Notes
Shooter Fund Management was a London-based hedge fund management company founded by Mark Shooter in November 2004, in collaboration with the Kyte Group (headed by derivatives trader David Kyte). The firm’s first and primary product was the Shooter Multi-Strategy Master Fund, a volatility arbitrage hedge fund.
Regulatory Status
Shooter Fund Management was regulated by the FSA (Financial Services Authority, predecessor to the FCA). The firm does not appear in current Companies House records under the name “Shooter Fund Management LLP” — it may have been registered under a different entity name, structured offshore, or since removed from the register. Shooter Fund Management did appear as a corporate member of Intermatch Brokers LLP (OC320157) from June to October 2006, with a correspondence address at 5 Edgeworth Crescent, London, NW4 4HA (a residential address in Hendon). Sources: Fimat/SocGen Press Release, 1 Nov 2004; Companies House - Intermatch Brokers LLP officers
Strategy
The fund operated 10–15 strategies including:
- Inter-market European equity index arbitrage
- Dispersion trading
- Macro volatility trading
- Term structure volatility arbitrage
It focused on exchange-traded, front-month derivatives to reduce risk, and emphasised transparency and liquidity. The fund also had a separate computerised foreign-exchange portfolio. Source: Fimat/SocGen Press Release, 1 Nov 2004
Performance
- Launched November 2004 with assets of approximately $10–15 million, including personal commitments from Shooter and Kyte.
- Joined the Fimat Volatility Arbitrage Median (FVAM) index in April 2005; had not had a negative month from launch through mid-2005.
- The FX portfolio returned 34% in 2007 and 10% through April 2008.
- The equity-index trading strategy suffered a catastrophic 40% loss in 2007.
- The fund closed in 2007 according to Euromoney. Sources: Opalesque Alternative Market Briefing, 3 Jun 2005; HedgeCo - Former Shooter Employees Seek $200 Million for Currency Fund, May 2008; Euromoney - SG hires Shooter for hedge fund sales
Personnel
- Mark Shooter — Founder, CEO and chief investment officer. Options trader with 9+ years of experience in bond and equity options. Formerly traded bond option volatility in the O’Connor division of SBC Warburg, then became a local on LIFFE as CEO of Shooter & Curtis Options Trading.
- Steve Durham — Senior trader. Formerly head trader at Mako Investment Managers; previously worked at BZW and as a local on LIFFE and the London Stock Exchange.
- David Beddington — Director of marketing (age 32 in 2008). Later co-founded Dacharan Capital.
- Ari Andricopoulos — Quantitative analyst. Later co-founded Dacharan Capital.
- Charles Phan — Quantitative analyst and software developer. Later co-founded Dacharan Capital.
- Antti Aitio — Trader. Later co-founded Dacharan Capital. Sources: Fimat/SocGen Press Release, 1 Nov 2004; HedgeCo - Former Shooter Employees Seek $200 Million for Currency Fund
Prime Broker
Fimat Group (part of Societe Generale Global Securities Services for Investors) was appointed as prime broker at launch. Source: Fimat/SocGen Press Release, 1 Nov 2004
Edges
Mark Shooter
Founder, CEO and chief investment officer. The fund’s 40% loss in 2007 preceded his transition into property development.
Kyte Group
Collaborating partner in founding the fund. David Kyte made personal financial commitments to the fund. The fund operated within the Kyte Group’s infrastructure.
Intermatch Brokers LLP
Shooter Fund Management was a corporate member (LLP Designated Member) of this Kyte Group-connected entity from June to October 2006.
Dacharan Capital
Four former Shooter Fund employees left in 2008 to found Dacharan Capital LLP, a systematic currency trading fund that sought $200 million in capital.
Karajan Ltd
Karajan Limited was also a member of Intermatch Brokers LLP alongside Shooter Fund Management, suggesting a connection.