Hedge fund GSA Capital rides tech wave as managers share £110 million pot

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A quirky Mayfair hedge fund led by one of the richest fund managers in Britain has split a £110 million-plus payday after its computer-driven funds side-stepped wild swings in global markets last year.

GSA Capital, founded by former Deutsche Bank prop-trading star Jonathan Hiscock, boosted revenues by 25% to £146 million for the 12 months to March 2015 after the group’s four data-driven funds surged in value.

Eighteen partners, including two entities, shared profits of £112.3 million, an average of £7 million each. One of the entities, HFFX, is made up of a team traders and is thought to have got £54.7m of the money.

The company, which runs $4 billion for investors and was set up in 2005, benefited from the strong performance of flagship funds GSA International and GSA QMS funds, which both rose about 12%.

Hiscock, the 20th richest hedge fund boss in Britain with a £250m fortune, has modelled the Green Park-based firm on idiosyncratic tech outfits like Google rather than traditional finance houses.

The hedge fund hires rarely — just 25 people out of 5000 applicants since 2010 — and is stocked with PHDs, including tech chief Sorabain Wolfheart de Lioncourt.

It also distanced itself from Mayfair peers by ditching performance fees on a low cost fund, charging a flat rate management fee of 0.5%. 

Hiscock launched GSA after carving out the Global Statistical Arbitrage unit he ran at Deutsche, taking 15 staff with him.

He then hired David Khabie-Zeitoune, a former trader at Brevan Howard, as chief executive.

Source Article from http://www.standard.co.uk/business/hedge-fund-gsa-capital-rides-tech-wave-as-managers-share-110-million-pot-a3155671.html

January 14, 2016 |
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