Brian Taylor founded Pine River in 2002 to pursue opportunities in global relative value trading with an initial investment of $5.3 million. Since then, the company has grown to over $14 billion in assets under management and employs over 500 people. The firm was initially located in Pine River, Minnesota, before moving to Minneapolis, Minnesota in 2003. In 2007, Pine River relocated to Minnetonka. Pine River now has offices in New York City, London, Hong Kong, Shenzhen, San Francisco, Austin and Luxembourg. The firm has a presence in Shenzhen, building and maintaining analytics platforms and doing in-depth research on China’s on-shore companies and markets. Pine River Capital Management is a signatory of the Hedge Fund Standards Board. Pine River Capital Management L.P. became registered as an investment advisor with the US Securities and Futures Commission in January 2006. Pine River Capital Management Limited became authorized by the British Financial Services Authority to manage investments in the UK in January 2004. Pine River Capital Management Limited became licensed by the Securities and Futures Commission to manage assets in Hong Kong in March 2007. Pine River Capital Management L.P. became registered as a Foreign Institutional Investor in IIndia in February 2008. Pine River also complies with the Open Protocol Enabling Risk Aggregation Standards. In 2009, a subsidiary of Pine River became the external investment manager of Two Harbors Investment Corp., a publicly listed real estate investment trust that invests in mortgage-backed securities and related instruments. In 2017, following a wave of withdrawals, Pine River closed its master fund. Between 2015 and 2018 its assets declined from to.
Investment Style
Pine River’s various portfolio management teams take a relative value approach to investing, seeking to identify dislocations between prices of related financial instruments and markets. The firm had returns of roughly 90% in 2009, largely due to its mortgage investments following the 2008 financial crisis. Pine River also pursues opportunities in a range of global markets and has developed into a diversified investment firm. Alongside its growth in assets under management, Pine River has created infrastructure and risk controls that support further expansion.
Awards and recognition
In both 2012 and 2013, Institutional Investor named Pine River the Relative Value Hedge Fund Manager of the year. In 2009, The Pine River Fixed Income Fund won Fixed Income & Mortgage-backed Securities and Fund of the Year at the Absolute Return Awards 2009. In 2011, Bloomberg Markets ranked the Fund as #7 of the top performing 100 hedge funds in the world after returning 27% in 2010. Pine River Convertibles Fund won New Fund of the Year at the Absolute Return Awards 2010. In 2012, the Pine River Fund and Pine River Fixed Income Fund were ranked in the Top Twenty in Barron'sTop 100Hedge Funds in May 2012. In 2012, Forbes named Pine River partner Jiayi Chen in its “30 Under 30” in Finance list, and partner Annette Krassner was named amongst The Hedge Fund Journal’s “50 Leading Women in Hedge Funds 2013.” Pine River won Best New Asian Hedge Fund for Pine River China Fund in May at the Eurekahedge Asian Hedge Fund Awards 2015.
