Last month there were over 260 new financial services firms authorised by the Financial Conduct Authority in the UK. In contrast with 2014, the past few months have seen a raft of new companies, many of them boutique hedge funds and private equity firms launched by ex-big hitters at large financial institutions. As ever, M&A boutique IMAS has diligently tracked them. We’ve looked at the most interesting for those with ambitions to work in alternative investments. Not all of these firms will be hiring, but it’s worth taking a note of new launches for any potential future career opportunities.
Set up by Nick Hyslop, the former head of European equity research at RBC Capital Markets late last year, Coote Capital has just been giving the seal of approval by the FCA. It’s a venture capital firm that provides funding to entrepreneurial new companies. It also counts Philip Turner, the co-founder of commodity hedge fund Krom River, among its executive team as well as veteran financial services professional Hamish McLean.
Very much a boutique operation, this new hedge fund is run by Pavel Goltsblat, a former Merrill Lynch trader, and ex-ANZ emerging markets trader Ravil Valiakhmetov. The firm received its FCA authorisation last month.
How to make a splash with a new asset management firm – hire a star fund manager and convince him to bring his fund with him. This is what Crux Asset Management, a new venture led by former Thornhill chief operating officer Alastair Reid, did when it poached Richard Pease from Henderson Global Investors last month. Pease brought his £1.1bn European special situations fund along with him for good measure.
Eric Bendahan, who previously managed the €2.5bn European equities fund with Banque Syz & Co has gone it alone to launch pan-European equity fund Eleva Capital. It already has six FCA-registered staff including Benjamin Billiard, a partner and analyst, Rabih Freiha, a former auto analyst at Exane, Janina Hitchens, who joined from GLS Capital and Andrea Morell who heads up compliance.
The new venture of Michael Sidhom, a former Ziff Brothers managing director, Immersion Capital is likely to follow an equity long-short strategy and has secured investments from his former employer. Jim Kandunias, the former COO at Legg Mason affiliate Esemplia, takes the same role at the new hedge fund, while James Vaughan and Peter Wansing, both former associates at Ziff Brothers, have joined as partners.