This article comes fromBlockworks, original author: Michael Bodley
Odaily Translator |
This article comes from
, original author: Michael Bodley
Odaily Translator |
TradFi hedge fund operator Hunting Hill Global Capital is doubling down on cryptocurrency trading, according to three sources.
The New York company is making some key hires for the effort: at least two former Genesis executives, plus at least one from Galaxy Digital, the sources said.
Hunting Hill has hired former Genesis Global Trading managing director Martin Garcia, who spent more than six years at Genesis, as chief investment officer of its crypto subsidiary Hunting Hill Digital, sources said. Garcia is in charge of recruiting for the department, clearly trying to capitalize on a job market that is currently well-supplied.
Garcia works alongside Adam Gueren, Founder and Chief Investment Officer of Hunting Hill Global Capital. Guren will serve as CEO of Hunting Hill Digital, demonstrating his belief in digital assets. Hunting Hill trader Adam Genello will join the new fund as portfolio manager.
Why put the fund up and running early when the cryptocurrency market is underperforming? The collapse of some of the largest crypto companies has caused massive market chaos. “The market has gotten a little crazy and until recently [Garcia and Guren] didn’t really see the right opportunity,” one source said.
As it turns out, Hunting Hill has been in the crypto business since February 2020 — long before many of its Wall Street peers — with the launch of the Hunting Hill Crypto Opportunities Fund. While the fund's performance since then is unclear, two sources said it was above average, adding that Guren would not approve another fund. The company declined to comment.
secondary title
Try Blending TradFi and Crypto Investing Strategies
Since its founding in 2010, Hunting Hill has expanded its core arbitrage business to incorporate additional strategies, one source said. Digital assets are now added. As of the end of 2021, the company's total asset size was US$718 million.
This evolution supports the narrative that multi-strategy fund operators are increasingly monopolizing the limited partner funding market. Many companies are outperforming in 2022's frothy stock, bond and commodity markets.
Some of these hedge fund giants (including Steve Cohen's Point 72 ) have also started to dabble in the cryptocurrency space like Hunting Hill.
The open-end fund Hunting Hill Crypto Opportunities Fund currently has about $50 million in assets under management, the source said.
The new entity, which has not yet been named, is expected to launch by the end of the first quarter or the beginning of the second quarter of next year. It was too early to know its willingness to raise money, but conversations with potential backers had already begun, two of the sources said.
Garcia and Guren are working to bring together “the traditional team from Hunting Hill with more people in the crypto industry,” one source said. It is reported that before joining Genesis, Garcia worked at SecondMarket, a professional institution for illiquid assets.
The firm typically trades bonds, derivatives, ETFs, and stocks. Its in-house products tend to pay off during wild market swings.
The details of Hunting Hill Digital's strategy have yet to be finalized. But one source said it would not be a Quant Shop. That said, it may at some point seek to acquire a crypto quant specialist as part of a diversification plan.
