Key Takeaways
- • Jet Theriac, portfolio manager and managing director at Hutchin Hill Capital, departed the $3 billion hedge fund in January 2017, approximately 15 months after joining in October 2015.
- • Theriac managed a long-short equity team focused on energy and utilities investments at Hutchin Hill's San Francisco office.
- • Hutchin Hill Capital, founded by Neil Chriss (former SAC Capital managing director) in 2008, launched with $300 million seed capital from billionaire James Simons of Renaissance Technologies.
- • The firm's diversified alpha master fund reported modest returns of 4.6% in 2016 and only 0.13% through mid-January 2017, according to HSBC data.
- • Theriac's departure follows the firm's announced closure of its Hong Kong office in 2016 after 19 months of operation, signaling strategic consolidation at the multistrategy hedge fund.
Summary
Jet Theriac has exited his role as portfolio manager and managing director at Hutchin Hill Capital, a $3 billion multistrategy hedge fund, departing in January 2017 after less than two years with the firm. Theriac joined Hutchin Hill in October 2015 and oversaw a long-short equity team investing in energy and utilities sectors from the firm's San Francisco office. Prior to Hutchin Hill, Theriac served as a portfolio manager at Balyasny Asset Management from 2012 through 2015.
Hutchin Hill Capital was founded in 2008 by Neil Chriss, a former managing director at SAC Capital, with initial seed capital of $300 million from Renaissance Technologies founder James Simons. The firm operates its primary operations from New York and had expanded into Hong Kong before subsequently closing that office in 2016 after 19 months.
Recent performance metrics reflect challenges at the firm. According to HSBC data, Hutchin Hill's diversified alpha master fund—with approximately $3.3 billion under management—delivered 4.6% returns in 2016 and only 0.13% through mid-January 2017. These modest results, combined with the departure of a senior portfolio manager and international office closure, suggest the firm faced headwinds in generating alpha across its investment strategies during this period.
Hutchin Hill Capital was founded in 2008 by Neil Chriss, a former managing director at SAC Capital, with initial seed capital of $300 million from Renaissance Technologies founder James Simons. The firm operates its primary operations from New York and had expanded into Hong Kong before subsequently closing that office in 2016 after 19 months.
Recent performance metrics reflect challenges at the firm. According to HSBC data, Hutchin Hill's diversified alpha master fund—with approximately $3.3 billion under management—delivered 4.6% returns in 2016 and only 0.13% through mid-January 2017. These modest results, combined with the departure of a senior portfolio manager and international office closure, suggest the firm faced headwinds in generating alpha across its investment strategies during this period.
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