California-based Parallax Volatility Advisers, L.P. (PVA) has reported a significant uptick in its assets under management (AUM) and adjustments to its executive team, according to recent Form ADV filings.
Founded in 1996, PVA is a dynamic player in the financial industry, overseen by S. Daniel Hutchison, William Bartlett, and Jill Armstrong. The firm handles substantial assets, primarily through three separate fund families - Parallax Core, Cega RV, and Corvus Delta, each linked to Cayman Islands entities and a US partnership.
As of December 2021, PVA's portfolio consisted of $2.82 billion in net discretionary assets and $18.21 billion in regulatory assets. The firm operates solely on a discretionary basis, with its management team being responsible for all investment and strategy decisions.
However, recent filings suggest a 35% rise in AUM, taking the firm's total from $18.21 billion in March 2022 to $24.6 billion by July 2023. The firm also noted a slight uptick in employee count from 71 to 74 during this period, while the number of accounts it manages dipped from 9 to 6.
Amid these significant growth figures, PVA has also seen changes at the executive level.
As of March 30, 2023, Hutchison, Armstrong, and Bartlett, all holding Manager and Member roles, exited their positions.