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.

Name | State | Country | Date |
3 Silos Hedging Solutions Llc | Indiana | United States | 2/1/2020 |
Cazadores Investments Ltd | United Kingdom | 2/1/2020 | |
Wealthspring Capital Llc | Georgia | United States | 2/5/2020 |
Saffron Capital & Technology Llc | Minnesota | United States | 2/6/2020 |
Northpost Partners lp | California | United States | 2/6/2020 |
Aquatic Capital Management Llc | Illinois | United States | 2/8/2020 |
Splendor Capital Llc | California | United States | 2/9/2020 |
Reminiscent Capital Pty Limited | New South Wales | Australia | 2/11/2020 |
Evolution Investment Management Llc | Florida | United States | 2/13/2020 |
Tradingvestor Llc | Florida | United States | 2/13/2020 |
Future Profits Consulting Llc | Iowa | United States | 2/16/2020 |
Cullen, Paul | Minnesota | United States | 2/16/2020 |
Transgraph Investment Managers America Llc | India | 2/20/2020 | |
Laminar Capital Management Llc | Alabama | United States | 2/20/2020 |
Econometrics Capital lp | Pennsylvania | United States | 2/20/2020 |
Tradeventures Llc | Michigan | United States | 2/21/2020 |
Best Trader Technology Limited | Canada | 2/25/2020 | |
Crystal Tower Advisors Llc | California | United States | 2/25/2020 |
Newpartner Energy Llc | New York | United States | 2/26/2020 |
E4evolve Ltd | United Kingdom | 2/26/2020 | |
Aura Capital Llc | Illinois | United States | 2/27/2020 |
Brightview Capital Management Llc | New Jersey | United States | 2/27/2020 |
Zinica Digital Assets Fund 1 Gp Llc | California | United States | 2/27/2020 |
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.

Name | State | Country | Date |
David A Noyes & co | Illinois | United States | 2/7/2020 |
Dunn & Hargitt Invest Management Inc | Indiana | United States | 2/20/2020 |
Raleigh Capital Management Inc | Morocco | 2/16/2020 | |
Amerivet Securities Inc | California | United States | 2/27/2020 |
Cedar Capital Management Group Inc | New York | United States | 2/16/2020 |
Rubicon Fund Management Ltd | Grand Cayman | Cayman Islands | 2/12/2020 |
Rivoli Fund Management | France | 2/12/2020 | |
Newcomb, Joel Vincent | Ohio | United States | 2/20/2020 |
Mizuho Alternative Investments Llc | New York | United States | 2/16/2020 |
Leininger, Matt F | Missouri | United States | 2/7/2020 |
Belmont Capital Inc | Massachusetts | United States | 2/28/2020 |
Advanced Portfolio Management Llc | New York | United States | 2/2/2020 |
Atten Babler Risk Management Llc | Illinois | United States | 2/1/2020 |
Quantam sa | France | 2/8/2020 | |
Arrowgrass Capital Partners Us lp | New York | United States | 2/16/2020 |
Time Series Fx Llc | New Jersey | United States | 2/20/2020 |
Rc Futures Advisory Limited | Hong Kong | 2/20/2020 | |
Schwab Capital Advisors Inc | California | United States | 2/16/2020 |
Neuron Advisers Llp | United Kingdom | 2/2/2020 | |
Secor Capital Advisors lp | New York | United States | 2/12/2020 |
Fasa Llc | Massachusetts | United States | 2/2/2020 |
Illumination Asset Management Llc | California | United States | 2/2/2020 |
Marz Capital Llc | Texas | United States | 2/22/2020 |
Goode Capital Management Llc | Texas | United States | 2/1/2020 |
Argentiere Capital ag | Switzerland | Switzerland | 2/8/2020 |
Ilgenwald Trading Llc | Tennessee | United States | 2/12/2020 |
Silvermine Capital Management Llc | New York | United States | 2/26/2020 |
Gmo Europe Llc | Massachusetts | United States | 2/5/2020 |
Southport Energy Asset Management Llc | Connecticut | United States | 2/7/2020 |
Argentiere Capital lp | Illinois | United States | 2/12/2020 |
Catametrics Capital Llc | Connecticut | United States | 2/7/2020 |
First State Investments Us Llc | New York | United States | 2/26/2020 |
Wgc Usa Asset Management Company Llc | New York | United States | 2/22/2020 |
Summit Financial Management Llc | Florida | United States | 2/22/2020 |
Warlander Asset Management lp | New York | United States | 2/28/2020 |
Eisler Capital Ltd | United Kingdom | 2/22/2020 | |
Corporation For Interest Rate Management 2 The | Illinois | United States | 2/8/2020 |
Riverside Trading Group Llc | Florida | United States | 2/16/2020 |
Inyo Capital Management lp | New York | United States | 2/22/2020 |
Jtm Capital Management Llc | Florida | United States | 2/26/2020 |
Red River Capital Llc | Indiana | United States | 2/7/2020 |
Comstock Capital Management Llc | California | United States | 2/2/2020 |
Long And Prudent Asset Management Llc | California | United States | 2/7/2020 |
Salczer, Menachem M | New York | United States | 2/7/2020 |
R72 Capital Management Llc | Florida | United States | 2/1/2020 |
Venn Global Macro Advisors lp | New York | United States | 2/16/2020 |
Ovata Asset Management Limited | Cayman Islands | 2/20/2020 | |
Context Oak River Capital Management Llc | Pennsylvania | United States | 2/22/2020 |
Quantitative Strategic Investments Ltd | United Kingdom | 2/2/2020 | |
Endotech Analytics Llc | Texas | United States | 2/22/2020 |
Singular Square Fund I Gp Llc | New York | United States | 2/16/2020 |
Bbshares Capital Management Limited | Grand Cayman | Cayman Islands | 2/26/2020 |
Ferguson Hyams Investment Management Pty Ltd | Queensland | Australia | 2/21/2020 |
Salterra Asset Management Llc | England | United Kingdom | 2/27/2020 |
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