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maybe sometimes once a week but taking very big positions and actively providing information for the room as well .”
Core values After two years at RBC , Papanichola landed himself his first hedge fund role at Elliot Management Corporation as a multi-product manager and arbitrage portfolio manager mentored by Jon Pollock , Jean Luc Harnay , and Phil Streeton . It was a role that was less than conventional , but made up some of his most formative years , he tells The TRADE .
“ It was basically six guys in Berkley Square in a loosely regulated industry at a time where markets were incredibly imperfect ,” says Papanichola . “ I cut my teeth in investment trust arbitrage and fund reconstructions . These are old investment structures which ,
pretty much in the majority , have no place in modern investing .”
“ We weren ’ t a dealing desk , we were a trading desk so we actually took and actively managed positions but were also the eyes and ears for the more traditional PMs within the firm . As Elliot has gotten bigger , those jobs have become much more pigeonholed . The traders are now discretionary execution guys and the portfolio managers ( PMs ) don ' t get involved . They ’ ve become more of a conduit between the street and the PMs at Elliott but when I was there we were jack of all trades , master of none , for want of a better phrase .”
38 // TheTRADE // Q1 2024