Former hedge fund partner lands at Jefferies after founder jumps ship for Citadel

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Former hedge fund partner lands at Jefferies after founder jumps ship for Citadel

A buy-side lifer who made headlines when he bolted from Balyasny Asset Management to join a hedge fund startup has popped back up at Jefferies. Jared Weisfeld started as a managing director in New York in February.

Weisfeld’s career arc took two radical turns over the previous few years. In 2016, the former associate portfolio manager at Balyasny made a huge leap when he was named partner and technology sector head at Margate Capital, the hedge fund founded earlier that year by Samantha Greenberg, one of the most senior women on the buy-side. Greenberg was previously a partner at Paulson & Co. and a member of Goldman Sachs’ special situations group. She was named one of the 50 leading women in hedge funds in 2018.

Weisfeld was one of Greenberg’s first big hires after earlier bringing on trading head Brian Higgins, who Greenberg worked with at Goldman, and fellow partner Rachel Obenshain. But none of the three work at Margate Capital anymore. Greenberg made the somewhat unusual move of shuttering the hedge fund in February to join a competitor. She’ll start at Citadel’s Ashler Capital this month as a portfolio manager, according to the New York Post.

What made the move particularly interesting is that Margate Capital seemed to be doing just fine. The fund had gained more than 20% since inception and was up north of 4% on the year as of February. With Margate being no more, Weisfeld has moved on to the sell-side, where he’ll cover the technology sector for Jefferies.

Greenberg likely didn’t drop the bomb on her staff without advanced notice. Weisfeld has already landed on his feet while Obenshain started as a PM at AB Bernstein in January. No public word yet on Higgins.

This isn’t the first time Weisfeld has done this dance. He was an analyst at Sursum Capital Management, the hedge fund launched in 2010 by former SAC Capital star PM Paul Orwicz, who shuttered the firm two years later to return to SAC Capital, now known as Point72. The hedge fund life can be a wild ride.

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