15 Dec 2010
Caroline Hoare, the chief executive officer of GLC, is to step down after working with co-founder and managing director Lawrence Staden for over 15 years. The hedge fund operations veteran was instrumental in setting up GLC a decade ago when it was spun out of GNI Fund Management.
Hoare won’t be replaced directly. Instead, GLC has reached within to appoint Steve Banner and Stephen Went to the roles of chief operating officer and finance director respectively. Subject to approval by the Financial Services Authority, they will be appointed to GLC’s board of directors.
Earlier this year in an interview with The Hedge Fund Journal, Staden observed that the spin out of GLC from GNI might not have happened had Hoare been unwilling to join the launch. The pair first met in the early 1990s when Staden and GLC co-founder Gilbert Hall focused on trading futures with GNI, leaving Hoare, then a GNI director, to run legal and operational support.
Went joined GLC in 2002 and has 21 years of experience in accounting and financial reporting. Banner started his career in 1994 with Chemical Bank, which subsequently merged with JP Morgan and has been with GLC since 2008 as a senior operations specialist as well as a member of the risk management committee, which he will now chair.
GLC is one of the oldest hedge funds in London with Staden a veteran of the industry renowned for his sharp focus on hedging and risk management. The firm runs funds covering equity statistical arbitrage, managed futures and discretionary macro. GLC ranked 47th in the Europe 50 Survey of leading single manager European hedge funds with assets of $1.59 billion at June 30, 2010.
Hoare won’t be replaced directly. Instead, GLC has reached within to appoint Steve Banner and Stephen Went to the roles of chief operating officer and finance director respectively. Subject to approval by the Financial Services Authority, they will be appointed to GLC’s board of directors.
“After 10 very happy years, I think that I leave the company’s infrastructure in excellent shape, with talented and competent people running all departments,” Hoare said. “Obviously, I feel some sadness and shall miss my wonderful colleagues.”
Earlier this year in an interview with The Hedge Fund Journal, Staden observed that the spin out of GLC from GNI might not have happened had Hoare been unwilling to join the launch. The pair first met in the early 1990s when Staden and GLC co-founder Gilbert Hall focused on trading futures with GNI, leaving Hoare, then a GNI director, to run legal and operational support.
“We are all sad to see Caroline go and wish her the best of luck in the future,” Staden said. “Over the last year or so we have strengthened many of the areas for which she was responsible and she leaves the company in a strong position.”
Went joined GLC in 2002 and has 21 years of experience in accounting and financial reporting. Banner started his career in 1994 with Chemical Bank, which subsequently merged with JP Morgan and has been with GLC since 2008 as a senior operations specialist as well as a member of the risk management committee, which he will now chair.
GLC is one of the oldest hedge funds in London with Staden a veteran of the industry renowned for his sharp focus on hedging and risk management. The firm runs funds covering equity statistical arbitrage, managed futures and discretionary macro. GLC ranked 47th in the Europe 50 Survey of leading single manager European hedge funds with assets of $1.59 billion at June 30, 2010.
