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☆ How to nominate an up-and-coming analyst for Business Insider's rising stars of equity research
▼ + stars: | 2024-03-27 | by ( Michelle Abrego | ) www.businessinsider.com time to read: +1 min

Business Insider is seeking nominations for the top equity research analysts aged 35 and under. We want to hear from you about people who have stood out in the world of sell-side equity research. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementWe're looking to highlight the best up-and-comers in sell-side equity research — and we need your help to find them.

Persons: — Organizations: Service

☆ Larry Fink is concerned about the youth. Here are 5 key takeaways from the BlackRock CEO's letter to investors.
▼ + stars: | 2024-03-26 | by ( Michelle Abrego | ) www.businessinsider.com time to read: +8 min

Fink, the chief executive of BlackRock, used his annual investor letter to warn of a looming "retirement crisis" facing the US and raise his concerns about disillusioned young people. This triggered criticisms on both sides of the aisle and became a major headache for Fink and the firm. He has avoided using the term ESG and repeatedly emphasized that BlackRock works with energy firms. Fink, who is 71 and has kept Wall Street guessing on his own retirement, also got personal with this letter. Fink is focused on "Energy pragmatism"The biggest opportunity in infrastructure, according to Fink, is around energy.

Persons: Larry Fink, Fink, . Fink, I've, Australia Fink Organizations: BlackRock, Business, DuPont, Cal Northridge, University of Michigan, Gen, Global Infrastructure Partners, Texas Permanent School Fund Locations: Calpers, Ottoman Empire, Australia, BlackRock, decarbonization

☆ From Goldman to Bridgewater, here's everything we know about how Wall Street is embracing AI
▼ + stars: | 2024-01-29 | by ( Bianca Chan | Michelle Abrego | ) www.businessinsider.com time to read: +5 min

Once ChatGPT hit the scene at the end of 2022, Wall Street ramped up its efforts in AI. Here is what we know about how Wall Street is embracing AI:AdvertisementBanks accelerated their AI research and use cases due to the rise of ChatGPTWe identified 17 of the top AI executives and technologists to know at the country's biggest banks. Large language models, the form of AI behind ChatGPT, could transform how Wall Street does business. As financial firms' AI strategies come into focus, they're hiring more technologists with specialized skills. For those who want to land an AI job on Wall Street, here's everything you need to know about how tech skills and roles are changing.

Persons: ChatGPT, —, Banks, Jamie Dimon, Dimon, Goldman Sachs, Marco Argenti, Dimitris Tsementzis, aren't, Bridgewater, Charlie Flanagan, Tim Mace, AllianceBernstein, Andrew Chin Organizations: JPMorgan, Man, Service, fintech, Deutsche Bank, fund's AIA, Management Locations: dealmaking, Swedish

☆ JPMorgan just shuffled its management. Here's what the new line-up says about Jamie Dimon's succession plans.
▼ + stars: | 2024-01-26 | by ( Michelle Abrego | ) www.businessinsider.com time to read: +5 min

Lake, who co-led the consumer and community bank with Piepszak since 2021, will now have sole oversight of that segment. Piepszak and Rohrbaugh will take on day-to-day control of the corporate and investment bank, which Daniel Pinto has led since 2014. Jennifer Piepszak, a JPMorgan lifer, will leave the consumer side of the organization for her new role atop the commercial and investment bank. BIIIn her new role, Piepszak will have a chance to gain more experience on the wholesale side of the business. She joined the bank following her college graduation and spent 17 years in various finance roles across the investment bank.

Persons: Jamie Dimon, Jennifer Piepszak, Marianne Lake —, Dimon, Troy Rohrbaugh, Rohrbaugh, Daniel Pinto, Pinto, Dimon's, JPMorgan Pinto, Gordon Smith, Lake, Piepszak, JPMorgan.com Mary Callahan Erdoes, Erdoes, Morgan Stanley, James Gorman, Mike Mayo Organizations: JPMorgan Chase, Business, JPMorgan, Wall, First Locations: Piepszak, BII, Euromoney, Wells Fargo

☆ What Wall Street bosses from Goldman Sachs to JPMorgan are saying about the jobs outlook for 2024 in investment banking, wealth management, and more
▼ + stars: | 2024-01-16 | by ( Emmalyse Brownstein | Alex Morrell | Reed Alexander | ) www.businessinsider.com time to read: +11 min

Last year, banks opened 2023 by forecasting layoffs, including for the investment bankers who suddenly had nothing to do following the pandemic-era M&A and IPO boom. Citigroup kicked off 2024 ominously, warning that it will lay off as many as 20,000 employees by 2026. The bank expects 2024 expenses to increase further to total $90 billion, up $2.8 billion from 2023, and much of that will be focused on hiring. CFO Barnum on Friday said the bank is gearing up for a "rebound in the investment banking wallet." Headcount declined 3% to 80,006 from 82,427, while compensation expenses rose to $24.5 billion from $23 billion.

Persons: It's, it's, Jane Fraser, Jeremy Barnum, JPMorgan Chase Jamie Dimon, JPMorgan Chase, Alex Wroblewski, JPMorgan's headcount, Barnum, Friday, Patrick T, Fallon, —, Fraser, Q, Goldman Sachs Goldman Sachs, David Solomon, BRENDAN MCDERMID, Goldman Sachs, Denis Coleman, Coleman, Goldman, Bank of America Brian Moynihan, Robert Galbraith, headcount, BofA, Alastair Borthwick, execs, they've, Brian Moynihan, Wells Fargo Charles Scharf, Lucy Nicholson Wells Fargo, Michael Santomassimo, Charlie Scharf, Santomassimo, BlackRock Larry Fink, Fink, Kapito, Morgan Stanley Ted Pick, Morgan Stanley, Jeenah, Headcount, Morgan, Ted Pick, Sharon Yeshaya, Blackstone Steven Schwarzman, Blackstone, Gonzalo Fuentes Organizations: Business, Citigroup, JPMorgan, Citi, BlackRock, Blackstone, Getty, AlphaSense, Citigroup Citigroup, Bank of America, REUTERS, Robert, Robert Galbraith Bank of America's, Reuters, AP BlackRock, Global Infrastructure Partners Locations: Wall, headcount, Wells Fargo

☆ Wall Street's rocky start
▼ + stars: | 2024-01-16 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementIn today's big story, we're looking at how there are still plenty of risks in the market despite big expectations. What's on deck:Chip Somodevilla/Getty ImagesOne of the best indicators of the year ahead comes from banks' Q4 earnings. BI's finance team has a roundup of the biggest Wall Street firms' earnings reports and what it means for their hiring plans.

Persons: Donald Trump, Vivek Ramaswamy, —, Chip Somodevilla, BI's Michelle Abrego, Rebecca Ungarino, Kevin O'Leary, Mark Davis, Goldman, Sharmin, Rahmani, Morgan, Steve Cohen, Sundar Pichai, Boris Streubel, Rebecca Zisser, Apple, Mike Katz Organizations: Republican, GOP, Service, Citi, JPMorgan, BlackRock, Staff, Getty, Goldman Sachs Wealth, New York Mets, Google, Hertz, Business, Bloomberg Locations: Iowa, Google's Berlin, San Diego, Austin

☆ Larry Fink just kicked off the last chapter of his BlackRock reign
▼ + stars: | 2024-01-12 | by ( Michelle Abrego | Rebecca Ungarino | ) www.businessinsider.com time to read: +6 min

This all comes as Larry Fink, 71, is entering what is likely the last chapter of a successful career as cofounder and chief executive of $10 trillion BlackRock. Here's everything you need to know:BlackRock is set to buy Global Infrastructure Partners in its biggest deal in 15 yearsThroughout 2023, Fink signaled that a "transformational deal" was on the cards. He found his target in private equity firm and infrastructure investor Global Infrastructure Partners, the firm announced on Friday. Jessica Tan, head of BlackRocks' sustainability and transitions strategy, will head the global product solutions team in the Americas. Charles Hatami, global head of the financial and strategic investor group that focuses on relationships with large investors like insurers and sovereign wealth funds, will join BlackRock's global executive committee.

Persons: Larry Fink, Fink, Rob Kapito, BlackRock iShares, GIP, Kapito, Goldman Sachs, Goldman, David Solomon's, Ogunlesi, Wells, Mike Mayo, Larry, Stephen Cohen, Salim Ramji, Jessica Tan, Jane Sloan, GIP's, Edwin Conway, Conway, Rachel Lord, Lord, Charles Hatami Organizations: Business, BlackRock, Global Infrastructure Partners, GIP, London Gatwick, Wall Street, Asia Pacific, Securities, Exchange Commission Locations: Sydney, Bayo, Ogunlesi, BlackRock, Americas, Europe, East, India, Asia, Pacific

☆ 10 industry leaders transforming business in 2023
▼ + stars: | 2023-12-11 | by ( ) www.businessinsider.com time to read: +20 min

In 2023, Business Insider's annual list of People Transforming Business highlights key players across the advertising, ESG, finance, AI, and labor sectors. Increasingly, they're turning to more opaque private credit markets to borrow money. The world of private credit sits outside the traditional banking system. Analysts expect the private credit market to balloon in size — likely keeping lawyers like Breen very busy. Muthukrishnan is trying to make sense of how risky these private credit loans are by overseeing what is so far the most comprehensive look at vulnerabilities in the industry.

Persons: Mira Murati, who's, Vince Toye, Eileen Fisher, Eileen Fisher Fisher, Guerin Blask, Eileen Fisher Eileen Fisher, she's, Fisher, Janelle Jones, Jones, Lexey, —, She's, Justin Breen, Proskauer Breen, Proskauer Justin Breen, he's, Breen, Ares Capital, He's, McLaren, Julie Su, Labor Julie Su, Department of Labor Julie Su, Su, Marty Walsh, Murati, Jim Wilson, Neal Mohan, YouTube Mohan, Katie Thompson, YouTube It's, YouTube isn't, Mohan, Muthukrishnan, Satya Nadella, Microsoft Satya Nadella, Ben Kriemann, Nadella, Steve Ballmer, Mathias Döpfner, Axel Springer, Tim Cook, Apple Cook, Justin Sullivan, Cook, Steve Jobs, Jobs, JPMorgan Chase Toye, JPMorgan Chase, Toye, they'll, Vince Toye's, Bella Sayegh, Rebecca Ungarino, Lara O'Reilly, Juliana Kaplan, Alex Nicoll, Tim Paradis, Stephanie Hallett, Michelle Abrego, Josée Rose, Ryan Joe, Emily Canal, Kaja Whitehouse, Alyssa Powell, Davis, Jonann Brady Organizations: JPMorgan, Service Employees International, SEIU, New York, Ford, Service Employees International Union, United Auto Workers Union, Spelman College, US Department of Labor, Economic Policy Institute, Center for Economic, Research, Department of Labor, The New York Times, Ares, Churchill Asset Management, European, Atlético Madrid, Labor, Labor Department, MacArthur Foundation, New York Times, Dartmouth, OpenAI, Associated Press, YouTube, NFL, DirecTV, Federal, Microsoft, Manipal Institute of Technology, University of Wisconsin -, University of Chicago, Apple, Apple Watch, Google, Time, JPMorgan Chase, National Housing Trust, Trenton Almgren Locations: McDonald's, Lorain , Ohio, Atlanta, California, Los Angeles, Albania, Canada, Muthukrishnan, Hyderabad, India, University of Wisconsin - Milwaukee, OpenAI, Virginia, Wells Fargo, Trenton

☆ How Dmitry Balyasny's $21 billion hedge fund is looking to get ahead in the war for investment talent
▼ + stars: | 2023-11-28 | by ( Michelle Abrego | ) www.businessinsider.com time to read: +6 min

One firm he was considering stood out to him: Dmitry Balyasny's namesake hedge fund and its program for up-and-coming portfolio managers, Anthem. Hedge funds are finding that to win the talent wars, it's not enough to have deep pockets to attract portfolio managers. He said that in the past year, $21 billion Balyasny had hired 40 portfolio managers. Its global equities head left in October, as did several other portfolio managers . They operate within a risk framework that is tighter than that imposed on veteran portfolio managers at the firm.

Persons: Sebastiaan De Boe, Dmitry Balyasny's, De Boe, Balyasny, It's, quants, Bridger, it's, they're, Bill Wappler, Wappler, Steve Cohen's Point72, They're, who've, who's, Seb Organizations: Citadel, Business, BAM, Kids Investors Conference, Millennium Management, Equity, Balyasny Asset Management, Balyasny, London Business School Locations: Toronto, Chicago, multistrategy, quant, Europe, London

The pandemic pushed financial giants to embrace a more casual dress code that many other corporations had begun to embrace. Diversity in dressFor some women on Wall Street, the shift from business formal to business casual has allowed them to step out of the unofficial uniform of pantsuits and sheath dresses. Lululemon in the boardroomNo Wall Streeters mentioned buying more Ferragamo ties, but many said they were leaning into athleisure. People still come in wearing their suits and ties and their Louboutins, and I'm like, 'what are we doing here?' "For a lot of client interactions, dressing business casual can make it more comfortable and can lead to a better relationship-building experience."

Persons: Luis Arteaga, Shanta Wu, Kristen Powers, Morgan Stanley, She's, Thom Browne, Anne, Victoire Auriault, Goldman Sachs, Jack Dillon, He's, David Trinh, It's, we've, Thoma Bravo, Andrew Almeida, Richard Handler, Jefferies, Katya Brozyna, I'm, Benjamin Kiflom, Neil Kamath, Sarah Sigfusson, Michael Wilkinson, Wells, Patrick McGoldrick, Laiwala, I've, Rachel Hunter, Goldman, Luna McKeon, Ricky Mewani, Dominic Rizzo, Rowe Price Organizations: Barclays, Fidelity, Vista Equity Partners, Bridgewater, Jefferies, Nike Air Force, Goldman Sachs Asset Management, Bank of, Moelis & Company, KKR, Blue Owl, Citadel Locations: Bridgewater, New York, Florida, Miami, San Francisco

☆ Insider Today: Finance's next generation
▼ + stars: | 2023-09-27 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +8 min

This post originally appeared in the Insider Today newsletter. Tech: An Amazon exec told employees the tech giant's RTO plans could take up to three years. An Amazon exec told employees the tech giant's RTO plans could take up to three years. Insider is again highlighting some of the brightest young minds in finance with our annual list of Wall Street's rising stars. The Insider Today team: Dan DeFrancesco, senior editor and anchor, in New York City.

Persons: —, Harrison, Alyssa Powell, Michelle Abrego, Luna McKeon, Michael Dunn Goekjian, Anne, Victoire Auriault, Goldman Sachs, Jack Dillon didn't, Thom Browne, Dillon, Patrick McGoldrick, Pat, Liu Jie, That'll, Jeffrey Epstein, Jes Staley, Epstein, Bill Tompkins, Donald Trump, it's, Austin Harris, Chris Pizzello, Ron DeSantis, Mike Pence, Vivek Ramaswamy, Mark Zuckerberg, Lil Wayne, Avril Lavigne, Jenna Ortega, Gwyneth Paltrow, Dan DeFrancesco, Naga Siu, Hallam Bullock, Lisa Ryan Organizations: Service, Tech, Amazon, Jack Dillon didn't nab, Vista Equity Partners, New England Patriots, Morgan Asset Management, Getty, Verizon, JPMorgan, US Virgin Islands, SVP, Microsoft, FTC, Federal Trade Commission, AP, Fox Business, Florida Gov, Meta, Publishing Locations: Xinhua, Delta, Northern California, San Francisco, Florida, New York City, San Diego, London, New York

☆ Inside Point72's boot camp for developing all-star portfolio managers, where Steve Cohen is known to grill up-and-comers who think they're ready for the big time
▼ + stars: | 2023-09-25 | by ( Michelle Abrego | ) www.businessinsider.com time to read: +10 min

Point72 is a pioneer in developing investor talent; the multi-manager has been running LaunchPoint, previously known as Nines, since 2012. More than 70 long/short managers have launched through LaunchPoint since it started in 2012, and 75% of those are still at Point72. They make up 50% of the firm's 100 long/short managers. For Point72, LaunchPoint was created with the idea that it can take two to three years to figure out how to be a PM. Point72"We saw that preparation really influenced the long-term success of new PMs," Weiner said.

Persons: Steve Cohen, Cohen, Harry Schwefel, Point72, Schwefel, Steve, haven't, It's, John Weiner, it's, John Pierson, Weiner, LaunchPoint, they've, Nick Shivers, Ariel Herman, Jon Weiner, Point72 LaunchPoint, Griffin Newman, Newman, Point72 Newman, Ryan Wilder, " Weiner Organizations: SAC Capital, Point72 Academy, P2 Investments, New York Mets, Point72, Brigade Capital Management, SAC Advisors, Bloomberg Locations: LaunchPoint, Point72

Insider asked 34 top fintech investors to nominate the most promising startups. VCs highlighted startups that haven't raised more than a Series C.Behind-the-scenes firms, payment and compliance startups dominated this year's list. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. Insider surveyed 34 early-stage investors — including Bain Capital Ventures, Point72 Ventures, and Index Ventures — about the hottest fintechs to watch. There were also several sustainability-focused startups, offering everything from electric-vehicle financing to marketplaces for financing renewable-energy projects.

Persons: VCs, we'll, Mark Peter Davis Organizations: Service, Bain Capital Ventures, Point72 Ventures, Ventures, Interplay, Bank Locations: Wall, Silicon

☆ What Wall Street is telling employees about returning to the office, from Goldman Sachs to JPMorgan and Blackstone
▼ + stars: | 2023-09-04 | by ( Kaja Whitehouse | Michelle Abrego | ) www.businessinsider.com time to read: +11 min

According to Goldman's chief economist, Jan Hatzius, some 25% of all US workers work from home at least part of the week. So, which Wall Street firms are still letting employees work from home at least part of the time? On days employees are in, the firm focuses on taking "advantage of our shared location," it reads. At that time, the firm called for its employees to come into the office a minimum of three days a week. Since then, most employees have been in the office throughout the week, according to a person familiar with the firm.

Persons: Goldman Sachs, David Solomon, Citadel's Ken Griffin, Joe Biden, Jan Hatzius, Hatzius, Jamie Dimon, Goldman, Goldman Sachs Goldman Sachs, —, Dimon, JPMorgan Gretchen Ertl, Jane Fraser, she's, Fraser, they're, Citigroup Patrick, Fallon, Brian T, Moynihan, Bank of America Shannon Stapleton, Reuters Morgan Stanley Morgan Stanley's, James Gorman, Gorman, Gorman doesn't, Morgan Stanley, we're, James Gorman SAUL LOEB, Larry Fink, Larry Fink Spencer Platt, Citadel's Griffin, Griffin, Raj Mahajan, Ken Griffin, Milken, Mike Blake, Blackstone, Stephen Schwarzman Roy Rochlin, Nir Bar Dea, Izzy Englander's Organizations: JPMorgan, Blackstone, Morning, Citadel, Bloomberg, Business, Deloitte, JPMorgan JPMorgan, Goldman, Citigroup, Street, Bank, Economic, Getty Images Bank of America Bank of, Bank of America, Reuters, Getty, BlackRock BlackRock, Yards, Labor, Fox, BlackRock, Citadel Securities, Blackstone Blackstone, Bridgewater Bridgewater Associates, Bridgewater Associates, Bridgewater Locations: Citadel, Davos, Switzerland, New York City

Insider asked more than 30 top fintech investors to nominate the most promising startups. VCs highlighted startups that haven't raised more than a Series C.Here are the 54 most promising fintechs. Insider surveyed 34 early-stage investors — including Bain Capital Ventures, Point72 Ventures, and Index Ventures — about the hottest fintechs to watch. As was the case last year, fintechs that sell to businesses, as opposed to those that serve consumers directly, dominated the list. Check out the 54 fintechs identified as most promising by top investors.

Persons: VCs, we'll, Mark Peter Davis Organizations: Bain Capital Ventures, Point72 Ventures, Ventures, Interplay

☆ Nominations for Insider's Wall Street rising stars are open. Here's how to submit a rockstar trader, investor, or dealmaker.
▼ + stars: | 2023-06-21 | by ( Michelle Abrego | ) www.businessinsider.com time to read: +1 min

Insider is putting together a power list of the young talent on Wall Street. We want to spotlight the standouts in investment banking, investing as well as sales and trading. Morning Brew Insider recommends waking up with, a daily newsletter. We're seeking nominations for Insider's list of rising stars on Wall Street, and we want to hear from you. Please make your submission below or through this form by August 4th to have your selection considered for the list.

Persons: we've, Goldman Sachs, Michelle Abrego Organizations: Morning, Blackstone, BlackRock, Citadel Securities, mabrego

☆ BlackRock just set a goal to double its private-markets business. It's on the hunt for deals to make that happen.
▼ + stars: | 2023-06-14 | by ( Michelle Abrego | ) www.businessinsider.com time to read: +4 min

BlackRock has set a target to double its revenue in its private-markets business. BlackRock wants to double its private-markets business over the next five years, and it's eyeing more deals to achieve that. An important piece of the puzzle to becoming a one-stop shop for investors is ramping up its private-markets business. BlackRock currently manages $156 billion in assets through its private-markets platform, which gives clients access to private equity, private credit, infrastructure, and real estate. He added that the management team is spending a "good amount of time" looking at deals to bolster its private-markets business, specifically around infrastructure, private credit, and the growth franchises.

Persons: Martin Small, Small, Edwin Conway, Conway, Carlyle, Larry Fink, Fink, BlackRock Organizations: BlackRock, Hudson Yards, Financial Times Locations: London

☆ UBS Just Outlined the Key People Tasked With Integrating Credit Suisse
▼ + stars: | 2023-06-13 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +4 min

Monday marked the official closing of UBS' acquisition of Swiss rival Credit Suisse, a deal both sides weren't exactly thrilled about. Specifically, the bank identified the Credit Suisse execs sitting in positions of power within its investment bank and wealth management division. UBS has not been bashful in hinting at what it is, and is not, interested in integrating from Credit Suisse. Credit Suisse was in rough shape by the time it got acquired, but that's not to say there weren't talented bankers there. Read more about the leaders of UBS' wealth and investment bank teams following its Credit Suisse deal.

Persons: Dan DeFrancesco, we've, Insider's Michelle Abrego, Kaja Whitehouse, that's, Read, Alexander Soros, George Soros, Jeffrey Epstein, Thoma, Nasdaq's, Morgan Stanley, Sam, Here's, Alex Soros, it's, We've, Jeffrey Cane, Hallam Bullock Organizations: Nasdaq, UBS, Swiss, Credit Suisse, Suisse, Credit Suisse execs, Lehman Brothers, George Soros Getty, JPMorgan, Thoma Bravo, Soros, Open Society Foundation, LinkedIn Locations: secondaries, New York, London

☆ UBS just reshuffled its leadership ranks after buying Credit Suisse. See the new power players in charge of the $1.7 trillion Swiss banking behemoth.
▼ + stars: | 2023-06-12 | by ( Michelle Abrego | Kaja Whitehouse | ) www.businessinsider.com time to read: +11 min

The merger between Credit Suisse and UBS creates a new Swiss banking behemoth with $1.7 trillion in assets. Investment bank leadersThe president of UBS's investment bank, Robert Karofsky, circulated a memo on Monday announcing his new leadership team. Ebert, co-head of markets at Credit Suisse, was also named head of Credit Suisse for the Investment Bank, reporting to Karofsky. UBS global wealth management president Iqbal Khan revealed the appointments to its critical wealth business in an internal memo titled "Becoming a global wealth powerhouse." Members of the current Credit Suisse wealth management leadership team will report to both Yves-Alain and to their respective UBS global wealth management regional leader.

Persons: Yves, Alain Sommerhalder, Michael Ebert, Robert Karofsky, Ebert, Karofsky, Marco Valla, Valla, Javier Oficialdegui, Mike, I've, George Athanasopoulos, Jason Barron, Ros L'Esperance, Dan Dowd, Taichi Takahashi, Chris Leone, Julie Beavan, Tricia Hazelwood, Jeff Hinton, Kurt Anthony, Laurence Braham, Richard Hardegree, Richard Casavechia, Ozzie Ramos, Jason Williams, Neil Meyer, Ken Tittle, Iqbal Khan, Francesco De Ferrari, Khan, Reuters Yves, Alain, Wiwi Gutmannsbauer, Benjamin Cavalli, Cavalli, Kinner, Amy Lo, Jin Yee Young, Young, Hatecke, UBS's Anton Simonet, Christl, Jason Chandler, Sergio Ermotti, Ralph Hamers, Ermotti, MICHELE LIMINA, Todd Tuckner, Sarah Youngwood, Michelle Bereaux, Stefan Seiler, Christian Bluhm, Damian Vogel, Ulrich Körner Organizations: UBS, Credit Suisse, Suisse, Credit, Wall Street, Investment, Investment Bank, Barclays, Global Banking, Investment Bank Management, Global Markets, Global Research, IB, Resource Management, Staff, MUFG Securities, Reuters, Yves, Deutsche, Switzerland, Swiss Re, Getty Locations: Switzerland's, Swiss, Americas, Asia, Singapore, Switzerland, Europe, Middle East, Africa, America, AFP

☆ An AI wave lifts Tiger Cub hedge funds like Tiger Global, Maverick Capital, and Coatue
▼ + stars: | 2023-06-09 | by ( Michelle Abrego | ) www.businessinsider.com time to read: +2 min

Tiger Global and Coatue have also returned double-digits this year thanks to the resurgence of tech stocks. The Tiger Cub's fund rose 5.60% in May and has gained 19.48% year to date, according to HSBC's Hedge Weekly performance report. This is a welcome turn of events for the Tiger Cubs, funds founded by portfolio managers who worked under the legendary Tiger Management head Julian Robertson. Tiger Global finished the year down 56%, and Coatue lost 18.8%. Fellow Tiger Cubs Lone Pine and grand cub D1 Capital also had double-digit losses, while Viking Global reported a single-digit loss.

Persons: Lee, Ainslie, Wall, Lee Ainslie's, Ainslee, Chase, Philippe Laffont's Coatue, Dan Sundheim, Andreas Halvorsen's Viking, Julian Robertson, Maverick, Coatue, Bloomberg's Katherine Burton, Hema Parmar Organizations: Nvidia, Tiger Global, Facebook, Bloomberg, D1, Andreas Halvorsen's Viking Global, Tiger Cubs, Tiger Management, Fellow Tiger Cubs, Viking Global, Fund Research

☆ Lee Ainslie's Maverick Capital is soaring this year after buying Nvidia. His Tiger Cub peers had a pretty good month too.
▼ + stars: | 2023-06-09 | by ( Michelle Abrego | ) www.businessinsider.com time to read: +2 min

☆ BlackRock is on the lookout for deals — and it just scooped up a major lender to European startups to supercharge its private credit business
▼ + stars: | 2023-06-08 | by ( Michelle Abrego | ) www.businessinsider.com time to read: +3 min

The purchase will boost the money manager's offerings in the booming private credit space. The world's largest asset manager is set to buy a lender to European technology and healthcare companies to boost its private credit business. One area that BlackRock has been focused on ramping up has been its $320 billion alternatives business, especially private credit. Private credit has grown tremendously as traditional banks pull away from loaning to small and risky companies. Within private credit, venture debt is a growing area.

Persons: Larry Fink, Stephan Caron, Monese, Keefe, Michael Brown, Brown, Martin Small Organizations: BlackRock, Investors, Silicon Valley Bank, Tennenbaum Capital Partners Locations: London, BlackRock, loaning, Europe, Asia, Silicon

☆ Billionaire Marc Lasry, who sold his stake in the Milwaukee Bucks, says the next "big opportunity" is in women's sports
▼ + stars: | 2023-06-07 | by ( Michelle Abrego | ) www.businessinsider.com time to read: +2 min

The former co-owner of the NBA's Milwaukee Bucks is raising money for a sports fund. Lasry said he would like to go out and buy basketball teams in Africa and potentially Asia. "Women's soccer should go from $50 million to $500 million in the next 10 years," he said. This year, the famed distressed-debt investor agreed to sell his 25% stake in the Milwaukee Bucks basketball team. Lasry also said he would like to go out and buy basketball teams in Africa and potentially Asia.

Persons: Marc Lasry, Lasry, Aurelien Meunier, Getty Organizations: Milwaukee Bucks, Billionaire, Capital, Bloomberg Invest, National Women's Soccer League, Milwaukee Bucks basketball, National Basketball Association Locations: Africa, Asia

☆ How Citadel, Millennium, D.E. Shaw, and Other Hedge Funds Fared in May
▼ + stars: | 2023-06-07 | by ( Michelle Abrego | ) www.businessinsider.com time to read: +2 min

This year, it remains the top-performing multistrategy fund, just ahead of Steve Cohen's Point72. Here's how multistrategy hedge fund giants fared in May, from Citadel to Millennium. Billionaire Ken Griffin's Citadel continues to lead the competitive multistrategy hedge fund performance race this year, despite being bested for the month of May by Izzy Englander's hedge fund. Returns are still rolling out, but the major hedge fund players did not see major movements within their flagship funds. In other hedge fund news: London-based hedge fund Marshall Wace's Eureka flagship fund, an equity fund managed by founder Paul Marshall, climbed 1.74% in May and is up 1.70% year to date.

Persons: Ken Griffin's, Steve Cohen's Point72, Ken Griffin's Citadel, Izzy Englander's, Marshall, Paul Marshall Organizations: Millennium, Point72, Wellington, Nvidia, Tactical Trading Locations: Citadel, Wellington, Miami, London

☆ Here's how much it pays to control the fortunes of America's wealthiest people — and why it's escalating
▼ + stars: | 2023-06-06 | by ( Michelle Abrego | ) www.businessinsider.com time to read: +3 min

Demand for access to private equity opportunities has contributed to big pay packages. While family offices have propped up across the globe, they are an American invention. J.P. Morgan is credited for launching the House of Morgan in the 1830s to manage family offices, and J.D. That means US family offices are often more mature and institutionalized than in other regions. Family offices need to be creative and competitive with the bonuses and other compensation perks of the private equity industry.

Persons: didn't, Morgan, Rockefeller, Jeff Bazos, Elon Musk, Jared Brichall Organizations: KPMG, Agreus, Waltons, Elon Locations: CIOs, Asia, Singapore, Europe, Middle East, Australia

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