Said Haidar - Risk USA

Said Haidar

Said N. Haidar: Managing Member and President
Said N. Haidar is the Managing Member at Haidar Capital. A graduate of Harvard University (B.A. in Economics with Honors, 1983), Mr. Haidar also received an M.A. degree in Economics from Harvard University in 1983. He undertook further graduate study in economics at the University of Chicago from 1983 to 1986 where he completed all course work in furtherance of a Ph.D. in Economics except for his dissertation. He was the Valedictorian of the prestigious Central High School of Philadelphia.
Mr. Haidar was appointed Vice President and Director of Quantitative Research in the Institutional Futures and Options division of Drexel Burnham Lambert in 1986. During the time he spent at Drexel, Mr. Haidar became a leading expert in the field of portfolio insurance. His research there led to the development of Modern Option Replication, a method of using exchange-traded options to implement portfolio insurance as opposed to dynamic trading strategies.
In 1989, Mr. Haidar joined Lehman Brothers, where he was named Senior Vice President and Director of the Quantitative Strategies Group. At Lehman, he was responsible for quantitative research modeling involving the relative value of futures and options. Finding imperfections in the Black-Scholes model for option pricing, he built new models to calculate more realistic values of options that accounted for the term structure of volatility and the thick-tailed distributions encountered in financial markets. He also derived models that accounted for the difference in pricing of Eurodollar futures and Forward Rate Agreements and that calculated the option-adjusted fair value of the bond futures basis. He regularly advised institutional portfolio managers on relative value issues. While at Lehman, Mr. Haidar also managed a foreign exchange trading strategy, which sought to profit from differences in yields among currencies, as well as advising the foreign exchange and commodity desks on risk management and exotic options pricing. He subsequently joined the Financial Products Department of Lehman Brothers as the Director of Derivative Strategies. He was responsible for devising pricing and hedging models for a wide range of structured products, including CMS and CMT-based swaps and options, Guaranteed Exchange Rate products and interest rate amortizing swaps. Mr. Haidar was also responsible for technical pricing and risk management issues, such as alternative methods of stripping yield curves and calculating hedge ratios.
In March 1994, Mr. Haidar moved to Credit Suisse First Boston ("CSFB") as Director of Proprietary Trading Research. There, he built a large number of analytical trading tools, including a sophisticated Value-at-Risk calculator. Mr. Haidar was involved in trading strategies on the proprietary fixed income trading desk in New York including global macro, US Treasury arbitrage, mortgage arbitrage and basis trading. He managed a portfolio of futures positions as well.
Mr. Haidar left CSFB in April 1997 and founded Haidar Capital Management. Haidar Capital initially focused on managed futures strategies. In September 2000, Haidar Capital made its foray into hedge funds, with the advent of its flagship hedge fund product, Haidar Jupiter Fund. Today, the firm continues to manage its flagship fund and trades in global fixed income markets (including interest rate swap and credit derivative markets), futures products, foreign exchange products (including non-deliverable forwards), and equity securities (including total return swaps on equity baskets). Mr. Haidar's approach to investment management is to look for trading strategies, which generate excess returns over long periods. To that end, Mr. Haidar and his investment team look for systematic and discretionary trading opportunities, sourced from known market anomalies documented in financial journals and major investment bank research reports, as well as from predictions regarding growth, central bank policy, etc.