Key Takeaways
- • Wooyoung Hong, a former quantitative developer and researcher at Brevan Howard, claims he received only $20,000 between December and January from ThirtyPark, a hedge fund launched by his former portfolio manager Robert Sicari, per a New York State Supreme Court filing reported by eFinancialCareers.
- • Hong alleges Sicari offered him a 30% equity stake in ThirtyPark plus half the profits on a designated set of trades in Sicari's personal portfolio; the equity terms are central to the dispute.
- • Sicari has declined to comment beyond confirming ThirtyPark is no longer operating, according to Bloomberg, leaving the claims untested.
- • The dispute highlights the cash constraints of bootstrapping a hedge fund, where founders typically trade their own capital to build a track record before raising outside money.
- • The same briefing noted UBS cut its associate-0 base salary in Zurich from CHF175k to CHF155k, and that Balyasny's Corbets Capital is hiring.
Summary
A dispute over equity and compensation between two former Brevan Howard colleagues has surfaced in a New York State Supreme Court filing. Robert Sicari, a portfolio manager at Brevan Howard, and Wooyoung Hong, whom Sicari hired in July 2023 as a quantitative developer and researcher, worked closely together until both were fired by Brevan in November 2024. Hong says he earned $400k a year at Brevan Howard in Hong Kong.
Sicari then began trading his own money with the aim of launching a fund, ThirtyPark, which was set up in October of the following year. Hong joined the venture, and the fund launched. Hong's court filing claims the deal Sicari offered him included a 30% stake in ThirtyPark and half the profits on a designated set of trades in Sicari's personal portfolio.
The filing suggests that cash availability was overestimated once administration, financing, margin and other expenses were considered. According to Hong, he received only a $20,000 payment between December and January before the relationship broke down completely. Sicari has declined to comment on the allegations, other than to confirm ThirtyPark is no longer operating, according to Bloomberg. Because the account comes from one side of a legal dispute, the facts will ultimately need to be resolved in court.
The case illustrates a common pattern in emerging managers, where founders work largely for future equity while building a track record. The eFinancialCareers report also noted a separate compensation change: UBS has reduced the base salary for associate-0s in Zurich from CHF175k to CHF155k, narrowing the gap with the analyst scale.
Sicari then began trading his own money with the aim of launching a fund, ThirtyPark, which was set up in October of the following year. Hong joined the venture, and the fund launched. Hong's court filing claims the deal Sicari offered him included a 30% stake in ThirtyPark and half the profits on a designated set of trades in Sicari's personal portfolio.
The filing suggests that cash availability was overestimated once administration, financing, margin and other expenses were considered. According to Hong, he received only a $20,000 payment between December and January before the relationship broke down completely. Sicari has declined to comment on the allegations, other than to confirm ThirtyPark is no longer operating, according to Bloomberg. Because the account comes from one side of a legal dispute, the facts will ultimately need to be resolved in court.
The case illustrates a common pattern in emerging managers, where founders work largely for future equity while building a track record. The eFinancialCareers report also noted a separate compensation change: UBS has reduced the base salary for associate-0s in Zurich from CHF175k to CHF155k, narrowing the gap with the analyst scale.
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