Founder, Algebris, London
lgebris is one of several funds sharing the back office platform of Chris Hohn’s The Children’s Investment Fund. Davide Serra set up Algebris as a global Financials long short equity fund in 2006, raising over $700 million at launch. The ABN Amro breakup deal is said to have been Serra’s brainchild. Recently Algebris was reported to have sold its position in Italian insurer Generali, although the years of activism may have finally worked insofar as Generali consented to one Algebris A
Founder, Theleme, London
atrick Degorce co-founded TCIF Chris Hohn in 2004. Last year Degorce set up his own fund called Theleme. Degorce overlapped with two Lansdowne managers, Peter Davies and Stuart Roden, when they were at Merril Lynch Asset Managers, and the latter two have a very high regard for Degorce. Theleme is managed autonomously but comes under the Lansdowne umbrella. The new fund has unusual structural features: its management fee declines as assets grow, and its performance fees are levied over the holding P
Edward Taylor Lees
Co-founder, Clear River Capital, London
dward Taylor Lees co-founded healthcare equity long/short fund Clear River in 2010. He studied history and life sciences at Amherst College and worked in a pharmacology laboratory at the prestigious University of Pennsylvania Medical School. Lees’ career began in investment banking and capital markets at Morgan Stanley. He took an MBA at Wharton and then moved to Goldman where he headed the European event driven trading desk, worked on pricing and hedging large equity blocks and invested E
Founder, Ridley Park, London
J ulian Barnett may be only 33, but his Polar Paragon fund was head and shoulders above the peer group, annualising at some 28% in the five years to 2008 and garnering numerous awards in the European equity long /short category. While the fund’s performance between 2003 and 2007 was slightly higher than in 2008, it was far from a bull market phenomenon. The 20% return delivered in 2008 is even more extraordinary than the five year record. After Barnett left Polar in early
Founder, Tyrus, London
eephaven alumni popped up frequently in our survey. Chedraoui, 34, began his meteoric rise at the American University in Beirut before winning a scholarship to read for an MSc in Finance at the elite Hautes Etudes Commerciales in Paris. Hired by Lehman Brothers, he was thrown straight into the then red hot TMT sector in investment banking. In 2004, he shifted to the buy side and ran a highly successful prop trading strategy for two years before being headhunted by D
IN ASSOCIATION WITH
request, and appointed a nonexecutive chairman. At Davos, Serra has called for better disclosure. Algebris is up over 50% since inception in 2006 and it limited 2008 losses to around 30%, covering shorts before the lows and the ban. The fund invests globally and has a long only vehicle focused on emerging markets growth opportunities. A Singapore office is due to open soon. Serra began on the sell side where he was a highly rated head of bank research at Morgan Stanley.
period of each investment rather than at fixed yearly intervals. Large pension funds are agitating for such fee structures. Since launching Degorce has hired no less than five former TCI colleagues: Robb LeMasters, Timothy Keough and John Sheridan sit with Degorce in London, while Snehal Amin and Rishi Sunak are based in California. What Degorce has not taken from TCI is its original activist philosophy: Theleme has no plans to follow Chris Hohn’s well publicised battles with corporate management teams.
in public and private instruments across a range of industries, concentrating in healthcare. Lees works closely with co-founder Dr. Steven McGarry, who ran biotechnology equity research at Goldman. The pair left Goldman in 2009 having profited during the bear market. Lord Jacob Rothschild seeded Clear River's March launch. The fund invests long and short in pharmaceuticals, specialty pharmaceuticals, generics, biotechnology and diagnostics. Half of the performance fees are to remain in the fund for at least three years.
2009 for personal reasons the $875 million of assets in his fund had to be returned to investors; the ability to do so vindicates the liquidity of his style. Late last year Barnett started Ridley Park as a management company, based in Mayfair, and its first fund went live in May of this year, with discounted management fees for big day one tickets. Barnett began managing money in UK equities at Close Brothers in 1999. He is a CFA charterholder.
Deephaven to head their Europe event driven strategy, which made 40% in his first four months at the helm. The $500 million Deephaven European Event Fund propelled Chedraoui to Global Head of Event Driven and delivered a profit of 15% in 2008. After Deephaven sold out to Stark, capital was returned to investors in February 2009. Tyrus launched October 31 and was one of the largest launches of 2009. It has made a single digit percentage profit since then.