PDT Partners

PDT Partners (Process Driven Trading Partners) is a hedge fund company, led by quantitative trader Peter Muller, that was founded in 1993 as part of Morgan Stanley's trading division and spun out as an independent business in 2012.[1][2] It has offices in New York City and London.[3]

History

PDT Partners started out as a proprietary trading division (called the Process Driven Trading Group) of multinational financial services corporation Morgan Stanley in 1993.[4][1] According to Bloomberg, PDT's investments have returned an estimated annual average of more than 20 percent through 2010.[4]

In January 2011, Morgan Stanley announced that it would spin off PDT into a separate hedge fund in order to comply with the Dodd–Frank Wall Street Reform and Consumer Protection Act.[4][5]

The spin-off began in 2012. In October 2012, it was announced that the Blackstone Group had put $500 million into PDT, but without seeking any equity in the hedge fund. Bloomberg.com considered this unusual and a testament to Muller's market power and ability.[2] In 2013, the spin-off was complete. In February 2013, it was announced that the fund had raised $2.3 billion in total and was beginning operations in London and Hong Kong in addition to New York City.[5]

Peter Muller, the CEO of PDT, who started PDT as Morgan Stanley's proprietary trading group, was described by Bloomberg.com as an "unlikely executive", a 47-year-old math wizard, and a person with diverse intellectual interests and hobbies.[4][6][4][6][4]

See also

References

  1. 1 2 "PDT Partners". Retrieved August 1, 2014.
  2. 1 2 Burton, Katherine (October 9, 2012). "Muller's PDT Is Said to Get $500 Million From Blackstone". Bloomberg.com. Retrieved August 1, 2014.
  3. ↑ "Contact Us". PDT Partners. Retrieved August 1, 2014.
  4. 1 2 3 4 5 6 Teitelbaum, Richard (July 6, 2011). "Morgan Stanley Yoga-Troubadour-Crossword-Math Pro Muller Flees". Bloomberg.com. Retrieved August 1, 2014.
  5. 1 2 Agnew, Harriet; Turner, Giles (February 5, 2013). "Morgan Stanley traders reassemble as Muller opens PDT in London". Financial News. Retrieved August 1, 2014.
  6. 1 2 Wachtel, Katya (July 7, 2011). "We've Never Been More In Awe Of Someone's Life Than We Are Of Quant Legend Pete Muller's". Business Insider. Retrieved August 1, 2014.
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