January 11, 2019 / 7:37 PM / 2 months ago

Investor Schonfeld opens London office, aims to boost foreign bets

BOSTON (Reuters) - Multibillion-dollar U.S. hedge fund investor Schonfeld Strategic Advisors opened an office in London and hired two portfolio managers as the firm seeks to make more investments outside of the United States, an executive said on Friday.

Schonfeld, which mostly manages trading magnate Steven Schonfeld’s personal fortune and has long been known for its computer-driven investing, had been looking to set up a physical presence in London for more than a year, Reuters reported previously.

For the London office, which was opened late in 2018, Schonfeld hired Alex Codrington and Russell Hartley who had each previously worked for BlueCrest Capital, once one of Europe’s biggest hedge funds. Two analysts were also hired to help support them in trading stocks.

In April, Schonfeld expanded in Asia by buying up Folger Hill Asset Management, a hedge fund run by former SAC Capital Advisors LP executive Sol Kumin. That deal closed this month.

“Our goal is to diversify internationally “ said Ryan Tolkin, Schonfeld’s chief investment officer, adding that the firm aims to boost the share of its international investments to 35 percent from 20 percent now.

Schonfeld uses about 66 portfolio teams, a so-called multi-manager strategy. Some are based in Schonfeld’s New York-area offices and the teams invest using three main styles: “quantitative” computer algorithms, traditional human stock-picking, and shorter-term trading.

Reporting by Svea Herbst-Bayliss; Editing by James Dalgleish

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