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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

☆ This biotech startup is finding new cancer drugs with $75 million from General Catalyst. Here's the pitch deck Georgiamune used to raise its Series A.
▼ + stars: | 2024-03-26 | by ( Rebecca Torrence | ) www.businessinsider.com time to read: +4 min

Then, at the Georgia Cancer Center at Augusta University, he began the research that would eventually spin off into his first startup, Georgiamune. The same month, Georgiamune also got FDA clearance to begin human clinical trials for its first cancer drug candidate. Georgiamune's primary drug target works to solve a problem posed by another type of cancer drug on the market, called checkpoint inhibitors. For a Series A biotech startup, Georgiamune has an unusually extensive pipeline, with nine biological targets identified internally, all of which use different mechanisms of action than existing drugs. AdvertisementHere's the 21-slide pitch deck Georgiamune used to raise a $75 million Series A co-led by General Catalyst.

Persons: —, Samir Khleif, King, Khleif, Catalyst, CJNV BioVenture, Georgiamune, doesn't, Amy Abernethy, Khleif's, General Catalyst Organizations: Service, King Hussein Cancer Center, Georgia Cancer Center, Augusta University, Business, Parker Institute for Cancer, Mubadala, Alexandria Venture Investments, Catalio Capital Management, Verition Fund Management, Bicara Therapeutics, Therapeutics, General Locations: Jordan, Verily

☆ How Hedge Funds Are Betting on Electricity and the Changing Power Grid
▼ + stars: | 2024-03-05 | by ( Alex Morrell | Bradley Saacks | ) www.businessinsider.com time to read: +19 min

A onetime commodities backwater, congestion trading has become a growing business in recent years as the demand for electricity and volatility on the power grid in the US has soared. The financial category, which includes specialized power-trading companies, banks, hedge funds, and large proprietary trading firms, dominates the market, in part because the physical power firms typically operate in only one or two regions. He launched three congestion trading teams for the firm, including in California and Texas after those states introduced congestion trading in 2008 and 2010, respectively. Citadel, along with Susquehanna International Group and Tower Research, has been involved in FTR trading since the market's infancy. Volatility has been increasing on the power grid, in part because of changing weather patterns, Jeev added.

Persons: Kumar Jeev, Jane Street, Richard Roseblade, who's, There's, Roseblade, Bill Clark, Jeev, DC Energy's Tyler Kuhn, DRW, California Al Seib, Brevan Howard, Jane, Stephanie Staska, Staska, couldn't, Joe Biden's, It's, Meredith Angwin, Angwin Organizations: Business, Capital, Midwest, Citadel, Tower Research, Yes Energy, Energy, Anadolu, Getty, Federal Energy Regulatory Commission, FERC, Nasdaq, York Stock Exchange, Nvidia, Johns Hopkins University, DC Energy, Wayfair, Squarepoint, Appian, Boston Energy, Susquehanna International Group, DC, Bloomberg, Commodities, Traders, Wall Street, Workers, GreenHat Energy, JPMorgan, Hill Energy Resource & Services, P, Grid, & $ Locations: Wall, East Coast, DRW, Susquehanna, FTRs, New York, Canada, Texas, Virginia, California, Berlin, Chicago, Oregon, California Al, Ukraine, Russian, Uri, Northern Virginia

☆ Hedge fund performance in July was muted. But Citadel distanced itself from Point72, Millennium, and other competitors.
▼ + stars: | 2023-08-04 | by ( Alex Morrell | ) www.businessinsider.com time to read: +1 min

Top multi-strategy hedge funds trailed the stock market in July. Citadel led the pack, gaining 1.3% last month and pushing its 2023 tally to 8.6%. Verition bested most of its peers, gaining 1.2% in July. The world's largest hedge funds, meanwhile, posted more muted gains. Among its multi-strategy hedge fund peers, Ken Griffin's $59 billion Citadel remains second to none, gaining 1.3% in July in its flagship Wellington fund.

Persons: Verition, Ken Griffin's, It's, Marshall Wace Eureka Organizations: Citadel, Citadel Wellington, Hudson, International, Representatives Locations: Wellington

☆ Jump Trading's top executive in Europe is leaving the systematic trading firm
▼ + stars: | 2023-06-18 | by ( Alex Morrell | ) www.businessinsider.com time to read: +3 min

Jump Trading exec Peter Deaner is leaving the systematic trading firm, people familiar with the matter said. Senior executive departures are relatively uncommon at the press-shy trading firm. Jump Trading Group's top executive in Europe is leaving the systematic trading firm after more than a decade. "Pete will be retiring from the industry in 2024, moving on from Jump Trading roughly at the end of Q1," the spokesperson told Insider in an email. Jump Trading International, the London-based subsidiary of the Chicago trading firm, has grown substantially since Deaner joined in the summer of 2012.

Persons: Peter Deaner, Deaner, Pete, Damien Couture, Verition, lockups Organizations: Companies, Couture, Bloomberg Locations: Europe, London, Chicago

Firms that concentrate on stocks, however, rode a late month market rally to small gains, according to investors and industry data. Many hedge funds are still compiling March and first quarter numbers, but preliminary reports from research firm Hedge Fund Research showed the average hedge fund was off 1% last month and ended the quarter flat. The macro hedge fund is down nearly 9.5% year-to-date through March, the source added. The Balyasny Atlas Enhanced fund gained 0.8% in March and is up 1% for the year. A Goldman Sachs report, based on returns posted by the bank's prime brokerage's clients, showed fundamental long/short funds gained 1.04% in March.

☆ Performance for top hedge funds including Citadel, Millennium, Point72 just dropped. An unlikely winner is at the top of the pile.
▼ + stars: | 2023-03-03 | by ( Alex Morrell | ) www.businessinsider.com time to read: +2 min

February performance figures show a mixed-bag at the top multi-strategy hedge funds. Citadel, continuing its winning streak, is up 2.8% so far, while Millennium is up just 0.5%. Some of the largest multi-strategy hedge funds had killer years in 2022 while much of the industry struggled. An unlikely winner is off to a torrid start after a challenging year in 2022: ExodusPoint is up 2.9% through February on the back of a 2% gain during the short month, according to people familiar with the matter. Citadel has continued its winning streak after record-breaking performance in 2022, up 2.8% this year, sources told Insider.

☆ 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.

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