Steven Simmons

Steven Simmons
Maxim Group

Emerging hedge fund managers may want to get to know Steven Simmons. He’s an outspoken critic of the smoke and mirrors that he believes many prime brokers use to try to sell small managers on their capital introduction programs. Simmons is in charge of boutique investment firm Maxim Group’s prime brokerage business.

Headquartered in New York City’s Chrysler Building, Maxim started expanding its prime brokerage business last year and recruited Simmons, 41, who had previously developed and headed prime services at two other boutique broker dealers, Terra Nova Financial and Lighthouse Financial. At Maxim, Simmons targets small funds, typically with $25 million to $50 million in assets, that would fall through the cracks at the larger prime brokers, helping them to secure the money they need to reach critical mass in what is still a highly challenging environment for rasing capital in the aftermath of the 2007–’08 financial crisis.