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PDT Partners

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PDT Partners
IndustryHedge fund
Founded1993
FounderPeter Muller
HeadquartersNew York City
ProductsInvestment funds
ServicesInvestment management
AUMUS$ 8.5 billion
(as of June 30, 2022)[1]
Websitepdtpartners.com

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 off as an independent business in 2012.[2][3] It has offices in New York City and London.[4]

History

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PDT Partners started out as a proprietary trading division (called the Process Driven Trading Group) of multinational financial services corporation Morgan Stanley in 1993.[5][2] According to Bloomberg, PDT's investments have returned an estimated annual average of more than 20 percent through 2010.[5]

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.[5][6]

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.[3] 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.[6]

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.[5][7] In 2019, Forbes reported that Muller earned around $150 million in the previous year, making its list of the highest-earning hedge fund managers for 2018.[8]

References

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  1. ^ "The largest managers of hedge funds (P&I Sep 2019)". No. Special Report Hedge Funds. United States: Pensions & Investments. Crain Communications Inc. 16 September 2019. Retrieved 15 October 2019.
  2. ^ a b "PDT Partners". Archived from the original on August 8, 2014. Retrieved August 1, 2014.
  3. ^ a b Burton, Katherine (October 9, 2012). "Muller's PDT Is Said to Get $500 Million From Blackstone". Bloomberg.com. Retrieved August 1, 2014.
  4. ^ "Contact Us". PDT Partners. Retrieved August 1, 2014.
  5. ^ a b c d Teitelbaum, Richard (July 6, 2011). "Morgan Stanley Yoga-Troubadour-Crossword-Math Pro Muller Flees". Bloomberg.com. Retrieved August 1, 2014.
  6. ^ a b Agnew, Harriet; Turner, Giles (February 5, 2013). "Morgan Stanley traders reassemble as Muller opens PDT in London". Financial News. Retrieved August 1, 2014.
  7. ^ 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.
  8. ^ "Peter Muller". Forbes.
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