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☆ The largest hedge fund in the world just named a 37-year-old woman as a co-CIO. Meet the top 11 execs leading Bridgewater into its new era.
▼ + stars: | 2023-02-02 | by ( Alyson Velati | Michelle Abrego | ) www.businessinsider.com time to read: +12 min

Karen Karniol-Tambour will join co-CIOs Greg Jensen and Bob Prince to oversee the hedge fund's investment strategy. Despite a breakout year for many multi-strategy and macro hedge funds, Bridgewater lagged behind its peers. Nir Bar Dea, co-CEOBar Dea. Bridgewater AssociatesAs cochief investment officer, Jensen oversees Bridgewater's investment strategies and research efforts as well as its investment talent. Since joining Bridgewater in 1986, he has been a partner in building the hedge fund's investment process and products.

☆ From books on the science of sleep to fantasy football strategy podcasts, here's what Wall Street's bright stars are reading and listening to
▼ + stars: | 2022-11-30 | by ( Alex Morrell | Alyson Velati | Asia Martin | ) www.businessinsider.com time to read: +1 min

Insider selected 25 young professionals 35 and under for its rising stars of Wall Street list. We asked the up-and-comers to tell us what book they last read and their takeaways. Sign up for our newsletter to get the latest stories in hedge funds, PE, fintech, and banking — delivered daily to your inbox. We asked 2022's rising stars of Wall Street about the books they most recently picked up and the podcasts they turn to regularly. Their selections range from books on building "your second brain" to fantasy football strategy shows.

☆ Meet the 11 execs leading Bridgewater into a new era after Ray Dalio relinquished control of the hedge fund
▼ + stars: | 2022-11-04 | by ( Alyson Velati | ) www.businessinsider.com time to read: +14 min

Bridgewater AssociatesAs cochief investment officer, Jensen oversees Bridgewater's investment strategies and research efforts as well as its investment talent. Karen Karniol-Tambour, cochief investment officer for sustainabilityKaren Karniol-Tambour, Bridgewater's cochief investment officer for sustainability. Rebecca Patterson, chief investment strategistBridgewater's chief investment strategist, Rebecca Patterson. In 2012, she joined as the chief investment officer of Bessemer Trust, managing $85 billion in client assets. The partnership elected three directors to Bridgewater's operating board of directors, which now has control over Bridgewater after Dalio relinquished control of the hedge fund.

☆ Billionaire Ken Griffin's Citadel is surpassing other multi-strategy hedge funds with double-digit returns this year. Here's how these funds did in October.
▼ + stars: | 2022-11-03 | by ( Alyson Velati | ) www.businessinsider.com time to read: +2 min

Performance at rivals like Millennium, DE Shaw, and Balyasny fell behind. Billionaire Ken Griffin's Citadel outpaced its rivals with a 1.52% gain in October, increasing the year-to-date performance to 30.7% and topping returns at rivals like Millennium, DE Shaw, and Balyasny, according to investor figures seen by Insider. Citadel Equities was up 0.6% in October, bringing year-to-date performance to 17.4%. DE Shaw saw a 1.6% jump through the month ending October and was up 22.6% year-to-date. ExodusPoint slightly jumped 0.5% in October and was up 4.5% year-to-date, according to a source familiar with the firm's performance.

☆ Schonfeld is rolling out a team focused on credit in another sign of Wall Street's rising interest in debt investing
▼ + stars: | 2022-10-31 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

Everybody wants to be a lender these daysStop me if you've heard this before, but a Wall Street firm wants to invest in debt. Schonfeld Strategic Advisors, the $14 billion family-office-turned-hedge fund is building out a new group focused on credit within its macro trading business, Insider reports. A general rule on Wall Street is that firms like to build businesses around complex things. A simple process means it is easily repeatable by someone else, which means more competition, which means smaller margins, which means less profit. The SEC issued $2.2 billion in fines on public companies, including 13 fines larger than $100 million, during its 2022 fiscal year, The Wall Street Journal reports.

☆ $14 billion Schonfeld is launching a new credit unit as the hedge fund continues its growth tear
▼ + stars: | 2022-10-28 | by ( Alyson Velati | ) www.businessinsider.com time to read: +3 min

$14 billion Schonfeld Strategic Advisors has rolled out a credit unit within its new macro trading business that launched earlier this year. Silverman and Aubrey joined in July and August, respectively, following Anchorage shutting its $7.4 billion hedge fund last December. The expanding credit business is part of Schonfeld's recent growth tear. In January, the firm is rolling out long/short credit strategies across the credit quality spectrum in the US and plans to add APAC and EMEA strategies over time. The HFRI Asset Weighted Index gained 1.1% for September, increasing the year-to-date return to 3.8%, according to Hedge Fund Research data.

☆ Wall Street's rising stars admit their biggest career mistakes — from missing out on lucrative bets to taking too much on — and what they learned from them
▼ + stars: | 2022-10-24 | by ( Alex Morrell | Alyson Velati | Asia Martin | ) www.businessinsider.com time to read: +17 min

Vinay Trivedi, a vice president at General Atlantic focusing on the technology sector. I don't think we necessarily transitioned fast enough to how people learn if we're only doing audio from home. - David Israel, 27, vice president at Credit SuisseAngel Pu Shum is a principal within Warburg Pincus's technology group. -Allison Boxer, 29, senior vice president and economist at PIMCONoah Zerance, a vice president with Bank of America's global sustainable-finance group. and the response would be, 'Well, we don't know how we do it yet.

☆ A $14 billion NYC-based hedge fund is trying a different approach to getting people into the office— opening a suburban hub where its traders and managers live
▼ + stars: | 2022-10-19 | by ( Alyson Velati | ) www.businessinsider.com time to read: +4 min

Hedge fund Schonfeld has opened an office in Summit, New Jersey after surveying staff. $14 billion Schonfeld Strategic Advisors is taking a different route from other Wall Street firms to get their employees into the office and to attract talent in the long run. The family-office-turned-hedge fund has been on a growth tear since Ryan Tolkin took over as chief executive at the beginning of 2021. Schonfeld employees are typically in the office three days a week but this can vary across teams. "By accessing a broader talent pool, we will naturally continue to grow in each of these offices," Tolkin, who is also the firm's chief investment officer, told Insider.

Insider selected 25 young professionals 35 and under for its rising stars of Wall Street list. We asked 2022's rising stars of Wall Street about the books they most recently picked up and the podcasts they turn to regularly. Their selections range from books on building "your second brain" to fantasy football strategy shows. Below is the full selection of 15 books and 8 podcasts, that show how they spend a little bit of their free time and what they took away from them. Browse the shelves and Spotify playlists of Wall Street's up-and-comers.

☆ Billionaire Izzy Englander's hedge fund is hiring for more than 100 engineers and developers. Here's how to get a job at $57 billion Millennium, according to a top recruiter.
▼ + stars: | 2022-10-13 | by ( Alyson Velati | ) www.businessinsider.com time to read: +5 min

Millennium Management, which houses multiple trading pods across the globe, is looking for more than 100 engineers and developers to help expand its footprint in top technology hubs. Izzy Englander's $57 billion fund is just one of many quant shops battling it out with the finance industry and top tech companies for hot talent. The firm is looking for back-end engineers, front-end engineers, data engineers, and quantitative researchers who are experts in Python, which is a popular computer programming language. Millennium looks for the typical attributes most financial institutions and big tech companies look for in engineers like experience and having an "entrepreneurial mindset," Talarico said. "You have to be able to communicate effectively with your client, whether that is an investment professional or someone else in the organization or someone else within technology" Talarico said.

☆ Citadel just snagged a new tech portfolio manager from a $38 billion hedge fund
▼ + stars: | 2022-10-13 | by ( Alyson Velati | ) www.businessinsider.com time to read: +1 min

Citadel hired Vesal Yazdi for its equities team from Davidson Kempner Capital Management. Yazdi ran technology investments for Davidson Kempner's equities business and worked at the $38 billion hedge fund for over six years. Citadel's equities strategy was up 2.5% in September and it's returned 16.6% year-to-date, according to a person familiar with the hedge fund's performance. The average hedge fund returned just over 1% in September, increasing the year-to-date return to 3.8%, according to Hedge Fund Research. Davidson Kempner declined to comment on Yazdi's departure from the firm.

☆ Bridgewater's co-CEO explains how the hedge fund, famous for its brutally honest culture, will evolve for the next generation of employees
▼ + stars: | 2022-10-12 | by ( Alyson Velati | ) www.businessinsider.com time to read: +4 min

Co-CEO Nir Bar Dea is already making changes to its famously radically transparent culture. Bridgewater Associates' co-CEO Nir Bar Dea is looking to make some changes to its controversial culture as founder Ray Dalio takes a step back. "The ideas are different," Dea said speaking at the Bloomberg Invest event Wednesday. Changing the culture for the next generationThe culture changes are already underway, said Dea. In a tweet last week, Ray Dalio said that he would give up control of the $150 billion hedge fund.

☆ Ray Dalio on stepping away from Bridgewater: 'I love the investment game, so I'll keep playing it'
▼ + stars: | 2022-10-11 | by ( Rebecca Ungarino | Alyson Velati | ) www.businessinsider.com time to read: +4 min

Ray Dalio, founder of Bridgewater Associates, said he's not ready to stop investing just yet. "I love the investment game, so I'll keep playing it. Dalio said in a tweet last week that he would give up control of the $150 billion hedge fund. Bridgewater's investment strategy is being led by the co-chief investment officers Greg Jensen and Bob Prince. Murray claimed that Bridgewater withheld up to $100 million in deferred compensation after she told regulators about the gender-discrimination dispute.

☆ Meet the brightest investors and dealmakers under 35 from firms like Blackstone and Bridgewater navigating today's choppy markets.
▼ + stars: | 2022-09-29 | by ( Aaron Weinman | ) www.businessinsider.com time to read: +5 min

After months of interviews and countless rounds of fact checking, meet 25 best-in-class investors, traders, and dealmakers under the age of 35, from firms like JPMorgan, BlackRock, and Apollo, among others. Here is the latest crop of rising stars — Wall Streeters under the age of 35 who are pushing their teams to the top. The end result celebrates people from all walks of life who are infusing new ideas at the biggest firms. He works across the firm's funds TPG Capital and TPG Growth, and also covers TPG's impact-oriented initiative called The Rise Fund. HBCUvc's operating chief reviews hundreds of applications for the program that offers paid internships at VC firms.

☆ The rising stars of Wall Street: Meet 25 outstanding young investors, traders, and dealmakers at firms like Blackstone, JPMorgan, and Bridgewater
▼ + stars: | 2022-09-28 | by ( Alex Morrell | Alyson Velati | Asia Martin | ) www.businessinsider.com time to read: +2 min

Akash Pradhan, 33, TPGTPGWhen Akash Pradhan needs to clear his head, the 6'1" principal at TPG heads to the basketball court. The San Francisco Warriors fan's love of sports led him to his first job with The Raine Group. As an analyst at Raine, the company exposed Pradhan to M&A advisory and private-equity investing. Over the past five years, Pradhan has been involved in or helped lead deals that total roughly $3 billion in invested capital. "I'm proud to have changed people's thought processes and perspectives on a particular industry we ended up investing in."

☆ $57 billion Millennium just tapped a Goldman Sachs alum to build out its Miami tech hub as the battle for talent in the Sunshine State heats up
▼ + stars: | 2022-09-21 | by ( Alyson Velati | ) www.businessinsider.com time to read: +4 min

Millennium Management has tapped Olga Naumovich to lead its technology team in Miami. The war for local investing and tech talent is heating up as more hedge funds move South. Izzy Englander's $57 billion Millennium Management has tapped Olga Naumovich to lead its technology build-out in Miami, a source familiar with the hedge fund's plans told Insider. "I can see how there would be an increased demand for tech talent as firms start to run their footprint there." "Needless to say, the market for technology talent is intensely competitive at this time," Englander said.

☆ How SkyBridge founder Anthony Scaramucci is navigating the world between traditional and digital assets — plus his favorite coins and hedge funds for the tough market environment
▼ + stars: | 2022-09-21 | by ( Laila Maidan | Alyson Velati | ) www.businessinsider.com time to read: +7 min

A survey conducted by the Alternative Investment Management Association (AIMA), showed that about one-third of traditional hedge funds are investing in digital assets. Approximately one-third of the panel discussions revolved around digital assets, according to SkyBridge Capital's Anthony Scaramucci. And while some funds may still be grappling with the question of how much exposure they should allocate to digital assets, Scaramucci is pedaling forward. Long term, he believes in the appreciation of digital assets, and he's willing to pay the price of absorbing the volatility in the meantime. The pivot to digital assetsSkyBridge has pivoted heavily into crypto and blockchain technology from its traditional hedge fund of funds business.

☆ $14 billion hedge fund Schonfeld is focused on hiring as underperforming shops face a shakeout
▼ + stars: | 2022-09-19 | by ( Alyson Velati | ) www.businessinsider.com time to read: +4 min

The hedge fund industry in the early days of a consolidation wave, according to headhunter Ilana Weinstein. The writing is on the wall for hedge funds whose performance have taken massive hits over the last few months. The S&P 500 and the average hedge fund, according to Hedge Fund Research, dropped 18% and 4% year to date, respectively. To stay competitive amid consolidation in the hedge fund industry, Tolkin said $14.1 billion Schonfeld Strategic Advisors is looking to attract talent from different backgrounds and that can provide different ideas. This will help the firm become one of the "winners" amid the industry consolidation, Tolkin said.

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