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☆ These are the top business-development execs competing to hire elite portfolio managers at hedge fund giants Citadel, Millennium, Point72, and more
▼ + stars: | 2024-05-08 | by ( Alex Morrell | ) www.businessinsider.com time to read: +34 min

Unlike business development in corporate America, which focuses on growing a company's prospects with partners and clients, hedge fund BD teams specialize in scouting, evaluating, and wooing investment talent. AdvertisementFew have been involved in hedge fund BD longer than Jennifer Blake, Balyasny's global head. The fund's BD department remains in close contact with PMs after they join as a resource and advisor. Vernon Yuen/Getty Images$61 billion AUM2,200+ employeesAdvertisementKen Griffin's Citadel has outperformed not just its immediate rivals but every other hedge fund. He runs a team of about 20 as head of business development in the Americas, the largest region of the largest player in this space.

Persons: —, Griffin's, Izzy Englander's, Goldman Sachs, Headcount, execs, Dmitry Balyasny, Brendan McDermid, Jennifer Blake, Balyasny's, Morgan Stanley, Dmitri Balyasny's, Blake, it's, Federico Chavarria, Balyasny, Dave Matz, Smith Hanley, Alistair Jacobs, Dave Black, Peter Appel, Federico Chavarria MD, Andrew McHugh, Jules Biolsi, Michael Platt, he's, BlueCrest, Michael Grad, Grad, Jake Lindsay, Mungo Strachan, BlueCrest's, Brevan Howard Brevan Howard, Alan Howard, Ringo Chiu, Brevan Howard, Alan Howard's, Aran Landy, Brevan, Abu, It's, Landy, Howard, Peter Hornick, David Abbou, Jonathan Candy, Gregoire Vidal, Vidal, Tim Williams, Andy Silver, Gautam, Ken Griffin, Vernon Yuen, Ken Griffin's, Griffin, Matt Giannini, Giannini, headhunter, Matt, I've, — Thomas DeAngelis, Lindsay Previdi, Rice, Dore, Eleanor Sharkey, Melinda Urban, Mark Hansen, Julian Ulmer, Mathur, Adam Sharkie, Michael Page, Eisler, Edward Eisler, Sam Wisnia, Chris Milner, Milner, Hilary Curran, Hilary Curran Global, Rebecca Zisser, Michael Gelband, Hornick, Jeff Gelband, Mike Tiano, Eric Han, Garrett Berg, Liu, APAC Blackstone, Euan Shand, Kevin Carroll, Emily, Needham, Ostendorf, Ben Levine, Stefan Renold, LMR, Marcus Fairhurst, He'd, LMR's, Izzy, Ronda, Singh, Mark Meskin, Justin Gmelich, Steve Keller, Benjamin Williams, Madhvani, Paritosh Singh, Ben Williams, Kristina Tully, Steven Cohen, Point72, Shayanne, Steve Cohen's, Harry Schwefel, Chandler, Steve Cohen, JT Shields, They're, Schwefel, Alyssa Friedman —, Chandler Bocklage, Reid Murphy, Jae Yang, Japan Goldman Sachs, Alyssa Friedman, Jackie Dai, Gabriel Sanders, Ajay, Steven Schonfeld, Michael Nagle, Steve Schonfeld's, Ryan Tolkin, Schonfeld, doesn't, Akshay Aggarwal, Alex Burns, Ryan McCort, Colin Lancaster, Mitesh, Sameer Buch, Brittany Lynch, DMFI, Goldman, Verition, Nicholas Maounis, Josh Goldstein, Brian Townes, Townes, Elizabeth Xiang MD, Vir, Steve Satenstein, Chris Svoboda, Will England, Thomas DeAngelis, DeAngelis, Jonathan Brenner, hasn't, Maureen Reed, John Sullivan, Brenner, Walleye's Organizations: Service, Management, Wall, Business, Balyasny, Balyasny Asset Management, Quadra Advisors, SAC, Macquarie, BD, UBS, Grad, Financial Times, Michael, Lascaux, Howard BD, Brevan, Argentum Advisors, BH Digital, McKinsey & Company, JPMorgan, Ken Griffin's Citadel, Citadel, Citadel's, decamping, Chicago, Citadel BD, Walleye Capital, of Surveyor, Millennium, Capital, Credit, Ashler, Rice, Deutsche Bank, LMR Partners, London, Dore Partnership, Soros, Soros Fund, Ronda Churchill, Bloomberg, Getty, Guggenheim, Industry, MLP, Americas Guggenheim, Americas Citadel, SAC Capital, SEC, Point72 Academy, Citigroup, BD Energi, Japan, EMEA, APAC BNP, Schonfeld, PAAMCO, KKR, DMC Partners, Topwater, LinkedIn, New, New Holland Capital, BD —, Walleye, Lehman Brothers, Hutchin, Putnam Investments, ~$ Locations: America, Asia, Balyasny, Blackstone, New Holland, Abu Dhabi, BlueCrest, Europe, Graticule, ExodusPoint, Hornick, Freestone, New York, Schonfeld, Brevan, he's, Aberdeen, Hong Kong, Zurich, Glasgow, Dubai, Americas, Point72, quant, Verition, London, Greenland, Minnesota, Citadel

☆ The portfolio manager whisperers
▼ + stars: | 2024-05-03 | by ( Alex Morrell | ) www.businessinsider.com time to read: +24 min

AdvertisementHistorically, a hedge fund's chief investment office or senior portfolio manager was responsible for vetting and wooing key investment hires. They can also help hedge funds save on outside recruiting costs, which can add up to tens of millions a year. Hedge funds targeted institutional salespeople at investment banks with exposure to hedge funds, as well as asset allocators with chops in portfolio-manager selection and due diligence. Assets at multimanager hedge funds have boomed since 2018. The principle may work for fictional baseball diamonds, but the reality at hedge funds is more complicated.

Persons: Taylor Swift, Travis Kelce, Goldman Sachs, —, That's, headhunter who's, liken, Nick Saban's, Midlevel, headhunter, Ken Griffin, Michael Kovac, execs, Jennifer Blake, BD Thomas DeAngelis, Walleye Capital Paritosh Singh, Americas Michael Grad, BlueCrest Lindsay Previdi, Point72, Freestone Grove Matthew Giannini, Ken Griffin's, ExodusPoint, Brevan Howard, breakneck buildout, Michael Gelband —, Jonathan Hoffman, Alexander Phillips, ExodusPoint's, Millennium's Izzy Englander, noncompetes, Millennium Management Amanda Gordon, multimanagers, who've, Goldman, Schonfeld, Brevan Howard —, Neil Chriss, Harry Schwefel, Jonathan Brenner, Walleye's, Thomas DeAngelis, DeAngelis, Brenner, DeAngelis hasn't, Kansas City Chiefs Travis Kelce, Erick W, Rasco, Donald Trump's, America couldn't, Citadel execs Todd Barker, Daniel Morillo —, Jeff Runnfeldt, Bobby Jain, allocator Organizations: NFL, Business, Citadel, BD, University of Alabama, execs, Balyasny, Walleye Capital, Millennium, Americas, Freestone Grove, — Citadel, Walleye, BI, Costco, Millennium Management, Bloomberg, Getty, Investor, Barclays, Barclays Capital Solutions, Brookfield, Paloma Partners, Kansas City Chiefs, San Francisco 49ers, Allegiant, Getty Images, Black, Investors, ex, Fortress Locations: America, multimanagers, —, Hudson Bay, Schonfeld, Israel, multimanager, Europe, Middle East, Africa, Vegas, Balyasny

☆ Details about Jane Street's top secret, $1 billion trade revealed in court
▼ + stars: | 2024-04-19 | by ( Alex Morrell | ) www.businessinsider.com time to read: +9 min

Lawyers also revealed that the trade earned Jane Street $1 billion last year and was on pace to earn even more for the firm this year. Jane Street worried about extinguishing the trade's viability, Brown said, intentionally leaving short-term profits on the table to maintain its long-term viability. But the company's profits from the strategy plummeted in the month after the traders joined Millennium, Jane Street says, falling 50% in March. Engelmayer denied the temporary restraining order, saying Jane Street did not establish irreparable harm. Jane Street may believe irreversible harm has already taken place, given its desire to keep details of the trade secret, including the country it operates in.

Persons: —, Jane Street, Paul Engelmayer, pilfered, Doug Schadewald, Daniel Spottiswood, Jane, Deborah Brown, Quinn Emanuel, Engelmayer, Brown, Spottiswood, Andrew Levander, Levander, Jane Street's, Rollo Baker, Elsberg Baker, Maruri, Judge Engelmayer, Baker Organizations: Service, Management, Business, Millennium, Jane Street, Bloomberg Locations: Manhattan, India, Schadewald

☆ Goldman Sachs promotes head of strategy and investor relations, Carey Halio, to global treasurer
▼ + stars: | 2024-04-11 | by ( Leslie Picker | ) www.cnbc.com time to read: +1 min

Carey Halio, Goldman Sachs' head of strategy and investor relations, is getting promoted to global treasurer at the bank, according to people familiar with the matter. She will report to Denis Coleman, Goldman Sachs' chief financial officer. Prior to running strategy and investor relations, Halio was the CEO of Goldman Sachs Bank USA and deputy treasurer of Goldman Sachs. Jehan Ilahi, who worked with Halio for years in strategy and investor relations, will become head of investor relations. Goldman Sachs is slated to report first-quarter earnings on Monday.

Persons: Carey Halio, Goldman Sachs, Denis Coleman, Philip Berlinski, Halio, Carey, David Solomon, Jehan Ilahi Organizations: Millennium Management, Financial Times, CNBC, Goldman Sachs Bank USA, Financial

☆ Inside the rocky marriage of hedge funds and top AI talent
▼ + stars: | 2024-02-27 | by ( Bianca Chan | ) www.businessinsider.com time to read: +11 min

AI researchers have struggled with hedge funds' culture around proprietary secrets, which goes against the open-source philosophy foundational to AI and academia. Some recruiters, including Michael Stover, are seeing double- and triple-digit growth in AI hiring among hedge funds and prop-trading firms. For heads of AI, he said, hedge funds are dishing out a minimum of $1.5 million in total comp. But perhaps the top reason hedge funds are interested in the technology is that AI capabilities are bait in the war for investing talent. It's one of the few large US hedge funds without an executive or centralized team dedicated to AI or machine learning.

Persons: Ken Griffin's Citadel, Li Deng, Deng, Ken, Ken Griffin, Michael Stover, Stover, ExodusPoint, Balyasny, Agni Ghosh, Stott, isn't, Sumeet Chabria, Conor Twomey, Tim Mace, Mace, May's Ghosh, it's, They're, Peter Finter, Finter, That's, Ghosh, you've Organizations: Microsoft, Business, Citadel, Milken Institute, Reuters, Millennium Management, Bloomberg, Balyasny Asset Management, Man, Bank of America, Wall, Wall Street, Tech, Google Locations: Chicago, Seattle, Beverly Hills , California, London, San Francisco, Silicon Valley, Wall

☆ Millennium Has Hired a Top Jane Street Trader
▼ + stars: | 2024-02-08 | by ( Alex Morrell | Bradley Saacks | ) www.businessinsider.com time to read: +3 min

But the spotlight came for Jane Street anyway. Representatives for Jane Street and Millennium declined to comment. Millennium is in many ways the inverse of Jane Street. Six years ago, Schadewald joining Jane Street raised some eyebrows — a testament to the once barely-known firm's ascendance. Today, leaving a juggernaut like Jane Street for the intensity of a high-risk, high-reward hedge fund seat is viewed as the surprise.

Persons: Jane Street, Jane, It's, Sam Bankman, doesn't, Doug Schadewald, Izzy Englander's, Jane Street's, he's, Schadewald Organizations: Bloomberg, Business, Wall Street, Financial Times, Jane Street, Barclays, Management, Star Millennium, Citadel

☆ How 9 hedge funds including Millennium and AQR are thinking about AI — and the 11 experts leading the charge
▼ + stars: | 2023-12-04 | by ( Bianca Chan | ) www.businessinsider.com time to read: +2 min

And while Wall Street is no stranger to AI and machine learning, recent advances in generative AI have opened up new possibilities. It's still early days, but hedge funds are investing in AI research, human capital, and technology to harness AI's potential and find an investing edge. Millennium Management and ExodusPoint recently hired AI leaders from Bloomberg and Balyasny Asset Management. The executives have worked on Wall Street, in Silicon Valley, and the upper echelons of academia. Here are 11 AI experts to know at some of Wall Street's biggest hedge funds

Persons: It's, ExodusPoint, aren't Organizations: Business, Millennium Management, Bloomberg, Balyasny, Management, Man Locations: Silicon Valley, Wall

☆ Bank of England drags Bagehot into the shadows
▼ + stars: | 2023-12-01 | by ( Liam Proud | ) www.reuters.com time to read: +8 min

That is no longer tenable, in part because of reforms to bank regulation that shifted activity from traditional lenders to financial market players. These days, the institutions in need of urgent liquidity are just as likely to be pension funds, insurers or hedge funds. The British central bank’s initial ideas make sense, but only solve part of the problem. The central bank can short-circuit the panic by opening the credit taps. Central banks are only just starting to grapple with what it means to be a lender of last resort in that context.

Persons: Walter Bagehot’s, Andrew Hauser, BoE, WALTER, Gurney, Peter Thal Larsen, Streisand Neto, Thomas Shum Organizations: Reuters, Bank of England, Reuters Graphics Reuters, U.S, Treasury, Federal Reserve, Pensions, . Treasury, Citadel, Millennium Management, City of, U.S . Federal, Gurney & Company, Victorian, Thomson Locations: British, City, City of London, Basel, Overend, Lombard

☆ 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

☆ Argentine ETF trading surges after election, led by small investors
▼ + stars: | 2023-11-20 | by ( Suzanne Mcgee | ) www.reuters.com time to read: +2 min

The Global X MSCI Argentina ETF , which offers exposure to a basket of the country's most liquid stocks, soared more than 13% on Monday and hit its highest level since September. While the South American country's markets are closed on Monday for a local holiday, U.S.-listed shares of Argentinian companies also surged in U.S. trading. The gains for the ETF came through large amounts of small trades, Todd Sohn, an ETF analyst at Strategas in New York, said. By mid-morning, the value of trading in the ETF had topped $11 million, compared with average of about $1 million a day throughout 2023. "These small country funds are ideal vehicles for small day traders who jump on events" like Sunday's presidential election in Argentina, Sohn said.

Persons: Agustin Marcarian, Argentina's Javier Milei, Todd Sohn, Sohn, Suzanne McGee, Megan Davies, Andrew Heavens Organizations: REUTERS, Argentina ETF, Management, Inc, U.S, Banco, Grupo Financiero, Thomson Locations: Buenos Aires, Argentina, American, New York, ARGT, Grupo Financiero Galicia

☆ Millennium hires Capula president for senior fixed-income role
▼ + stars: | 2023-11-15 | by ( Alex Morrell | ) www.businessinsider.com time to read: 1 min

John Naud has left his role as president at Capula and is joining Millennium. He is expected to start next year and take a senior role in the fixed-income division. Millennium recently separated its fixed-income and commodities groups. Millennium Management has made a senior hire for its recently reorganized fixed-income division, landing a top executive from Capula Investment Management. Millennium recently separated its fixed-income and commodities businesses, appointing sole leaders in each.

Persons: John Naud, Izzy Englander's Organizations: Millennium Management, Capula Investment Management, Business Locations: Capula

☆ As key deadline looms, Schonfeld employees remain in the dark about the hedge fund's future
▼ + stars: | 2023-11-13 | by ( Alex Morrell | Bradley Saacks | ) www.businessinsider.com time to read: +4 min

The update, according to two people with knowledge of the talks, was that there is no update — at least about the much-ballyhooed tie-up between Schonfeld and its much larger rival, $60 billion Millennium Management. Whether investors will pull a significant chunk of capital or stand by the firm won't crystallize until 5 p.m. Thursday. Schonfeld, whose assets stood at $11.7 billion in October, has experienced two years of lackluster returns following a period of rapid expansion. Schonfeld management was courting several institutional investors, and in early October, the Financial Times reported that Millennium threw its hat in the ring. In the event of some form of tie-up with Millennium, there would be redundancies, especially in corporate and back-office roles.

Persons: they'd, Ryan Tolkin, Andrew Fishman, Izzy Englander, execs, Schonfeld, Justin Gmelich, Goldman Sachs, Balyasny, Dmitry Balyasny — Organizations: Strategic, Millennium Management, Strategic Partners, Investor, Financial Times, Millennium, Seagram Locations: Schonfeld, —

☆ What you need to know about landing a tech job on Wall Street now, from the hottest roles to the most important skills
▼ + stars: | 2023-11-02 | by ( Bianca Chan | ) www.businessinsider.com time to read: +6 min

Artificial intelligence is breathing new life into Wall Street's tech hiring scene. JPMorgan is hiring the most AI-related roles, with 239 job postings between January and October, according to the data. Plus, the qualities and skills finance firms demand are changing, with some companies prioritizing technologists with business acumen and understanding of financial markets. Here are the hottest positions finance firms want to hireThe AI boom is carving out new, specialized tech jobs on Wall Street. It's common among Wall Street firms to hold data in the cloud, with many are designing new applications where their data is .

Persons: It's, Wall, Goldman Sachs, Zac Maufe, execs, Banks, Jayson Bevacqua, Maufe, Ben Hodzic, Selby Jennings, Hodzic, they're Organizations: Deutsche Bank, Google, Revelio Labs, JPMorgan, Solaris Search, Google Cloud, Apollo, skillsets, Finance, Web Services, Microsoft, Citadel Securities, Millennium Management

☆ Citadel Securities is looking for business-savvy coders. Here's what you need to know to land a technologist job that can pay as much as $350,000.
▼ + stars: | 2023-10-19 | by ( Bianca Chan | ) www.businessinsider.com time to read: +7 min

Being a solid coder isn't going to cut it at Citadel Securities anymore. Citadel Securities, which generated about $7.5 billion in revenue last year, is now focused on hiring thoughtful technologists who drive commercial outcomes for the firm. We're looking for people who can drive a big commercial impact for the firm," Aaron Moss, head of technology recruiting for Citadel Securities, told Insider. In one recent case, Citadel Securities extended an offer to a promising young intern, even though the hiring manager had been looking for a more experienced hire. "The industry is getting very high level with things like AI, which push people even further away from that understanding," Neff told Insider.

Persons: Ken Griffin, Aaron Moss, Josh Woods, It's, Olga Naumovich, Jayson Bevacqua, opportunistically, Damien Neff, it's, Neff, Costas Bekas, extroverts, Bekas, didn't, Moss Organizations: Citadel Securities, Citadel, Solaris Search, LinkedIn Locations: Miami

☆ A top Brevan Howard exec responsible for luring investment talent is leaving the $35 billion macro fund
▼ + stars: | 2023-09-06 | by ( Alex Morrell | ) www.businessinsider.com time to read: +2 min

A top exec at Brevan Howard is departing the $35 billion macro fund. The senior exec in charge of luring top investment talent to $35 billion Brevan Howard is leaving. He was also the global head of business development at Izzy Englander's Millennium Management for five years. The $35 billion hedge fund, founded by macro trading billionaire Alan Howard, has struggled with performance this year. Do you have more information about Brevan Howard or other hedge fund performance or talent moves?

Persons: Brevan Howard, Peter Hornick, Brevan, Howard, Izzy Englander's, Hornick, Alan Howard, Alex Morrell Organizations: Brevan, Management, Alpha, Credit Suisse Locations: ExodusPoint

☆ Ex-Millennium exec Bobby Jain has made his first major hire for the industry's most hotly anticipated new hedge fund launch
▼ + stars: | 2023-07-08 | by ( Alex Morrell | ) www.businessinsider.com time to read: +2 min

Ex-Millennium exec Bobby Jain is preparing to launch one of the most anticipated hedge funds in history. An exit agreement barring Jain from hiring ended at the beginning of this month. Former Millennium executive Bobby Jain has made his first major hire as he lays the groundwork for what Wall Street professionals are expecting to be one of the largest ever hedge fund launches. Before BofA, Barton was COO at Meru Capital and Old Lane; he started his career at Morgan Stanley. His exit agreement prohibited him from officially hiring until the end of last Month.

Persons: Bobby Jain, Jain, Jonathan Barton, Izzy Englander's, Barton, Morgan Stanley, Michael Gelband, Gelband, ExodusPoint, It's Organizations: Millennium, Wall, Management, of America, Meru, Bank of America, Credit Suisse, ExodusPoint, Wall Street Locations: BofA, Meru Capital

☆ 'It can't get much worse than this': A trail of portfolio managers have resigned or been liquidated as the once lush index-rebalance strategy dries up
▼ + stars: | 2023-05-11 | by ( Alex Morrell | ) www.businessinsider.com time to read: +5 min

Heavyweight multi-strategy hedge funds aren't known for their patience. It seems their patience has run out on the index-rebalance strategy, one of the most popular and sought-after hedge fund moneymakers in recent years. Representatives for the hedge funds declined to comment or did not respond to requests for comment. While hedge funds are allocating their capital elsewhere, they haven't given up on index-rebalance trading. Do you know more about the index-rebalance trade?

☆ Millennium is on the hunt for engineers in Miami. A top tech exec for the $58 billion hedge fund details the firm's new training program.
▼ + stars: | 2023-04-19 | by ( Bianca Chan | ) www.businessinsider.com time to read: +5 min

The head of tech for Miami outlines what applicants can expect, how to stand out, and why Miami. Naumovich, who was hired in September 2022, is responsible for building out Millennium's tech presence and tech offerings in Miami. A big part of that mandate will come down to recruiting tech talent, which has previously proven challenging for Wall Street firms in the area. The rotational program is the first of its kind in Millennium's tech organization. Wall Street SouthThe LEaD program is just one aspect of Millennium's big-picture build out in Miami.

☆ Millennium's new Miami-based engineering program is the latest shot in hedge fund's war for young tech talent
▼ + stars: | 2023-04-17 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +4 min

Insider's Bianca Chan has a first look at Millennium Management's new engineering training program for its Miami office. Click here to read more about Millennium's new training program for engineers in Miami. JPMorgan's Jamie Dimon, BlackRock's Larry Fink, Citigroup's Jane Fraser, and Wells Fargo's Charlie Scharf shared thoughts on the banking crisis during their respective earnings calls. The world's largest money manager is open to making some deals in the wake of the banking crisis. Despite all the chatter on the recent banking crisis, JPMorgan's CEO still had thoughts on the state of the wider economy.

☆ Inside Millennium Management's new engineering-recruitment program in Miami, from what applicants can do to stand out to why the city is becoming a key tech hub for the $58 billion hedge fund
▼ + stars: | 2023-04-17 | by ( Bianca Chan | ) www.businessinsider.com time to read: +5 min

☆ Multi-strat hedge funds like Citadel and Millennium are the new big banks
▼ + stars: | 2023-03-22 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

There's an old saying on Wall Street: You can only leave Goldman Sachs once. Insider's Alex Morrell has a fascinating look at how Goldman Sachs' top executives have headed to some of the top hedge funds in the world in recent years. Poaching talent is a longstanding tradition on Wall Street, and the path from the investment banks to the buy side is a well-worn one. It's an indication of the shifting tides on Wall Street between the firms that traditionally held all the power (big banks) and the ones usurping them (multi-strat hedge funds). Click here to read more about how Goldman Sachs alumni are getting poached by the world's biggest hedge funds.

☆ Why Goldman Sachs alumni are being hoovered up by elite hedge funds like Citadel and Millennium
▼ + stars: | 2023-03-21 | by ( Alex Morrell | ) www.businessinsider.com time to read: +14 min

In November, one of the world's most consequential hedge funds announced a shake-up at the top of its power structure. In an internal memo, the founder of Millennium Management, Izzy Englander, said that Bobby Jain would be vacating the co-CIO role. "You can't readily find that managerial experience at other hedge funds and Goldman is a perfect place to look for those people." 8 former Goldman Sachs leaders are now Millennium execsEnglander isn't alone — firms rarely are in the copycat world of multistrats. In a statement to Insider, Abbey Collins, a spokesperson for Goldman Sachs, said, "Goldman Sachs has always been and remains a talent magnet.

REUTERS/Brian Snyder/File PhotoLONDON, March 15 (Reuters) - Investment managers Bridgewater Associates, Millennium Management and Marshall Wace added to short positions on European banking shares after the collapse of Silicon Valley Bank sparked contagion fears across global banks, according to data from Breakout Point. Short sellers had amassed bearish positions worth more than $15.7 billion against European banks by Tuesday, according to S&P Global Market Intelligence. Millennium Management, Citadel, Wellington Management, Capital Fund Management, Odey Asset Management and Marshall Wace declined to comment. Marshall Wace held the largest disclosed number of short positions against banks, public filings from Austria, Italy, Sweden, Britain, Spain and Poland analysed by Breakout Point showed. Its shares were up 18% at 1602 GMT, in a broader European banking index (.SX7P) up 1.4%In the week to Wednesday, some 120 billion euros had been wiped off the value of European bank shares.

☆ AI might revolutionize how we borrow money. But is that a good thing?
▼ + stars: | 2023-03-09 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

But a recent report by Credit Suisse on the use cases for both ChatGPT and AI in finance caught my eye. AI models are only as good as the data they receive, which leaves them susceptible to bias, just like humans. A top-performing hedge fund is looking to team up with one of the hottest tech tools. Izzy Englander's Millennium Management told clients that it'll expect to get paid regardless of whether the hedge fund actually makes money for its investors, according to Bloomberg. The billionaire hedge fund manager believes all signs are pointing towards a recession.

☆ Ken Griffin just keeps winning
▼ + stars: | 2023-03-08 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

No, 4.1 billion represents the number of dollars Ken Griffin made from his hedge fund, Citadel, in 2022 alone. Griffin made more money in one hour than the average American makes in their lifetime! Oh, and one more thing: That's not even all the money Griffin earned in 2022! I've said before you could make the case for Griffin being the most powerful person on Wall Street. And check out this fascinating profile from Insider's Dakin Campbell on Ken Griffin.

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