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New & Closed – 2020 February

As part of a regular exercise, we scan the NFA register for new and closed manager. The below report will be developed over time and will be a recurring feature. We would like to highlight that some of the closures and registrations are due to corporate (re)structuring. Amongst the managers that closed, we note two (former) prominent French funds: Rivoli and Quantam that withdrew their licenses in February.

While the trend may be your friend in markets, it does not seem to be your friend in CTA startups. Since we started to track these numbers, the annual rate of CTAs closing is in the order of 13-15% p.a. On average, we see a net reduction of 1% of the existing CTA/CPOs close per month. Since October, the count has gone from 2833 to 2708, a loss of approximately 120 managers over four months.

In February, 23 managers applied for a new registrations with the NFA. As usual, most of them are located in the USA. The United Kingdom was the second most popular location to start a new CTA. This largely follows the distribution of managers. Not all of the managers are new, but have decided to register a specific entity.

3 Silos Hedging Solutions LlcIndianaUnited States2/1/2020
Cazadores Investments LtdUnited Kingdom2/1/2020
Wealthspring Capital LlcGeorgiaUnited States2/5/2020
Saffron Capital & Technology LlcMinnesotaUnited States2/6/2020
Northpost Partners lpCaliforniaUnited States2/6/2020
Aquatic Capital Management LlcIllinoisUnited States2/8/2020
Splendor Capital LlcCaliforniaUnited States2/9/2020
Reminiscent Capital Pty LimitedNew South WalesAustralia2/11/2020
Evolution Investment Management LlcFloridaUnited States2/13/2020
Tradingvestor LlcFloridaUnited States2/13/2020
Future Profits Consulting LlcIowaUnited States2/16/2020
Cullen, PaulMinnesotaUnited States2/16/2020
Transgraph Investment Managers America LlcIndia2/20/2020
Laminar Capital Management LlcAlabamaUnited States2/20/2020
Econometrics Capital lpPennsylvaniaUnited States2/20/2020
Tradeventures LlcMichiganUnited States2/21/2020
Best Trader Technology LimitedCanada2/25/2020
Crystal Tower Advisors LlcCaliforniaUnited States2/25/2020
Newpartner Energy LlcNew YorkUnited States2/26/2020
E4evolve LtdUnited Kingdom2/26/2020
Aura Capital LlcIllinoisUnited States2/27/2020
Brightview Capital Management LlcNew JerseyUnited States2/27/2020
Zinica Digital Assets Fund 1 Gp LlcCaliforniaUnited States2/27/2020

Funds withdrawing registrations was significantly higher in January, with a total of 54 managers handing back their regulatory status. The same applies for closed managers, a particular manager may have elected to close a specific local entity and may still be actively trading. 41 of the 54 managers were located in the US.

David A Noyes & coIllinoisUnited States2/7/2020
Dunn & Hargitt Invest Management IncIndianaUnited States2/20/2020
Raleigh Capital Management IncMorocco2/16/2020
Amerivet Securities IncCaliforniaUnited States2/27/2020
Cedar Capital Management Group IncNew YorkUnited States2/16/2020
Rubicon Fund Management LtdGrand CaymanCayman Islands2/12/2020
Rivoli Fund ManagementFrance2/12/2020
Newcomb, Joel VincentOhioUnited States2/20/2020
Mizuho Alternative Investments LlcNew YorkUnited States2/16/2020
Leininger, Matt FMissouriUnited States2/7/2020
Belmont Capital IncMassachusettsUnited States2/28/2020
Advanced Portfolio Management LlcNew YorkUnited States2/2/2020
Atten Babler Risk Management LlcIllinoisUnited States2/1/2020
Quantam saFrance2/8/2020
Arrowgrass Capital Partners Us lpNew YorkUnited States2/16/2020
Time Series Fx LlcNew JerseyUnited States2/20/2020
Rc Futures Advisory LimitedHong Kong2/20/2020
Schwab Capital Advisors IncCaliforniaUnited States2/16/2020
Neuron Advisers LlpUnited Kingdom2/2/2020
Secor Capital Advisors lpNew YorkUnited States2/12/2020
Fasa LlcMassachusettsUnited States2/2/2020
Illumination Asset Management LlcCaliforniaUnited States2/2/2020
Marz Capital LlcTexasUnited States2/22/2020
Goode Capital Management LlcTexasUnited States2/1/2020
Argentiere Capital agSwitzerlandSwitzerland2/8/2020
Ilgenwald Trading LlcTennesseeUnited States2/12/2020
Silvermine Capital Management LlcNew YorkUnited States2/26/2020
Gmo Europe LlcMassachusettsUnited States2/5/2020
Southport Energy Asset Management LlcConnecticutUnited States2/7/2020
Argentiere Capital lpIllinoisUnited States2/12/2020
Catametrics Capital LlcConnecticutUnited States2/7/2020
First State Investments Us LlcNew YorkUnited States2/26/2020
Wgc Usa Asset Management Company LlcNew YorkUnited States2/22/2020
Summit Financial Management LlcFloridaUnited States2/22/2020
Warlander Asset Management lpNew YorkUnited States2/28/2020
Eisler Capital LtdUnited Kingdom2/22/2020
Corporation For Interest Rate Management 2 TheIllinoisUnited States2/8/2020
Riverside Trading Group LlcFloridaUnited States2/16/2020
Inyo Capital Management lpNew YorkUnited States2/22/2020
Jtm Capital Management LlcFloridaUnited States2/26/2020
Red River Capital LlcIndianaUnited States2/7/2020
Comstock Capital Management LlcCaliforniaUnited States2/2/2020
Long And Prudent Asset Management LlcCaliforniaUnited States2/7/2020
Salczer, Menachem MNew YorkUnited States2/7/2020
R72 Capital Management LlcFloridaUnited States2/1/2020
Venn Global Macro Advisors lpNew YorkUnited States2/16/2020
Ovata Asset Management LimitedCayman Islands2/20/2020
Context Oak River Capital Management LlcPennsylvaniaUnited States2/22/2020
Quantitative Strategic Investments LtdUnited Kingdom2/2/2020
Endotech Analytics LlcTexasUnited States2/22/2020
Singular Square Fund I Gp LlcNew YorkUnited States2/16/2020
Bbshares Capital Management LimitedGrand CaymanCayman Islands2/26/2020
Ferguson Hyams Investment Management Pty LtdQueenslandAustralia2/21/2020
Salterra Asset Management LlcEnglandUnited Kingdom2/27/2020