FORT Management, a 23-year-old hedge fund firm led by two economists – Yves Balcer and Sanjiv Kumar – who formerly ran the investment division at the World Bank – has sold a 10 per cent stake to Goldman Sachs via its Petershill II fund.
Based in New York and Chevy Chase, Md, FORT manages around USD1.6 billion and deploys systematic strategies that invest in multiple asset classes globally. The firm’s Contrarian and Diversified strategies have consistently beaten benchmark indices since inception. FORT stands for Financial Opportunities in Research in Trading.
The firm, which was established in 1993 has seen assets double in the past year.
Petershill, part of Goldman’s Asset Management group, has been investing in leading managers since 2007. FORT becomes the fourth fund manager Petershill has backed since its second fund launched in 2014 (let us know if you’d like names of the others). Petershill has also backed another major systematic manager – UK-based Winton Capital Mgt.
“We’re elated to have Petershill join us as a partner,” says Balcer. “Since its first fund formed eight years ago, Petershill has invested in a select group of high-caliber asset managers – it’s satisfying to have such a formidable investor with significant resources aligned with us in further institutionalising and developing the firm. Petershill’s investment is a recognition of the institutional stature of our firm today and our commitment to maintain this focus in the future.”
FORT also announced the arrival of two new managing directors with deep backgrounds in fund management and equities trading.
David Barrett, FORT’s new head of business development, previously led that function at Gotham Asset Management; he formerly spent 18 years at Morgan Stanley and became global head of capital introductions.
Spyros Papadakis, FORT’s new chief operating officer, is an experienced equity derivatives trader who was previously head of derivatives at Royal Bank of Canada; he also served as head of structured equity derivatives trading for Lehman Bros.
