**Walleye Capital Expands Team with New Portfolio Managers for Financial Sector**
Walleye Capital, a prominent hedge fund based in New York, has recently appointed two portfolio managers to focus on trading financial sector stocks. This strategic move aims to potentially develop a separate fund in the future. Jared Baker and Conor McDonnell have been brought on board to initially manage their strategy exclusively for Walleye before transitioning to an external fund that will welcome third-party investments.
Jared Baker is set to join Walleye in September. He previously worked at Kodai Capital and has experience in Citadel’s Global Equities division, as well as Balyasny Asset Management. Conor McDonnell, who is expected to start in November, comes from Azora Capital and has a background at Citadel’s Surveyor Capital.
The current challenging environment for capital raising has resulted in fewer significant new fund launches this year. Many established hedge fund firms are stepping in to support emerging managers. By incubating a strategy within a larger firm, new managers can access necessary capital and resources without the burden of building a business from scratch.
Walleye Capital, which manages over $8 billion in assets, has been working towards becoming a multistrategy hedge fund. However, it has recently refocused its efforts on volatility, quantitative, and fundamental long-short investing. To maintain effective asset management, the firm has also paused accepting new investments.
As of July, Walleye Capital reported an 8.8% increase in returns for the year, with a notable 17% return projected for 2024.
**FAQ**
*What is Walleye Capital’s strategy for new portfolio managers?*
Walleye Capital aims to develop a financial sector trading strategy with new portfolio managers Jared Baker and Conor McDonnell, initially managing it internally before launching an external fund for third-party capital.