Key Takeaways
- • Andy Hill, head of trading at ExodusPoint for seven years, has joined LMR Partners in London as head of European equities trading, marking a significant lateral move between two U.S.-based hedge funds competing in the London market.
- • LMR Partners is actively building out its equities business despite recent losses, with three notable recent hires: Hill from ExodusPoint, Oliver Briars from Point72 (formerly Citadel), and portfolio manager Ediz Karahasonoglu from Goldman Sachs' emerging markets equities trading desk.
- • LMR experienced a $100 million loss in September following the departure of star trader Andrew Berger, whose highly-leveraged mortgage trading strategy unwound, erasing year-to-date gains; Hill's hire suggests the fund is stabilizing its equities division despite broader operational challenges.
- • Hill brings over 20 years of industry experience, with a decade spent at both Balyasny and Millennium prior to his seven-year tenure at ExodusPoint, positioning him as a seasoned veteran in European equities trading.
- • Despite September's mortgage trading losses, LMR's convertible bonds team is tracking record 30% gains year-to-date, indicating uneven performance across business units and selective strength in fixed income strategies.
Summary
Andy Hill has joined LMR Partners in London as head of European equities trading, marking a significant personnel move in the competitive London hedge fund landscape. Hill departs ExodusPoint, where he spent seven years, bringing with him over two decades of industry experience accumulated across prominent trading floors. Prior to ExodusPoint, Hill spent a decade at both Balyasny and Millennium, establishing a track record in established multi-strategy environments.
The hire underscores LMR Partners' strategic push to expand and stabilize its equities operations despite recent operational headwinds. Hill joins a wave of recent senior additions to LMR's London office, including Oliver Briars, who arrives next month from Point72 after prior experience at Citadel, and Ediz Karahasonoglu, a portfolio manager hired in July who previously led emerging markets equities trading at Goldman Sachs. This recruitment pattern reflects institutional investment in equities capabilities at a time when other parts of the firm are under pressure.
LMR experienced significant losses in September when star trader Andrew Berger departed abruptly after his mortgage trading team's highly-leveraged strategy unraveled, wiping out $100 million in year-to-date gains. The timing of Hill's appointment suggests LMR is attempting to restore credibility and operational depth in its equities division following the mortgage trading debacle. However, the fund's performance remains mixed: while the mortgage team's implosion damaged confidence, LMR's convertible bonds team is on track for record 30% gains this year, indicating that performance pressures are concentrated in specific strategies rather than systemic fund-wide issues.
The Hill hire represents both a competitive win for LMR in recruiting established trading talent from a rival fund and a vote of confidence in the broader European equities market, despite the firm's recent volatility. The concentration of recent senior hires in equities suggests LMR's leadership views this business line as strategically critical to the fund's recovery and future growth trajectory.
The hire underscores LMR Partners' strategic push to expand and stabilize its equities operations despite recent operational headwinds. Hill joins a wave of recent senior additions to LMR's London office, including Oliver Briars, who arrives next month from Point72 after prior experience at Citadel, and Ediz Karahasonoglu, a portfolio manager hired in July who previously led emerging markets equities trading at Goldman Sachs. This recruitment pattern reflects institutional investment in equities capabilities at a time when other parts of the firm are under pressure.
LMR experienced significant losses in September when star trader Andrew Berger departed abruptly after his mortgage trading team's highly-leveraged strategy unraveled, wiping out $100 million in year-to-date gains. The timing of Hill's appointment suggests LMR is attempting to restore credibility and operational depth in its equities division following the mortgage trading debacle. However, the fund's performance remains mixed: while the mortgage team's implosion damaged confidence, LMR's convertible bonds team is on track for record 30% gains this year, indicating that performance pressures are concentrated in specific strategies rather than systemic fund-wide issues.
The Hill hire represents both a competitive win for LMR in recruiting established trading talent from a rival fund and a vote of confidence in the broader European equities market, despite the firm's recent volatility. The concentration of recent senior hires in equities suggests LMR's leadership views this business line as strategically critical to the fund's recovery and future growth trajectory.
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