PDT Partners
| Company type | Private |
|---|---|
| Industry | Hedge fund |
| Founded | 1993 |
| Founder | Peter Muller |
| Headquarters | New York City and London , United States and United Kingdom |
Key people | Peter Muller (CEO and founder) |
PDT Partners (short for Process Driven Trading Partners) is a hedge fund established in 1993 by quantitative trader Peter Muller within the trading division of Morgan Stanley. The firm gained independence in 2012.[1][2] Its headquarters are located in both New York City and London.[3]
History
The origins of PDT Partners trace back to 1993 when it was formed as Morgan Stanley's proprietary trading unit known as the Process Driven Trading Group.[4][1] By the year 2010, the group’s portfolio had achieved an estimated average annual return surpassing 20 percent.[4]
In January 2011, Morgan Stanley revealed intentions to spin off PDT in order to adhere to the requirements set by the Dodd–Frank Wall Street Reform and Consumer Protection Act.[4][5]
The divestiture process commenced in 2012. During October of that year, the Blackstone Group made a $500 million investment in PDT without acquiring equity, highlighting Muller's significant standing in the market.[2] By 2013, PDT had completed its separation from Morgan Stanley, secured $2.3 billion in funding, and broadened its presence by opening offices in London and Hong Kong, complementing its New York location.[5]
Peter Muller, who serves as both CEO and founder of PDT, is widely acknowledged for his quantitative trading skills and his broad intellectual interests.[4][6] According to Forbes in 2019, Muller’s earnings for 2018 were approximately $150 million, positioning him among the top-earning hedge fund managers.[7]
External links
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