February 20, 2018 / 6:30 PM / 5 months ago

BlueMountain hires former Pine River partner Teichholtz

BOSTON, Feb 20 (Reuters) - BlueMountain Capital on Tuesday said it hired fixed-income expert Colin Teichholtz to build out the hedge fund’s range of interest rate products.

Teichholtz joined the $22 billion New York-based firm four months after having left Pine River Capital Management, an $8.5 billion hedge fund where he had been a partner.

At BlueMountain, Teichholtz has been named Head of Global Governments and Agency MBS (mortgage-backed securities), reporting to Andrew Feldstein, Blue Mountain’s co-founder and chief investment officer.

“With the changes in central bank interest rate policies, we believe this is an opportune time to strengthen our capabilities in interest rate products,” Feldstein said in a statement.

In mid-October, Teichholtz became the latest executive to leave Pine River as assets under management had declined and not long after the Minnetonka, Minnesota-headquartered firm shut down its main fund, which Teichholtz co-managed.

At BlueMountain there has also been a string of recent departures but the firm also hired roughly four dozen people last year, some in senior positions.

The latest to leave BlueMountain were Derek Smith, a partner and senior investment adviser who had been with BlueMountain since 2008, and Dave Gibbs, a senior credit trader at the firm since October 2004. Credit portfolio manager Marina Lutova left to join hedge fund Citadel LLC. All left in December.

Michael Mauboussin joined BlueMountain as director of research in May and Lance Rosen arrived in June as head of equities.

BlueMountain’s Credit Alternatives Fund gained 1 percent last year and 1 percent in the first month of trading in 2018, according to a report from HSBC’s Alternative Investment Group seen by Reuters. The firm’s Global Volatility Fund gained 0.05 percent in 2017 and climbed 0.39 percent in January. The hedge fund benchmark HFRI Asset Weighted Composite Index gained 6.5 percent for the year. (Reporting by Svea Herbst-Bayliss; Editing by Tom Brown)

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