The London Hedge Fund Series: cram sheets (Ch32 to 48)

Elite IB Interview Grade - London Hyper-Technical Deep Dive

*One-Source-of-Truth Extension to Ch30 (Industry Overview) & Ch31 (Activist Special)* *g2gadvisory.co.uk - Generated April 2026* **Series note.** Chapters 30 and 31 laid the industry overview and activist deep dive. The chapters below drill into each major London hedge fund strategy and operational discipline to the full technical bone. Every section is written for readers who already know what a Sharpe ratio is; nothing is dumbed down. Where numbers appear they are consistent with 2024–2026 market conditions unless explicitly labelled historical. Where fund names appear, the AUM, office, and PM history are London-relevant and as of the most recent public or trade-press disclosure. ---

SECTION 0: WHY LONDON IS THE GLOBAL MACRO CAPITAL

London is - and has been since the pound ERM crisis of September 1992 - the undisputed global capital of discretionary global macro. The reasons are structural and path-dependent, not coincidental. First, time-zone arbitrage: the London trading day overlaps both the Asian close (07:00–09:00 BST) and the full US session until 21:00 BST, giving macro PMs a 14-hour tape to express views without paying overnight basis. Second, rates-market depth: the sterling curve (SONIA OIS, short sterling futures, gilts), the euro curve (€STR OIS, Schatz/Bobl/Bund/Buxl futures, OATs, BTPs), and the dollar curve (SOFR OIS, Eurodollar legacy, Treasury futures) are all liquid during London hours from the same desk. Third, FX liquidity - London handles ~38% of global FX turnover (BIS Triennial 2022, $3.8trn/day), versus New York's 19% and Singapore's 9%. Fourth, talent gravity: the same senior macro PMs have rotated through the same handful of shops (Moore Capital London, Brevan Howard, Tudor London, Caxton London, Rokos, Stone Milliner, Element London office, Kirkoswald) for 25 years, and that network effect is irreplicable. Fifth, the Investment Manager Exemption (IME) regime means a non-UK fund can be traded from London by a UK-resident PM without creating a UK permanent establishment for the fund itself - this single tax quirk is the reason almost every global Cayman macro fund is actually traded from Mayfair. When Goldman, Morgan Stanley, JPM or Citi publish macro research, the author is typically sitting in London.