Schonfeld Strategic Advisors is preparing to establish an office in Switzerland, adding its name to a list of hedge funds building a presence in the country as they look to hire investment staff, reported Bloomberg.
The Zurich location is expected to begin operating later this year, according to people familiar with the matter.
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The firm has recruited former Millennium Management portfolio managers Yohan Hwang and Pierre Kling for the Swiss office, the news publication said citing sources.
Spokespeople for New York-headquartered Schonfeld and Millennium declined to comment. Hwang and Kling did not respond to requests for comment.
Millennium already operates from Geneva and Zug.
Brevan Howard Asset Management and Diego Megia’s Taula Capital Management also have offices in Geneva.
The move comes after a stretch of growth at Schonfeld, whose assets have roughly doubled over about two years to around $20bn.
More recently, the firm broadened its credit operations by adding convertible arbitrage and structured credit, and it also brought in several macro investors.
According to his LinkedIn profile, Hwang spent about six years at Millennium and had earlier worked at Element Capital Management.
Kling was at the Izzy Englander firm for more than three years and, before that, spent roughly five years at Bell Rock Capital Management, according to his LinkedIn profile.
The Schonfeld Strategic Partners fund gained 2.6% in May, lifting its return for the year to 5.7%. The Schonfeld Fundamental Equity fund rose 3.4% during the month, taking its year-to-date gain to 8.4%, one of the people said.
