Pine River Capital Management

Last updated
Pine River Capital Management L.P.
Company type Private company
Industry Financial services
Founded2002;22 years ago (2002)
FounderBrian Taylor (CEO and CIO)
Headquarters
Minnetonka, MN
,
United States
Number of locations
Two additional offices in New York City and London
Products Investment Management
Asset Management
Website www.pinerivercapital.com

Pine River Capital Management is an American asset management firm based in Minnetonka, MN. [1] [2] [3] [4] The firm traded its investors funds using stocks, fixed income, derivatives and warrants. [5]

Contents

As of 2018, the company managed approximately US$7 billion [6] across three actively managed platforms: hedge funds, managed accounts and listed investment vehicles to support a number of strategies including interest rates, mortgages, equity long/short, event-driven equity, and global convertible bond arbitrage. [7] [8] The company is managed by founder and CEO Brian Taylor and 6 partners. [9] [10]

History

Brian Taylor founded Pine River in 2002 to pursue opportunities in global relative value trading with an initial investment of $5.3 million. [1] [11] [12] [13] The firm was initially located in Pine River, Minnesota, before moving to Minneapolis, Minnesota in 2003. [1] In 2007, Pine River relocated to Minnetonka. [14] Pine River's various portfolio management teams take a relative value approach to investing, seeking to identify dislocations between prices of related financial instruments and markets. [1] [15]

Pine River Capital Management L.P. became registered as an investment advisor with the US Securities and Futures Commission in January 2006. Pine River Capital Management (UK) Limited became authorized by the British Financial Services Authority to manage investments in the UK in January 2004. [16]

Between October 2009 and August 2020, a subsidiary of Pine River was the external investment manager of Two Harbors Investment Corp. (NYSE :  TWO), a publicly listed real estate investment trust that invests in mortgage-backed securities and related instruments. [17] [18]

Between June 2017 and December 2020, Pine River was the external manager of Granite Point Mortgage Trust (NYSE :  GPMT), a publicly listed real estate investment trust that focused on directly originating, investing in, and managing senior floating-rate commercial mortgage loans and other debt and debt-like commercial real estate investments. [19]

In 2017, following a wave of withdrawals, Pine River closed one of its master funds. [20] [21] Between 2015 and 2018 its assets declined from US$15 billion to US$7 billion. [6]

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References

  1. 1 2 3 4 Svea Herbst-Bayliss (Mar 5, 2010). "Pine River housing bets started in cabin". Reuters. Retrieved Dec 30, 2013.
  2. ↑ Daniel Fisher (Mar 27, 2013). "Sublime Subprime". Forbes. Retrieved Dec 30, 2013.
  3. ↑ Mary Childs (Oct 3, 2013). "Pine River's Kuhn Diversifies to Bet Against 'Drunk Businessman'". Bloomberg News. Retrieved Dec 30, 2013.
  4. ↑ Maureen Farrell (Jan 4, 2013). "Hedge funds win big with subprime mortgages". CNN Money. Retrieved Dec 30, 2013.
  5. ↑ "Hedge Fund - Pine River Capital Management". Insider Monkey. Retrieved Dec 30, 2013.
  6. 1 2 "Troubled hedge fund Pine River is leaving Mayfair HQ". February 23, 2018. Retrieved August 10, 2018.
  7. ↑ Bei Hu (September 5, 2013). "Pine River China Fund to Start With as Much as $150 Million". Bloomberg Businessweek.
  8. ↑ "Chart of the Month". Hedge Fund Intelligence. March 30, 2009.
  9. ↑ "Company Overview of Pine River Capital Management L.P." Bloomberg Businessweek . Archived from the original on January 1, 2014. Retrieved July 2, 2014.
  10. ↑ Bei Hu (November 27, 2013). "Goldman Sachs to GLG Open Asia Hedge Funds as Big Is Chic". Bloomberg Businessweek.
  11. ↑ Courtney Comstock (January 23, 2011). "The Secret Behind The #7 Best Performing Hedge Fund Of 2010: The 10 Math Geniuses They Got In China". Business Insider.
  12. ↑ Stephen Foley (June 12, 2014). "Pine River joins hedge funds closing to new money". Financial Times.
  13. ↑ Rob Copeland (June 13, 2014). "Pine River Capital Returns Outside Money in Mortgage Fund". Wall Street Journal.
  14. ↑ "The Billion Dollar Interview". Eureka Hedge. March 2011.
  15. ↑ Svea Herbst-Bayliss (March 3, 2010). "Hedge fund says housing market may dip again". Reuters.
  16. ↑ "Pine River Capital Management L.P." SkyBridge Capital Conference. September 27, 2013.
  17. ↑ "Company Overview". Two Harbors Investment Corp. Retrieved Dec 30, 2013.
  18. ↑ "Two Harbors Investment Corp. Announces Completion of Transition to Self-Management".
  19. ↑ "Granite Point Mortgage Trust Inc. Announces Internalization of Management" (PDF).
  20. ↑ Chung, Juliet (September 18, 2017). "Pine River Capital Shutting $1 Billion Flagship Hedge Fund".
  21. ↑ Marsh, Alistair; Porzecanski, Katia (September 18, 2017). "Pine River Is Closing Its Master Fund After a Plunge in Assets". Bloomberg News . Retrieved August 10, 2018.
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