HBK Investments is a global, multi-strategy alternative investment management

Investment management

Investment management is the professional management of various securities and assets in order to meet specified investment goals for the benefit of the investors...

 firm based in Dallas, Texas

Dallas, Texas

Dallas is the third-largest city in Texas and the ninth-largest in the United States. The Dallas-Fort Worth Metroplex is the largest metropolitan area in the South and fourth-largest metropolitan area in the United States...

. As of 2010, it manages

Assets under management

Assets under management is a financial term used denote the market value of funds being managed by a financial instutition on behalf of its clients, investors, depositors, etc. This metric is a sign of size and success against competition...

 approximately $5 billion and employs 190 individuals. In addition to the main offices in Dallas, the firm maintains satellite offices in New York, London, Tokyo, and Charlottesville, Virginia

Charlottesville, Virginia

Charlottesville is an independent city geographically surrounded by but separate from Albemarle County in the Commonwealth of Virginia, United States, and named after Charlotte of Mecklenburg-Strelitz, the queen consort of King George III of the United Kingdom.The official population estimate for...

. Since inception in 1991, HBK's funds have delivered compounded returns of approximately 12%.

The firm takes its name from the initials of Harlan B. Korenvaes, former Managing Director of Merrill Lynch

Merrill Lynch

Merrill Lynch is the wealth management division of Bank of America. With over 15,000 financial advisors and $2.2 trillion in client assets it is the world's largest brokerage. Formerly known as Merrill Lynch & Co., Inc., prior to 2009 the firm was publicly owned and traded on the New York...

 in charge of the firm's convertible arbitrage

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....

 trading and sales. He left Merrill Lynch and founded HBK in October 1991, starting with $30 million capital from four limited partners. Korenvaes is no longer an employee of HBK.