Key Takeaways
- • Large hedge funds are shifting away from traditional "no comment" media strategies by hiring full-time communications executives, signaling a broader industry pivot toward proactive stakeholder engagement and reputation management.
- • Recent high-profile hires include communications leaders at major funds: Lorie Coulombe at $26 billion Davidson Kempner, Kelly Howard at $18 billion Two Sigma, Steven Vames at $14.3 billion Pine River, Michelle Tressel at $6 billion Black River, and Mogolodi Bond at $9 billion SAC Capital Advisors—all positioned at director or senior VP level.
- • Talent sourcing for these roles spans traditional PR agencies (Burson-Marsteller), investment management firms (The Clifton Group, Oak Hill Capital Partners), and financial technology companies (Tradeweb, Broadridge), indicating the specialized skillset required for institutional hedge fund communications.
- • External PR partnerships remain standard practice: firms like Sard Verbinnen & Co., Abernathy MacGregor Group, and Kekst & Co. continue handling sensitive external communications for large funds, even as internal communications teams expand capabilities.
- • Smaller hedge funds remain under-resourced in communications, lacking either the capital or perceived necessity for dedicated professional communications staff, creating a structural divide in the industry's approach to public messaging.
Summary
The hedge fund industry is experiencing a notable shift in communications strategy. Historically defined by opacity and media avoidance, large asset managers are now establishing dedicated internal communications functions—a departure from the reflexive "no comment" posture that characterized the sector for decades.
The trend accelerated in late 2013 and early 2014, with several major funds announcing senior communications hires. Davidson Kempner Capital Management appointed Lorie Coulombe as director of corporate communications in January 2014. Two Sigma Investments followed in February, naming Kelly Howard as senior vice president for marketing and communications. Other significant placements included Steven Vames at Pine River Capital Management ($14.3 billion AUM, June 2013), Michelle Tressel at Black River Asset Management ($6 billion, June 2013), and Mogolodi Bond at SAC Capital Advisors ($9 billion, June 2013), where Bond assumed a second-in-command communications role.
These executives are being recruited from diverse backgrounds rather than a monolithic PR talent pool. Burson-Marsteller, a global public relations agency, has provided multiple candidates. Investment-focused recruiters including The Clifton Group and Oak Hill Capital Partners have also supplied talent, as have fintech and investor communications firms such as Tradeweb and Broadridge. This diversified sourcing pattern suggests hedge funds are seeking communications professionals with financial markets acumen rather than traditional consumer PR expertise.
Notably, the establishment of internal communications teams does not eliminate reliance on external PR firms. Large hedge funds including SAC and Pine River maintain relationships with specialized external communications shops—Sard Verbinnen & Co., Abernathy MacGregor Group, and Kekst & Co.—which handle sensitive external communications and media relations. The parallel structure indicates internal teams are focused on corporate positioning and client-facing communications while external firms manage crisis communications and adversarial media interactions.
A structural gap remains at the smaller end of the industry: funds below $10 billion in AUM typically lack dedicated communications resources, either unable to justify the expense or viewing professional communications as unnecessary. This creates a two-tiered communications landscape in hedge fund management, with mega-funds building institutional communications infrastructure while smaller competitors operate with minimal formal communications capacity.
The trend accelerated in late 2013 and early 2014, with several major funds announcing senior communications hires. Davidson Kempner Capital Management appointed Lorie Coulombe as director of corporate communications in January 2014. Two Sigma Investments followed in February, naming Kelly Howard as senior vice president for marketing and communications. Other significant placements included Steven Vames at Pine River Capital Management ($14.3 billion AUM, June 2013), Michelle Tressel at Black River Asset Management ($6 billion, June 2013), and Mogolodi Bond at SAC Capital Advisors ($9 billion, June 2013), where Bond assumed a second-in-command communications role.
These executives are being recruited from diverse backgrounds rather than a monolithic PR talent pool. Burson-Marsteller, a global public relations agency, has provided multiple candidates. Investment-focused recruiters including The Clifton Group and Oak Hill Capital Partners have also supplied talent, as have fintech and investor communications firms such as Tradeweb and Broadridge. This diversified sourcing pattern suggests hedge funds are seeking communications professionals with financial markets acumen rather than traditional consumer PR expertise.
Notably, the establishment of internal communications teams does not eliminate reliance on external PR firms. Large hedge funds including SAC and Pine River maintain relationships with specialized external communications shops—Sard Verbinnen & Co., Abernathy MacGregor Group, and Kekst & Co.—which handle sensitive external communications and media relations. The parallel structure indicates internal teams are focused on corporate positioning and client-facing communications while external firms manage crisis communications and adversarial media interactions.
A structural gap remains at the smaller end of the industry: funds below $10 billion in AUM typically lack dedicated communications resources, either unable to justify the expense or viewing professional communications as unnecessary. This creates a two-tiered communications landscape in hedge fund management, with mega-funds building institutional communications infrastructure while smaller competitors operate with minimal formal communications capacity.
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