HBK Investments (a.k.a. HBK Capital Management) is a global, multi-strategy alternative investment management firm based in Dallas, Texas. As of 2010, it manages approximately $6.5 billion and employs 190 individuals. In addition to the main offices in Dallas, the firm maintains satellite offices in New York, London, Tokyo, and Charlottesville, Virginia. Since inception in 1991, HBK's funds have delivered compounded returns of approximately 12%. The firm takes its name from the initials of Harlan B. Korenvaes, former Managing Director of Merrill Lynch in charge of the firm's convertible arbitrage trading and sales. He left Merrill Lynch and founded HBK in October 1991, starting with $30 million capital from four limited partners. Korenvaes is no longer an employee of HBK.