The second quarter of 2025 saw a flurry of high-profile talent moves across the hedge fund industry, underscoring an intensifying war for investment talent and a growing wave of fund launches.
One of the most notable shifts came from the commodities space, with Gregory Galimberti, Head of Americas Gasoline at TotalEnergies' trading arm, exiting after nearly eight years to join Verition Fund Management, a $12.5 billion multi-strategy hedge fund. Galimberti’s transition from the physical trading world to hedge funds highlights the increasing demand for specialist talent with real-asset insights.
Meanwhile, the launch of Otter Rock, founded by former Alua Capital technologist Alix Karlan, grabbed industry attention. Backed by top-tier pedigree, the fund is targeting a $300 million raise ahead of its Q4 launch. It joins a growing list of spinouts this quarter, including Verbena Value Capital Partners, Trooper Capital, and Jerpoint Capital, each formed by former PMs and analysts from leading platforms like Millennium and Citadel.
Firms also ramped up internal investment initiatives. New Holland Capital, traditionally a fund-of-funds, launched Plum Island Partners, bringing in former Brevan Howard risk chief Stephan Brohme to lead the buildout of an internal hedge fund operation.
On the C-suite front, Schonfeld Strategic Advisors appointed Michael Grad—formerly of BlueCrest—as its first Chief Investment Initiatives Officer. Alongside him, Tracy Backofen, a 27-year Goldman Sachs veteran, was named Global Head of Human Capital Management, signaling a renewed focus on leadership and internal talent strategy.
According to reports, portfolio manager compensation packages have soared, with offers topping $100 million at major platforms like Citadel, Point72, and Millennium. This bidding war reflects the premium placed on alpha-generating teams, particularly in multi-manager structures.
With hedge funds returning an average of 8.3% in Q2, year-to-date performance is driving momentum for both expansion and innovation. As firms grow globally and sharpen their investment edge, one constant remains: in 2025, talent is still the most coveted asset.
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Ref: Franklin, J. (2025, July 29). Head of Americas gasoline for TotalEnergies trading arm departs for hedge fund, sources say. Reuters. Demos, T. (2025, July 17). Eyeing expansion, Schonfeld taps BlueCrest executive for new C-suite role. Business Insider. Demos, T. (2025, July 22). Why this $6 billion investment firm is diving into the hedge fund talent wars. Business Insider. Funds Europe. (2025, July 8). Hedge funds gain 8.3% in Q2 2025.
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