About Us

Whitecove Capital is the Australian advisor to the Whitehaven Correlation Fund.

About Whitecove Capital

Whitecove Capital is the Australian advisor to the Whitehaven Correlation Fund. The fund is an intermediary in the risk transfer process, through its unique opportunistic cross-asset/cross-market relative value trading strategies. The strategies when combined have a medium-term long-volatility risk profile. It will always have a long-correlation risk profile and no overall directional biases.

Our goal is to grow funds under management whilst maintaining risk adjusted returns and diversifying tail risk. Whitecove Capital trading models only trade when presented clear opportunities and actively recycle capital to maximise risk adjusted returns.

Our team of four professionals have combined financial markets experience beyond 100 years. The team includes two quantitative and derivatives trading / risk specialists, one markets technology expert and one operations professional.

Whitecove Capital is regulated and licensed by the Australian Securities and Investment Commission (ASIC),

The Fund

  • The fund utilises correlation as its primary trading tool by looking for discrepancies in the price change of correlated assets and how these assets price future risk.
  • Trading opportunities are identified quantitatively and traded systematically based upon prior research. All trades are relative value based rather than directional.
  • Due to more trading opportunities occurring during market dislocations the fund performance tends to be negatively correlated to equities and positive correlated to volatility (VIX).
  • Performance has been both positively skewed and positive in +90% of months traded since inception. Whitehaven fund’s largest monthly drawdown since inception in 2011 is AUD (-1.3%).
  • The fund changes a 0% management fee and 35% incentive fee.
  • Based in Sydney, Whitecove Capital employs an established team of 4 professionals with a combined financial market experience exceeding 100 years.

The Team

Robert Benz
CEO and CIO

With over 25+ years experience within financial markets, Rob’s specialties include quantitative research and systematic correlation trading. Prior to starting the Whitehaven Correlation fund, Rob founded the Whitehaven Trust in 2008, a tightly held domestic fund which utilised a similar style strategy as the current Whitehaven Fund. Prior to this Rob spent the preceding 11 years as a proprietary trader, focused on market making options and trading on Australian, European & US Futures exchanges including five years as a local trader on the Sydney Futures Exchange (SFE). Between 1990 and 1994, Rob spent four years at Macquarie Bank, as an associate director within the bank’s commodity trading division responsible for the pricing, hedging and trading of commodities options.

Ben Nicholson
Portfolio Manager

Ben has 25+ years experience trading global equity and fixed income derivatives markets. Prior to joining Whitecove Capital in February 2013, Ben was the Australian head of equity derivatives and structured products trading at Citigroup (2008-2012). His 14 year career trading and managing equity derivatives at Citigroup (1998-2012) included five years in the United Kingdom (2003-2008) where he focused on single stock volatility and dispersion trading. Ben began his career at Deustche bank as a bond option market maker on the Sydney Futures Exchange (1994-1998).

 

Sam Bassily
CTO

Sam has spent the past 20+ years working within the finance industry, the majority of which has been spent building derivative trading organizations from both a technical and commercial perspective. Prior to joining Whitecove Capital, Sam founded an ultra-low latency derivatives market making company. Prior to this Sam spent 2 years working with Tibra Capital Pty Ltd. where he reported directly to the CEO, advising and taking a lead role in a number of global initiatives. Sam began his career working for Liquid Capital, a global derivatives market maker headquartered in London.

Murray Chatfield
COO

Murray has over 30 years experience within financial markets, initially as a trader and for most of his career as a COO and treasurer within hedge funds. Murray worked as Senior Economic Advisor to the government of New Zealand, prior to moving to Bankers Trust as a trader. Murray then worked as European Treasurer of LTCM, before becoming COO of Global Trading Strategies, running operations, compliance, fund and management accounting, fund and business structuring and risk management.

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