AM Investment Partners, a USD800m hedge fund firm managing three market-neutral single strategies, has hired Stephen Thurer as a senior portfolio manager for the firm's volatility arbitrage strategy.
Thurer was formerly a managing director in equity derivatives trading at Citigroup, Goldman Sachs and Bear Stearns.
At AM, Thurer will primarily focus on US equity derivatives in the energy, commodities, infrastructure and industrial sectors.
Thurer will join AM's team of six portfolio managers, each of whom have led proprietary trading desks at global institutions and have more than 16 years experience managing their respective products.
'Adding Steve culminates an extensive growth period for our investment team,' says Mark Friedman, co-founder of AM Investment Partners. 'In 2008 we added three senior portfolio managers, launched our very successful Asia operations and hired several sector specific analysts. We feel very fortunate to be entering 2009 with our strongest investment team ever in what we deem to be an optimal environment for our strategy. Markets will likely remain choppy but have normalized enough so that our fundamental analysis work can also prove profitable.'
Thurer has over 16 years of options trading experience. He began his investment career as a trader on the CBOE for Susquehanna International Group in Chicago. Thurer went on to serve as a managing director at Bear Stearns, Goldman Sachs and finally Citigroup, working on or running the equity derivatives desks at all three firms in New York. At both Goldman Sachs and Citigroup, Thurer built out and successfully managed multi-billion dollar trading desks.
'Over the past eight years AM Investment Partners has put together a world-class firm with meticulous attention to the strategies it pursues, the technology and risk management processes it implements and the quality of the people it recruits,' says Thurer. 'The firm has also demonstrated uncommon discipline in adhering to its investment strategies. All of these features are what attracted me to AM, and I look forward to being a part of the firm's continued growth.'