The former head of sales and capital introduction for Citigroup’s European prime finance division, Paul Harvey, has just received regulatory approval to launch his own hedge fund product, along with former colleague Mark Bright.
Juniper Place LLP, which has just been given the go-ahead by the Financial Conduct Authority (FCA), is a placement agent that raises assets for hedge funds. Harvey is its founder and CEO, having left his role at Citigroup in July 2013, while Bright – a former Citigroup managing director and head of sales for emerging markets within its prime services division – takes the chief operating officer role.
Harvey spent nearly three years at Citigroup, but is better known for his role as founder and CEO of GLG’s fund of hedge funds business. He worked for the hedge fund for nearly nine years and left in February 2010, shortly before its acquisition by Man Group in October of that year. Before joining GLG, Harvey was head of sales and marketing for Morgan Stanley’s prime services division.
So far, Harvey and Bright are the only listed employees for Juniper Place.
The demand for hedge fund marketing professionals has spiralled over the past year, with some recruiters suggesting that there were ten times as many vacancies as 2013. Firms are attempting to find capital raising experts who can bring in investors with ‘sticky’ capital after a year when hedge funds struggled to stem outflows.