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Pine River Capital Management

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Pine River Capital Management
Company typePrivate
IndustryFinancial Services
Founded2002
FounderBrian Taylor (CEO and Co-CIO)[1]
HeadquartersMinnetonka, MN
with additional offices in
New York City, London, Hong Kong, Shenzhen, San Francisco, Austin and Luxembourg
Key people
James Clark (Co-CIO)
Aaron Yeary (President)
ProductsInvestment Management
Asset Management
Number of employees
525 (2016)[2]
Websitewww.pinerivercapital.com

Pine River Capital Management L.P. is an asset management firm.[3][4][5][6] The firm trades stocks, fixed income, derivatives, warrants and listed investment vehicles.[7] As of 2018 the company manages approximately US$7 billion[8] across three actively managed platforms: hedge funds, managed accounts and listed investment vehicles to support a number of strategies including interest rates, mortgages, equity long/short, event-driven equity, and global convertible bond arbitrage.[9][10] The company is currently managed by founder and CEO Brian Taylor and 17 partners.[11][12]

History

Brian Taylor founded Pine River in 2002 to pursue opportunities in global relative value trading with an initial investment of $5.3 million.[3][13] Since then, the company has grown to over $14 billion in assets under management and employs over 500 people.[2][14] The firm was initially located in Pine River, Minnesota, before moving to Minneapolis, Minnesota in 2003.[3] In 2007, Pine River relocated to Minnetonka.[15] Pine River now has offices in New York City, London, Hong Kong, Shenzhen, San Francisco, Austin and Luxembourg.[16][17] The firm has a presence in Shenzhen, building and maintaining analytics platforms and doing in-depth research on China’s on-shore companies and markets.[12]

Pine River Capital Management is a signatory of the Hedge Fund Standards Board.[18] Pine River Capital Management L.P. became registered as an investment advisor with the US Securities and Futures Commission in January 2006. Pine River Capital Management (UK) Limited became authorized by the British Financial Services Authority to manage investments in the UK in January 2004. Pine River Capital Management (HK) Limited became licensed by the Securities and Futures Commission to manage assets in Hong Kong in March 2007. Pine River Capital Management L.P. became registered as a Foreign Institutional Investor in IIndia in February 2008.[19] Pine River also complies with the Open Protocol Enabling Risk Aggregation Standards.[20]

In 2009, a subsidiary of Pine River became the external investment manager of Two Harbors Investment Corp. (NYSE: TWO), a publicly listed real estate investment trust that invests in mortgage-backed securities and related instruments.[21]

In 2017, following a wave of withdrawals, Pine River closed its master fund.[22] Between 2015 and 2018 its assets declined from US$15 billion to US$7 billion.[8]

Investment Style

Pine River’s various portfolio management teams take a relative value approach to investing, seeking to identify dislocations between prices of related financial instruments and markets.[3][23] The firm had returns of roughly 90% in 2009, largely due to its mortgage investments following the 2008 financial crisis.[3] Pine River also pursues opportunities in a range of global markets and has developed into a diversified investment firm.[24][25] Alongside its growth in assets under management, Pine River has created infrastructure and risk controls that support further expansion.[26]

Awards and recognition

In both 2012 and 2013, Institutional Investor named Pine River the Relative Value Hedge Fund Manager of the year.[27][28] In 2009, The Pine River Fixed Income Fund won Fixed Income & Mortgage-backed Securities and Fund of the Year at the Absolute Return Awards 2009.[29] In 2011, Bloomberg Markets ranked the Fund as #7 of the top performing 100 hedge funds in the world after returning 27% in 2010.[30] Pine River Convertibles Fund won New Fund of the Year at the Absolute Return Awards 2010.[31] In 2012, the Pine River Fund and Pine River Fixed Income Fund were ranked in the Top Twenty in Barron's Top 100 Hedge Funds in May 2012.[32] In 2012, Forbes named Pine River partner Jiayi Chen in its “30 Under 30” in Finance list, and partner Annette Krassner was named amongst The Hedge Fund Journal’s “50 Leading Women in Hedge Funds 2013.”[33][34] Pine River won Best New Asian Hedge Fund for Pine River China Fund in May at the Eurekahedge Asian Hedge Fund Awards 2015.[35]

References

  1. ^ "Pine River Capital Management". Crunchbase. Retrieved March 13, 2016.
  2. ^ a b Stephen Foley (June 12, 2014). "Pine River joins hedge funds closing to new money". Financial Times.
  3. ^ a b c d e Svea Herbst-Bayliss (Mar 5, 2010). "Pine River housing bets started in cabin". Reuters. Retrieved Dec 30, 2013.
  4. ^ Daniel Fisher (Mar 27, 2013). "Sublime Subprime". Forbes. Retrieved Dec 30, 2013.
  5. ^ Mary Childs (Oct 3, 2013). "Pine River's Kuhn Diversifies to Bet Against 'Drunk Businessman'". Bloomberg News. Retrieved Dec 30, 2013.
  6. ^ Maureen Farrell (Jan 4, 2013). "Hedge funds win big with subprime mortgages". CNN Money. Retrieved Dec 30, 2013.
  7. ^ "Hedge Fund - Pine River Capital Management". Insider Monkey. Retrieved Dec 30, 2013.
  8. ^ a b "Troubled hedge fund Pine River is leaving Mayfair HQ". February 23, 2018. Retrieved August 10, 2018.
  9. ^ Bei Hu (September 5, 2013). "Pine River China Fund to Start With as Much as $150 Million". Bloomberg Businessweek.
  10. ^ "Chart of the Month". Hedge Fund Intelligence. March 30, 2009.
  11. ^ "Company Overview of Pine River Capital Management L.P." Bloomberg Businessweek . Retrieved July 2, 2014.
  12. ^ a b Bei Hu (November 27, 2013). "Goldman Sachs to GLG Open Asia Hedge Funds as Big Is Chic". Bloomberg Businessweek.
  13. ^ Courtney Comstock (January 23, 2011). "The Secret Behind The #7 Best Performing Hedge Fund Of 2010: The 10 Math Geniuses They Got In China". Business Insider.
  14. ^ Rob Copeland (June 13, 2014). "Pine River Capital Returns Outside Money in Mortgage Fund". Wall Street Journal.
  15. ^ "The Billion Dollar Interview". Eureka Hedge. March 2011.
  16. ^ Irwin Speizer (June 4, 2013). "Can Mortgage Mavens Pine River Find Success in Other Markets?". Institutional Investor's Alpha.
  17. ^ Karen Hube (December 24, 2011). "Cleaning Up In Mortgages". Barron's Magazine.
  18. ^ "Signatories". Hedge Fund Standards Board. Retrieved July 4, 2014.
  19. ^ "Pine River Capital Management L.P." SkyBridge Capital Conference. September 27, 2013.
  20. ^ "About Pine River". Pine River Capital Management. Retrieved July 5, 2014.
  21. ^ "Company Overview". Two Harbors Investment Corp. Retrieved Dec 30, 2013.
  22. ^ Marsh, Alistair; Porzecanski, Katia (September 18, 2017). "Pine River Is Closing Its Master Fund After a Plunge in Assets". Bloomberg News. Retrieved August 10, 2018.
  23. ^ Svea Herbst-Bayliss (March 3, 2010). "Hedge fund says housing market may dip again". Reuters.
  24. ^ Jody Shenn and Kelly Bit (July 23, 2013). "Pine River Picks REIT Winners in Renewed Housing Bets". Bloomberg.
  25. ^ Daniel Fisher (March 27, 2013). "Sublime Subprime". Forbes.
  26. ^ Karen Hube (December 24, 2011). "Cleaning Up In Mortgages". Barron's.
  27. ^ "10th Anniversary Hedge Fund Industry Awards". Institutional Investor. June 21, 2012.
  28. ^ "Institutional Investor's 2013 Hedge Fund Award Winners Announced". Institutional Investor. June 28, 2013.
  29. ^ "Absolute Return Awards 2009". Hedge Fund Intelligence. November 2, 2009.
  30. ^ Anthony Effinger and Katherine Burton (January 6, 2011). "Brownstein's Mortgage Metaphysics Drives Gain in Top Hedge Fund". Bloomberg.
  31. ^ "Absolute Return Awards 2010". Hedge Fund Intelligence. November 18, 2010.
  32. ^ Eric Uhlfelder (May 19, 2012). "Best 100 Hedge Funds". Barron's Magazine.
  33. ^ "30 Under 30: Finance". Forbes. Retrieved Dec 30, 2013.
  34. ^ "50 Leading Women in Hedge Funds 2013". The Hedge Fund Journal. Retrieved July 6, 2014.
  35. ^ "Eurekahedge Asian Hedge Fund Awards 2015". Eurekahedge. May 22, 2015.
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