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November 7, 2024
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Hedge Funds

Hedge Fund Centiva’s Ex-Head of Europe Credit to Start Own Firm


(Bloomberg) — Terrence Matthews, the former head of European credit at multistrategy hedge fund Centiva Capital, is striking out on his own, joining a string of spin-outs from pod shops that rely on teams of traders to make money.

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Matthews has set up Athlone Investment Management in London and will start trading with about $200 million in initial capital beginning early next year, according to a person with knowledge of the matter. Athlone is getting its seed capital from New Holland Capital in a separately managed account, the person said, asking not to be identified because the details are private.

Athlone will focus on European fundamental relative value and macro-credit investments and start with a team of three investment professionals. Matthews declined to comment.

A number of experienced traders working for multistrategy investment firms are leaving to start their own hedge funds, with some getting backing from seeders as well as other large pod shops. Startups run by Bobby Jain, Diego Megia and Todd Barker have raised some $14 billion this year, an amount hedge fund research firm PivotalPath says is a record. Almost 20 traders from Millennium Management and Citadel have launched or are expected to join the fray in 2024.

Matthews specializes in the fixed-income markets. Before Centiva, he managed money for multistrategy hedge funds such as Millennium and Arrowgrass Capital Partners. He began his career in proprietary credit trading at TD Securities and later led its European and Asian businesses.

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