Himanshu Gulati, founder of credit-focused hedge fund Antara Capital, is set to join Marshall Wace, marking a high-profile departure amid ongoing challenges at his firm, according to a report by Bloomberg.
The report cites unnamed sources familiar with the matter as highlighting that The exit comes just over a year after Antara was forced to side-pocket hard-to-sell assets following a wave of redemptions and sustained underperformance.
The firm, which launched in 2018 with backing from institutional investors including Blackstone, had delivered strong double-digit returns in its early years before suffering steep losses in recent market cycles.
In an attempt to shield the portfolio from forced sales, Antara gated redemptions and carved out a side pocket for illiquid securities, a move that frustrated some investors and raised concerns over the fund’s long-term viability.
Gulati, who previously led the distressed credit strategy at Man GLG and was a managing partner at Perry Capital before it wound down in 2016, declined to comment on the move. Marshall Wace, which oversees more than $69bn in assets, also declined to comment. The London-based hedge fund, best known for its equity strategies, has been expanding its multi-strategy platform and credit capabilities — areas where Gulati brings deep expertise.
