Fair terms for top quants
Formulaic performance fee payouts without restrictive covenants or copy trading
Revolutionising Multi-Manager Funds
Where Transparency Meets Performance
Advantages for Pods
High performance fees of up to 50%, paid quarterly with a contractual payout, no hidden charges
Traders focus on trading: No investor meetings, office politics, team meetings or irrelevant training
No copy trading or reverse engineering: We commit not to reverse engineer your IP or copy trade your ideas
Full independence retained by the pods as all operate extrinsically as third-party firms
No overhead: Middle office, IR, administrator, auditor, compliance all handled by Constellation
IP owned by pods: Managers own their IP so their work is a self-investment, accruing value to them
Signal trading via Ares Execution Trader
No restrictive contract terms (no non-competes or sit-outs)
Full freedom for pods on location and tax jurisdiction
Traders focus on trading: No investor meetings, office politics, team meetings or irrelevant training
No copy trading or reverse engineering: We commit not to reverse engineer your IP or copy trade your ideas
Full independence retained by the pods as all operate extrinsically as third-party firms
No overhead: Middle office, IR, administrator, auditor, compliance all handled by Constellation
IP owned by pods: Managers own their IP so their work is a self-investment, accruing value to them
Signal trading via Ares Execution Trader
No restrictive contract terms (no non-competes or sit-outs)
Full freedom for pods on location and tax jurisdiction
What are we looking for?
We expect all of our strategies to annualise over 20% net of the fees we will pay you, when using optimal leverage (instrument-embedded and external).
We prioritise strategies with a Sharpe ratio of over 1.5. We have some tolerance for lower Sharpe if the strategy is idiosyncratic with low correlation to the rest of the portfolio.
All signal generation or trading must be systematic. No discretionary or screen-based trading.
We are particularly interested in strategies that avoid directional biases over the medium to long term and can be applied to any underlying asset. While strategies don’t need to be strictly market neutral, we value those with high Sharpe ratios and short-to-medium term trading that operate within well-defined risk limits. We set higher risk limits for strategies with well-diversified exposures across various assets and a strong, balanced PnL distribution.
We favor higher frequency trading that generates a statistically significant trading dataset quickly, allowing for faster capital allocation ramp-up. The higher your volumes, the more valuable your strategy is to us too
While we fund many high-octane, low-capacity strategies (<$5M), our preference is for larger allocations when fully scaled. If you are unsure of your capacity, we will help you map it out.
Interested? Please fill in the form below and we will be in touch!
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Nabanita, our Head of Talent, has been recognised among the 'Leading 50 Women in Hedge Funds' by The Hedge Fund Journal in October 2023.
Her invaluable contribution in sourcing and delivering high-performing trading pods has been a cornerstone of our fund's strategy.
Nabanita's inclusion in this prestigious list underscores her exceptional ability to source a diverse range of industry experts from a global talent pool with a keen understanding of market dynamics.
PUBLICATION
The Hedge Fund Journal, Oct 2023
DOWNLOAD
50 Leading Women in Hedge Funds [PDF]
Her invaluable contribution in sourcing and delivering high-performing trading pods has been a cornerstone of our fund's strategy.
Nabanita's inclusion in this prestigious list underscores her exceptional ability to source a diverse range of industry experts from a global talent pool with a keen understanding of market dynamics.
PUBLICATION
The Hedge Fund Journal, Oct 2023
DOWNLOAD
50 Leading Women in Hedge Funds [PDF]
Contact details
Constellation Multi Fund
www.ConstellationMulti.com
External portfolio managers:
QuantTalent@ConstellationMulti.com
www.ConstellationMulti.com
External portfolio managers:
QuantTalent@ConstellationMulti.com
Anatoly Crachilov
CEO & Founding Partner
A banker with 27 years of experience in investment management and private equity. Prior to joining Nickel, Anatoly was with the Investment Management Division of Goldman Sachs dealing with portfolio construction for professional family office clients. Prior to that, he worked for JPMorgan, HSBC, and EBRD.
Anatoly studied International Business Relations at the University of National and World Economy in Sofia and earned an Executive MBA degree from the University of Oxford in 2009.
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Anatoly studied International Business Relations at the University of National and World Economy in Sofia and earned an Executive MBA degree from the University of Oxford in 2009.
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Michael Hall
CIO & Founder Partner
A portfolio manager with over 30 years of experience of trading macro, commodity and fixed income relative value portfolios in hedge funds and investment banks. Prior to joining Nickel, Michael ran arbitrage strategies for a prominent London-based family office, FIRV portfolio for a multi-billion hedge fund in Madrid and was part of an arbitrage prop desk at Bankers Trust and later Deutsche Bank.
Michael graduated with a First Class Honours degree in Electronic Engineering from the University of Manchester and obtained an MBA in Finance from Wharton Business School in 1992.
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Michael graduated with a First Class Honours degree in Electronic Engineering from the University of Manchester and obtained an MBA in Finance from Wharton Business School in 1992.
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Alek Kloda
PM & Founding Partner
A portfolio manager with 14 years of experience in macroeconomic research and the hedge fund trading. Alek worked for Macrosynergy Partners, Toscafund and Liongate. He independently set up a successful algorithmic arbitrage system, which became one of the core trading systems at Nickel Digital (a quantitative multi-manager hedge fund in London).
Alek studied Maths at Oxford University and graduated with an MSc in Economics (Distinction) and a BSc in Econometrics and Mathematical Economics (First Class) from the LSE. He also completed two years of a PhD in Economics (ESRC Doctoral Scholarship) and taught Macroeconomics to MSc students.
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Alek studied Maths at Oxford University and graduated with an MSc in Economics (Distinction) and a BSc in Econometrics and Mathematical Economics (First Class) from the LSE. He also completed two years of a PhD in Economics (ESRC Doctoral Scholarship) and taught Macroeconomics to MSc students.
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Nabanita Banerjee
Head of Portfolio Manager Acquisition
Nabanita Banerjee is Head of Portfolio Manager Acquisition at Constellation Multi Fund. She specialises in identifying and incorporating external portfolio managers into the fund's diverse strategies. With a robust background in talent acquisition spanning over 20 years across across Dubai, France and the UK, Nabanita holds a BA from the University of Calcutta and a PGD in Human Resources Management from the University of Leicester. Prior to Constellation, Nabanita sourced external managers for a non-directional, quantitative multi-manager fund based in London.
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