. He made more than $100m in profits for Tudor and was promoted to partner of the fund’s European arm when that bet paid off.
And lastly, don’t necessarily shy away from working with your spouse. Ex-SAC trader 39 year-old Lia Forcina runs the global financials long/short equity portfolio at BlueCrest. There, Forcina manages a team that includes her husband, the analyst Giovanni Rubino.
Separately, would you work to boost Moscow as a financial centre and Russia as an investment destination? Ever-impartial, this is what Goldman Sachs is doing. Bloomberg reports that the US bank has signed a three year contract with the Russian Economy Ministry and the Russian Direct Investment Fund to help burnish Russia’s image to investors. Goldman has its work cut out: Moscow ranked around 64th as a world financial centre at the last count.
Yassine Bouhara, the ex-head of equities at UBS, is setting up an advisory boutique focused on Africa. (Financial News)
Fred Goodwin has had his leylandii cut down to size by neighbours. (Daily Mail)
UBS is basically a nice bunch of people who seem never quite to understand how banking is so widely regarded as carnivorous. (SCMP)
Bankers are unable to switch off and wind down when they work in other industries – they just take their high work ethic with them. (Financial Times)
The British government may cap the bank levy. Barclays and HSBC could see their charges fall by a combined total of more than £300m. (Telegraph)
‘Fang Fang’, one of JPMorgan’s most senior bankers in China, is resigning – seemingly in connection with allegations that the bank hired children of Chinese officials. (WSJ)
In theory, you should be able to shut down a bank in trouble over a weekend. The EU’s new arrangement for closing a troubled bank ‘fast’ will involve multiple panels and more than 100 decision makers. (Financial Times)
People who go into finance should not be too clever. (Project Syndicate)
1,000 people queued for three hours to interview for just 40 jobs at supermarket chain Aldi. (Telegraph)