HBK Investments (or HBK Capital Management) is a global, multi-strategy alternative

investment management Investment management is the professional asset management of various securities, including shareholdings, bonds, and other assets, such as real estate, to meet specified investment goals for the benefit of investors. Investors may be institut ...

firm based in Dallas, Texas. As of 2015, it manages approximately $9.7 billion and employs 200 individuals. In addition to the main offices in Dallas, the firm maintains satellite offices in New York, Virginia, London, Tokyo, and Hong Kong. Since inception in 1991, HBK's funds have delivered annualized returns of approximately 11.6%, net of fees. The firm takes its name from the initials of Harlan B. Korenvaes, former Managing Director of

Merrill Lynch Merrill (officially Merrill Lynch, Pierce, Fenner & Smith Incorporated), previously branded Merrill Lynch, is an American investment management and wealth management division of Bank of America. Along with BofA Securities, the investment bank ...

in charge of the firm's

convertible arbitrage Convertible arbitrage is a market-neutral investment strategy often employed by hedge funds. It involves the simultaneous purchase of convertible securities and the short sale of the same issuer's common stock. The premise of the strategy is t ...

trading and sales. He left Merrill Lynch and founded HBK in October 1991, starting with $30 million in capital from four

limited partners A limited partnership (LP) is a form of partnership similar to a general partnership except that while a general partnership must have at least two general partners (GPs), a limited partnership must have at least one GP and at least one limited ...

, including

Richard Rainwater Richard Edward Rainwater (June 15, 1944 – September 27, 2015) was an American investor and philanthropist. With an estimated net worth of $3 billion, he ranked 211th on the Forbes 400 in 2015. His investing style was described as "analytically ...

David Geffen David Lawrence Geffen (born February 21, 1943) is an American business magnate, producer and film studio executive. He co-created Asylum Records in 1971 with Elliot Roberts, Geffen Records in 1980, DGC Records in 1990, and DreamWorks SKG in 199 ...

, the

Ziff family Ziff may refer to: People * Arnold Ziff (1927–2004), British businessman and philanthropist * Daniel M. Ziff (1973-), American investor and billionaire * Dirk Edward Ziff (1965-), American investor and billionaire * Morris Ziff (1914?-2005) ...

, and the Burden family, heirs to the Vanderbilt fortune. Korenvaes retired from HBK in 2003 to run his family office, Korenvaes Capital. In mid-2007 HBK's assets peaked at $14.06 billion, making it one of the largest hedge funds in the world, though it subsequently suffered heavy redemptions during and following the global financial crisis. In 2015, ''

Institutional Investor An institutional investor is an entity which pools money to purchase securities, real property, and other investment assets or originate loans. Institutional investors include commercial banks, central banks, credit unions, government-linked co ...

/Alpha'' magazine gave HBK an A grade and the #13 ranking among hedge funds worldwide.

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