36 South
36 South Capital Advisors is a London-based hedge fund manager specialising in long volatility and multi-asset class options strategies, managing approximately $2bn for institutional investors including pension funds, endowments, and family offices.
- Company typePrivate
- Founded2001
- HeadquartersLondon, United Kingdom
- Headcount11–50
- GTM typeB2B
- OfferingServices
What 36 South does
36 South Capital Advisors LLP is a London-headquartered hedge fund manager specialising in long volatility investing and multi-asset class options-based strategies. Founded in 2001 by Richard 'Jerry' Haworth, originally in New Zealand, the firm manages approximately $2bn for institutional clients including pension funds, endowments, family offices, and sovereign wealth funds. It operates three principal fund strategies — the Kohinoor Strategy (managed by Haworth), the Lesedi Strategy, and the Carry Neutral Strategy (both managed by Neale Jackson) — all designed to deliver asymmetric, uncorrelated returns and crisis protection. The firm is authorised and regulated by the UK Financial Conduct Authority (FRN: 477881) and maintains affiliated fund entities in the Cayman Islands and Ireland, with a second operational office in Abu Dhabi Global Market.
The firm's competitive position rests on three proprietary analytical tools developed and refined over more than two decades. GIVIX is a historical index of global multi-asset implied volatility used to identify pricing inefficiencies, complemented by Short-Dated GIVIX (one-month) and Long-Dated GIVIX (1–5 year) variants. MMRVIn is a portfolio composition and sizing tool used to construct convex "teams" of positions, while the proprietary Scanning Tools condense market data and behavioural information into candidate trade ideas. These tools underpin the firm's positioning as a specialist in systematic volatility exploitation rather than directional forecasting, and support its claim of never having missed a crisis under current leadership.
Revenue is generated through traditional hedge fund economics — management fees and performance fees on AUM — earned via private placement with institutional clients on contract-by-contract terms. Go-to-market is exclusively direct institutional sales, supported by a dedicated client coverage function comprising Head of Client Solutions and Head of Client Coverage roles. The firm is privately held by its partners, has not raised external equity, and is in the early stages of a leadership transition: in early 2025 Jerry Haworth stepped aside as CIO under a long-planned succession, with Jack de la Fargue assuming the role.
36 South firmographics
Firmographics- Name
- 36 South
- Legal name
- 36 South Capital Advisors LLP
- Website
- https://36south.com
- Company type
- Private
- Founded year
- 2001
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- 36 South Capital Advisors is a London-based hedge fund manager specialising in long volatility and multi-asset class options strategies, managing approximately $2bn for institutional investors including pension funds, endowments, and family offices.
- Ownership category
- akta.pro rank
36 South industry classification
Industry- Product category
- Hedge Fund Management
- NAICS
- Portfolio Management and Investment Advice (523940), Portfolio Management and Investment Advice (52394)
- SIC
- Investment Advice (6282)
- akta.pro primary industry
- Multi-Strategy — Equity L/S + Sector Specialists (FSAHAFAD)
- akta.pro secondary industries
- Target-Risk / Risk-Managed Allocation Funds (FSAAAEAG), Target-Risk / Risk-Profile Model Portfolios (FSAAAJAD)
Keywords
Where 36 South is headquartered
LocationHeadquarters
- HQ city
- London
- HQ country
- United Kingdom
- HQ region
- Europe
Offices2 records
Markets served
36 South business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Others
Revenue model
- Hedge Fund Management: 36 South generates revenue through managing hedge fund strategies including the Kohinoor Strategy, Lesedi Strategy, and Carry Neutral Strategy. Revenue is earned through management fees and potentially performance fees on assets under management. With approximately $2bn in AUM, the firm operates as a traditional hedge fund manager targeting institutional investors.
Go-to-market motion1 record
Distribution channels1 record
Marketing channels3 records
36 South product offering
Product offeringCore offering
36 South Capital Advisors is a London-based long volatility investment management firm that creates and manages portfolios with crisis protection. It designs asymmetric, uncorrelated, options-based strategies across global multi-asset classes (equities, fixed income, currencies, commodities) for institutional investors, managing approximately $2bn in assets through its flagship Kohinoor, Lesedi, and Carry Neutral strategies. The firm combines proprietary analytical tools (GIVIX, MMRVIn, Scanning Tools) with 24+ years of derivatives expertise to deliver tail-risk hedging and convex payoff structures.
Product overview
36 South Capital Advisors is a long volatility investment firm offering a unified suite of proprietary analytical tools and investment strategies. The core product portfolio consists of GIVIX (a global multi-asset implied volatility index), MMRVIn (portfolio composition and sizing tool), and proprietary Scanning tools. These analytical capabilities support multiple fund strategies including the Kohinoor Strategy, Lesedi Strategy, and Carry Neutral Strategy, all designed to provide institutional clients with asymmetric returns and crisis protection through multi-asset class options.
Differentiator
Problem solved
Functional benefit
Brands
- GIVIX: A proprietary historical index of global multi-asset implied volatility used to discover value in implied volatility markets. Also includes Short-Dated GIVIX (one-month implied volatility) and Long-Dated GIVIX (1 to 5 year tenors).
- MMRVIn
- Kohinoor Strategy
- Lesedi Strategy
- Carry Neutral Strategy
Products and services
- Kohinoor Strategy A long volatility fund strategy managed by Richard 'Jerry' Haworth, focused on multi-asset class options positioning and crisis protection for institutional clients.
- Lesedi Strategy A long volatility fund strategy managed by Neale Jackson, employing multi-asset class options to deliver asymmetric, uncorrelated returns to institutional investors.
- Carry Neutral Strategy
Companies that use 36 South
Customer profileSegments1 record
Ideal customer profiles2 records
36 South technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
36 South partnerships and signals
Strategic signalPartnerships
Three partnerships are on record, tiered core.
- SEI Investments - Global Fund Services LimitedcoreSEI serves as the Administrator for 36 South's investment funds, providing global fund services including investor record-keeping, subscription/redemption processing, and distribution payments. Acts as a separate data controller for AML and tax reporting obligations.
- 36 South Investment Managers (Cayman) LimitedcoreAffiliate entity serving as the Procurement Agent of Kohinoor Core (Cayman) Master Fund and its Feeder Funds. Handles fund operations for vehicles domiciled in the Cayman Islands and Delaware, U.S.
- 36 South Investment Managers (Ireland) LimitedcoreAffiliate entity serving as the Management Company of 36 South Funds ICAV and its sub-funds. Handles fund management for vehicles domiciled in Ireland under Central Bank of Ireland regulation.
Scale indicators4 records
Recent moves6 records
Expansion highlights5 records
36 South competitors and assessment
Company assessmentDirect peers
- Universa Investments: Universa Investments is a long-volatility / tail-risk hedge fund founded by Mark Spitznagel, explicitly focused on crisis-alpha and convex option strategies for institutional clients — the closest direct peer to 36 South's Kohinoor/Lesedi funds in mandate and philosophy.
- Ruffer LLP: Ruffer is a UK-based investment manager with a flagship "Protection Strategies" fund selling convex, crisis-protection outcomes to UK and European institutional clients, overlapping directly with 36 South's client base and risk-management narrative.
- Capula Investment Management: London-based multi-strategy hedge fund manager running relative-value and volatility-linked strategies for institutional pensions and sovereign clients; comparable business model and EMEA institutional distribution footprint to 36 South.
Broad incumbents
- Brevan Howard Asset Management: Large macro/multi-strategy hedge fund with significant derivatives and options exposure run from London; competes with 36 South for institutional institutional risk-overlay and crisis-alpha mandates at a much larger scale.
- Man Group / AHL: Man Group's AHL is a leading systematic managed-futures/volatility franchise; overlapping in vol-selling/value-extraction and multi-asset options exposure, and competing for institutional risk-managed allocations.
- GAM Investments: Global asset manager offering systematic and discretionary alternative strategies (incl. GAM Systematic) used by institutional investors for tail-risk and multi-asset risk-managed overlays; broader incumbent with overlapping product set.
- Winton Group: London-based systematic / managed-futures manager trading multi-asset-class volatility and trend strategies for institutional clients; competes for the same pool of EMEA institutional risk-overlay capital as 36 South.
- Element Capital Management: Global systematic macro fund trading derivatives and volatility across asset classes; comparable in mandate scale and institutional positioning within the broader multi-strategy volatility ecosystem.
- Caxton Associates: Macro/discretionary multi-asset manager with significant options exposure; competes for institutional mandates seeking convex hedging and is a relevant comparable for 36 South's principal/PM-driven model.
Emerging players
- Cambridge Strategy (Asset Management): UK-based long-volatility and tail-risk specialist running funds designed to deliver crisis alpha — smaller and more emerging than 36 South but directly comparable in strategy and target client.
Market position
Strengths5 records
Weaknesses4 records
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
36 South compliance and trust
Trust signalCompliance4 records
36 South financial estimates
Financial estimateRevenue estimate
Valuation estimate
36 South leadership team
Management profileNumber of profiles
Profiles7 records
36 South subsidiaries and ownership
Company hierarchySubsidiaries2 records
36 South funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
36 South M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about 36 South
What does 36 South do?
36 South Capital Advisors is a London-based long volatility investment management firm that creates and manages portfolios with crisis protection. It designs asymmetric, uncorrelated, options-based strategies across global multi-asset classes (equities, fixed income, currencies, commodities) for institutional investors, managing approximately $2bn in assets through its flagship Kohinoor, Lesedi, and Carry Neutral strategies. The firm combines proprietary analytical tools (GIVIX, MMRVIn, Scanning Tools) with 24+ years of derivatives expertise to deliver tail-risk hedging and convex payoff structures.
Is 36 South a public or private company?
36 South is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was 36 South founded?
36 South was founded in 2001. It employs 11 to 50 people.
Where is 36 South based?
36 South is headquartered in London, United Kingdom, in the Europe region.
How does 36 South make money?
One revenue line is on record: hedge Fund Management.
Who are 36 South's main competitors?
Direct peers on record are Universa Investments, Ruffer LLP and Capula Investment Management. Broad incumbents are Brevan Howard Asset Management, Man Group / AHL, GAM Investments, Winton Group, Element Capital Management and Caxton Associates. Cambridge Strategy (Asset Management) is listed as an emerging player.
Does 36 South have an API?
No public API is recorded for 36 South.
What industry is 36 South in?
36 South's product category is Hedge Fund Management. Its primary akta.pro industry code is FSAHAFAD, Multi-Strategy — Equity L/S + Sector Specialists, with a secondary code of FSAAAEAG, Target-Risk / Risk-Managed Allocation Funds. Its NAICS code is 523940 and its SIC code is 6282.