Goldman Sachs traders like this (other) London hedge fund
There’s a hedge fund based in London hiring some of Goldman Sachs’ best people. For once, it’s not Citadel (who had a prodigious appetite for Goldmanites in the past) but a less well-known, equally well-paying multistrategy fund.
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LMR Partners was founded in 2009 by UBS traders Ben Levine and Stefan Renold, along with Goldman Sachs’ Andrew Manuel. Since then, the fund has brought in various other Goldman people too.
The most recent to join is Ediz Karahasanoglu. Karahasanoglu, who joined the LMR earlier this month as a portfolio manager, spent 12 years at Goldman Sachs. He was most recently an MD, and head of Goldman’s emerging markets equities trading.
He’s the most senior ex-Goldmanite to join LMR recently, but not the only one. Nikunj Maheshwari and Robert Zhang joined LMR in New York in April and July respectively, both as associate PMs. Both were VPs in Goldman’s New York office before leaving. Maheshwari was a rates trader; Zhang a mortgage derivatives trader.
LMR had a strong start to 2025. Bloomberg data showed that its flagship multi-strategy fund returned 6% in the first half of the year, ahead of Millennium or Citadel (2.2% and 2.5%, respectively) but behind Balyasny or ExodusPoint (7.3% and 9.3%, respectively).
It pays well, even by hedge fund standards. Accounts for the 15 months ending March 2024 show that LMR Partners LLP paid £73m ($96m) to 8 “members” – UK legal jargon for partners in a partnership. That comes to an average of £9.1m ($12m) per member, higher than the £6.2m ($8.1m) paid on average for the previous period.
Accounts for the main LMR subsidiary in London - LMR management services ltd. - are also complicated, but in its last accounting period, it paid an average of £1.1m ($1.5m) to 210 people across 13 months across the group, with an implied annual average of £1m ($1.4m). For the year-long period ending in November 2022, however, it paid an average of “just” £596k ($792k).
A portfolio manager's time at LHR might be more relaxed than it would be if they moved to another hedge fund. Hedge Fund Journal reported that at LMR, the collective partners of the fund account for 20% of risk taken. At some similar-sized hedge funds, one individual (typically a CIO) accounts for the plurality or majority of risk taking.
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