No-Drama Hedge Fund Davidson Kempner Closes In on $40 Billion

Davidson Kempner Capital Management’s investing chief doesn’t own a sports team or a gaudy mansion. He doesn’t bloviate on Twitter. And while the firm’s returns aren’t astonishing, they’re always steady. Boring, quipped one competitor, is its brand.

But boring has worked just fine for DK, as the firm is known on Wall Street.

The $38 billion multi-strategy hedge fund is among the world’s largest, managing 38 times what it did in 1999, the year after current chief Tony Yoseloff got his foot in the door as an intern.

DK has also twice accomplished what few hedge funds have managed ...