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☆ February was a banner month for some of the industry's biggest trend-following funds
▼ + stars: | 2024-03-14 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +1 min

These trend-following funds use futures contracts to track market momentum. The strategy type on average lost money in 2023, according to BarclayHedge. The trend-following strategy subset, which uses futures contracts to ride market momentum, lost money on average in 2023, according to BarclayHedge, but had a big month in February. The average CTA made 1.9% last month, the industry data provider notes, but several big-name managers blew that figure out of the water. AQR, run by billionaire Cliff Asness, made 7.9% in its $1.5 billion Managed Futures strategy, according to the firm's website.

Persons: Cliff Asness Organizations: CTA, Man, Business Locations: AQR, Connecticut

☆ An old hedge-fund strategy is taking off again. Why hedge funds from multi-strats to new launches are ramping up their alpha capture efforts.
▼ + stars: | 2024-03-07 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +5 min

Alpha capture strategies take inputs from sources like human traders, market data, sell-side research, and more and then use a systematic process to create a portfolio that is efficiently sized and hedged. CenterBook uses trading data from dozens of external firms to create its portfolios, while Norias will create its book off the ideas of its fundamental analysts. Meanwhile, Man Group is building out an alpha capture team within its AHL unit's special strategies team, a recent job posting states, and Squarepoint is doubling its team, finding external managers for its buy-side alpha capture program. "It is a way for them to increase their capacity and take in more assets," said Kevin Lyons, senior investment manager at Abrdn, about the largest platforms growing their internal alpha capture capabilities. AdvertisementThe alpha capture OGIt can all be tied back to the success of the original mainstream alpha capture strategy: Marshall Wace's TOPS, which stands for Trade Optimized Portfolio System.

Persons: —, Marshall Wace, Doug Haynes, Norias, Basil Qunibi, Squarepoint quant Warren Touwen, Merrill Lynch, Squarepoint, Touwen, Kevin Lyons, Marshall, Anthony Clarke, Cameron Hight, Hight, it's, headhunter Organizations: Service, Business, CenterBook Partners, Research, Investors, AHL, TOPS Locations: Austin, Abrdn, London

☆ Inside hedge funds' big Lincoln Center bash: caviar, acrobats, and a professed love for New York 'even if we move to Florida'
▼ + stars: | 2024-03-07 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +3 min

The alternatives industry's annual fundraiser for Lincoln Center had David Geffen Hall stuffed with acrobats, dancers, jugglers, and magicians — to say nothing of the billionaires sipping cocktails and noshing on hors d'oeuvres such as a potato bite topped with caviar and crème fraîche. The event pulled in hundreds of traders, bankers, and lawyers despite a rainy, windy night on Manhattan's Upper West Side. It was a celebration of New York, according to one of the gala's chairs, Ilana Weinstein, a longtime hedge-fund recruiter born in the city. Steve Tananbaum, Ilana Weinstein, and Steve Cohen. Guests at Lincoln Center's Alternative Investment Industry Gala were entertained by dancers, musicians, jugglers, and acrobats.

Persons: David Geffen, —, Ilana Weinstein, Point72, Steve Cohen, Steve Tananbaum, Dave Kotinsky, Ken Griffin, Steves, Weinstein, Hunter Point's Bennett Goodman, York, Jamie Dinan, Axel Capital's Anna Nikolayevsky, Lincoln, partygoer Organizations: Lincoln Center, David Geffen Hall, Business, Lincoln Center In, Sunshine State, Citadel Securities, Citadel, Lincoln, Alternative, Industry Locations: New York, Florida, Lincoln Center In Florida, Miami, West Palm, Chicago, Balyasny

☆ Schonfeld's strong start to 2024 has the once-imperiled manager besting larger peers
▼ + stars: | 2024-03-05 | by ( Bradley Saacks | Alex Morrell | ) www.businessinsider.com time to read: +2 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. The $10 billion manager returned 1.5% last month in its flagship fund, pushing its 2024 returns to 3.3% for the year, sources close to the firm told Business Insider. Since September, when Schonfeld was drumming up cash and cutting costs, the firm has returned 6.2% in its flagship fund and 7.4% in fundamental equity. Its 2023 performance to date has the New York-based manager leading its multi-strategy peers, including Millennium and Ken Griffin's Citadel. AdvertisementBalyasny, which trailed peers in 2023, was flat last month, while Michael Gelband's ExodusPoint was up 0.7%.

Persons: —, Schonfeld, Griffin's, Steve Cohen's Point72, Michael Gelband's ExodusPoint Organizations: Service, Schonfeld Strategic, Millennium, Business, Investors, Griffin's Citadel, Citadel Wellington Locations: Asia, York, Wellington

☆ 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

☆ The fastest-growing hedge funds are now investing conglomerates. That's changing how investors judge the biggest firms.
▼ + stars: | 2024-02-29 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +7 min

The rise in multi-manager hedge funds over the past five years has forced allocators to create a separate due diligence model for the fastest-growing segment in the industry. Even an executive at a midsized multi-manager admits their firm and its peers are "more like corporations than hedge funds." AdvertisementA new type of hedge-fund kingsFounders were once simply the best traders and money-makers, spinning out of banks' trading desks and larger hedge funds. Bobby Jain, the former Millennium executive starting his own multi-billion hedge fund, hasn't traded in decades but was a part of the leadership team at one of the biggest hedge funds in the world. Jobs at multi-manager platforms are roughly a quarter of the industry's overall roles, despite these funds holding roughly 14% of the assets.

Persons: —, allocators, Griffin's, Izzy Englander's, Jack Springate, Allen Cheng, Cheng, Bobby Jain, hasn't, Michael Gelband, Dmitry Balyasny, Steve Cohen, Izzy Englander, Ajay, Kevin Lyons, Lyons, Springate Organizations: Service, Business, Fortune, Goldman Sachs Asset Management, Aon, Millennium, Treasury Locations: Schonfeld's

☆ Hot hedge fund trends collide at a new AI-powered multi-strategy fund
▼ + stars: | 2024-02-26 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +3 min

Ascendance Asset Management, founded by former AllianceBernstein investor Bob Kim, will be a multi-strategy hedge fund that plans to integrate artificial intelligence across the investing and risk management process, several sources familiar with the matter told Business Insider. Kim was the director of research at Visium and a portfolio manager for Izzy Englander's Millennium before working as the chief investment officer for AB's Arya fund, the multi-billion multi-strategy fund within the asset manager's alternatives business. AdvertisementThe firm also brought on a former executive from billionaire Stan Druckenmiller's hedge fund Duquesne, John Kovitch, to be its head of trading. The goal, sources told BI, is for each portfolio manager to have their own personalized AI agent helping them trade. These firms need people, especially investing talent, pushing up compensation and guaranteed payouts across the industry.

Persons: Bob Kim, Ascendance, Kim, Izzy Englander's, AB's Arya, Josh Adam, Adam, Steve, Goldman Sachs, Stan Druckenmiller's, John Kovitch, Bobby Jain's Jain Organizations: Service, Management, Industry, Business, SAC, Duquesne, Citadel Locations: New York, London, Asia, GLG

☆ Anthony Vaccarino, once subpoenaed during the Department of Justice's investigation into billionaire Steve Cohen, has rejoined his old boss
▼ + stars: | 2024-02-13 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +1 min

Anthony Vaccarino, once a portfolio manager at SAC, is working for Steve Cohen again. 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 . AdvertisementAnthony Vaccarino is back for his second stint under billionaire Steve Cohen. He is reporting to the head of that unit, Andrew McEntire, and working with teams across Point72’s long-short equity strategies.

Persons: Anthony Vaccarino, Steve Cohen, Vaccarino, —, AJ, Point72, Andrew McEntire, Cohen, Sol Kumin, Tom Conheeney, Steve Kessler, Phil Villhauer Organizations: SAC, Fourth Asset Management, Service, New York Mets, SAC Capital Advisors, Department of, Business Locations: Point72

☆ Growing quant giant Qube just added a fundraiser focused on Asian investors
▼ + stars: | 2024-02-12 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +2 min

This story is available exclusively to Business Insider subscribers. Sources familiar with the firm's plans told Business Insider that it hopes Hirazumi will help bring in assets to the firm’s China strategy. The manager has four Asian offices listed on its website, including one in mainland China in Shanghai, plus others in Hong Kong, Singapore, and Mumbai. It helps that performance has been stellar: The manager is already up roughly 10% through January this year, Business Insider previously reported . Another Millennium spin-out, Kurt Baker’s 30th Century Partners, is planning to start trading this year with $3 billion out of Hong Kong, according to a Bloomberg report.

Persons: Noriaki Hirazumi, Qube, Hirazumi, Ray Dalio, Blackstone, Jonathan Xiong, Kurt Baker’s Organizations: Research, Technologies, General Investment, London, Winton Group, Business, Credit Suisse, Public, Tiger, Investment Partners, Century Partners, Bloomberg Locations: Asia, London, Japan, China, Shanghai, Hong Kong, Singapore, Mumbai, Qube, Bridgewater

☆ Glen Kacher's Light Street begins 2024 with a big January. Here's how peers like Tiger Global, D1, and Whale Rock did.
▼ + stars: | 2024-02-12 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +1 min

Light Street returned 12.4% in January, easily besting the market and its tech-investing peers. Fellow Tiger Cubs like Tiger Global, D1, and Lone Pine were also positive for the month. AdvertisementLight Street Capital followed up a big 2023 — when the tech investor returned 46% — with a 12.4% gain in January, several sources told Business Insider. The San Francisco-based manager, run by Glen Kacher, is one of several Tiger Cubs to start the year above the market. This story is available exclusively to Business Insider subscribers.

Persons: —, Glen Kacher, Chase, Alex Sacerdote's Organizations: Fellow Tiger Cubs, Tiger, Nvidia, Meta, Service, Capital, Business, Tiger Cubs Locations: Lone Pine, San Francisco

☆ 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

☆ Qube and Renaissance have started 2024 with a bang. Here's how quant funds did in January.
▼ + stars: | 2024-02-08 | by ( Bradley Saacks | ) www.businessinsider.com time to read: 1 min

Quant funds, including Qube and Renaissance Technologies, have started strong in 2024. Under-the-radar Qube Research and Technologies started its encore to its stellar 2023. The largest fund at the $14 billion quant manager was up roughly 10% in January, sources familiar told Business Insider. The London-based manager run by CEO Pierre-Yves Morlat and CIO Laurent Laizet led the way in what was generally a strong month for quant funds. According to Hedge Fund Research, the average systematic fund betting on equities made 1.8% in January, besting the S&P 500 and the average hedge fund, which were up 1.6% and 0.2%, respectively.

Persons: Man, Pierre, Yves Morlat, Laurent Laizet Organizations: Renaissance Technologies, AHL, Research, Technologies, Business, Hedge Fund Research Locations: London

☆ No PMs, no extra fees: Here's a look at former Point72 president's new 'alpha-capture' fund hoping to raise $1 billion
▼ + stars: | 2024-02-08 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +3 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewFormer Point72 president Doug Haynes is looking to revive a strategy he previously ran for billionaire Steve Cohen for his new fund launch. This story is available exclusively to Business Insider subscribers. Last year, billionaire Millennium founder Izzy Englander described it as a "talent bubble" while speaking at the Robin Hood conference. Business Insider previously reported that Haynes had hired people such as D1 Capital's former director of research Michael Lean to be a part of the new venture.

Persons: —, Doug Haynes, Steve Cohen, Haynes, Latitude's, Chris Coward, Izzy Englander, Robin Hood, Michael Lean, Cohen, Lauren Bonner, Bonner Organizations: Service, Business, Robin Locations: shuttering, Palm, Point72

☆ Citadel is on top, and Schonfeld is picking up steam. Here's how hedge funds kicked off the new year.
▼ + stars: | 2024-02-02 | by ( Alex Morrell | Bradley Saacks | ) www.businessinsider.com time to read: +1 min

Hedge funds are off to a good start in 2024 after mediocre performance last year. January returns were strong at multi-strategy managers like Citadel, Point72, and Millennium. A leaner Schonfeld closed out a rough 2023 on high note, and it's kept the momentum going in 2024. In 2023, even the best multi-strategy hedge funds trailed the broader stock market. Citadel led its peers with a 15.3% gain last year, but the S&P 500 notched a total return of 26.3%.

Persons: it's, Ari Glass Organizations: Citadel, Business Locations: Point72, Wellington

☆ Citadel is partnering with nonprofits to keep new hires' skills sharp as they ride out yearslong garden leaves
▼ + stars: | 2024-02-02 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +1 min

Citadel's Impact Fellows program connects new hires waiting out non-competes with non-profits. The voluntary program was piloted last year and is now embedded in the firm's recruiting process. "It gave me structure in my life," said one employee who had to wait 18 months to start his new job. Citadel and Citadel Securities — the $62 billion hedge fund and industry-leading market maker, respectively — are no strangers to new hires having to sit out lengthy non-competes. Hedge funds and trading shops are notorious for garden leaves that can stretch years, and many firms are willing to be patient for top talent.

Organizations: Citadel, Citadel Securities, Business

☆ How 4 'disgusting' short bets changed David Einhorn's hedge fund's year from 'great' to just 'very good'
▼ + stars: | 2024-01-25 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +3 min

This story is available exclusively to Business Insider subscribers. In a letter to investors seen by Business Insider, he said his short bets against companies he believed were overvalued went haywire. Einhorn did not name the four short positions in the letter that helped drag the entire short book down 25.6% last year but called the performance "disgusting." The short positions were not new ones. The firm declined to identify the four positions when asked by Business Insider or offer any additional comment on the letter.

Persons: David Einhorn's, Einhorn, ruing, overvalued, Elon Musk's Tesla, Tesla Organizations: Greenlight Capital, Business, Industry

☆ Ken Griffin is on top of the hedge fund world. Read his memo to the Citadel team.
▼ + stars: | 2024-01-22 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +2 min

Read previewAnother big year for billionaire Ken Griffin and Citadel has extended the lead the Miami-based money manager has over its peers. It brought the firm's all-time gains to $74 billion, close to $20 billion more than the two firms tied for second all-time, D.E. The two firms have generated $56.1 billion in profits since they launched, according to the rankings. In an internal memo titled "Citadel Widens Lead as Most Profitable Hedge Fund of All Time," Griffin wrote, "We not only retained the #1 ranking, but we also more than doubled our lead over our closest competitors in the past year." Citadel confirmed the contents of the memo but declined to comment further.

Persons: —, Ken Griffin, Shaw, Ray Dalio's Bridgewater, Edmond de Rothschild, Griffin Organizations: Service, Citadel, Business, LCH Investments, Millennium, Bloomberg, LCH, Fund Locations: Miami, Connecticut, Wellington

☆ Meet CenterBook Partners, the hedge fund powered by intel from dozens of other managers
▼ + stars: | 2024-01-22 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +5 min

That dozens of funds — the firm currently has 28 different partner funds that feed data into the strategy plus a waitlist of five other managers — would share their holdings is novel. The average hedge fund was up 7.5%, according to Hedge Fund Research. The managers who have partnered with CenterBook, Stemerman said, have a long time horizon — think months instead of days — on their trades, so the edge isn't lost if CenterBook also makes the same trade in its book. CenterBook, if assets grow as expected, aims to bring on another 10 partner funds this year, the source close to management tells Business Insider. While the manager has only 18 full-time employees, its partner funds have more than 100 investment analysts working at them.

Persons: David Stemerman, Steve Mandel's Lone, Conatus, CenterBook, Stemerman, —, tearsheet, hadn't Organizations: Business, Connecticut's, Alpha, CenterBook, Global Alpha, Fund, Citadel, Apple Locations: Charlotte, Lone

☆ Inside $9 billion WorldQuant's 15-year anniversary celebration in the Bahamas, with talks from Arnold Schwarzenegger and Malcolm Gladwell, plus performances from David Blaine
▼ + stars: | 2024-01-19 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +2 min

The Baha Mar resort in Nassau was full of quants, engineers, and data scientists the week before Christmas. Attendees heard speakers such as Arnold Schwarzenegger, author Malcolm Gladwell, and retired US Army Gen. Stan McChrystal speak on different topics, including the future of technology and history. One session featured Boston Dynamics founder Marc Raibert speaking on robotics and artificial intelligence with the firm's robot dog, Spot, next to him. But for those at WorldQuant looking forward to relaxing, the resort has plenty of options. Entertainment during the week also included a performance from David Blaine, the well-known illusionist.

Persons: Izzy Englander's, Igor Tulchinsky, Arnold Schwarzenegger, Malcolm Gladwell, Stan McChrystal, Marc Raibert, Magnus Carlsen, Baha, David Blaine Organizations: Baha, Business, US Army, Boston Dynamics, Hyatt, Entertainment Locations: Nassau, Bahamas, Connecticut

☆ Inside $9 billion WorldQuant's 15-year anniversary celebration in the Bahamas, with talks from Arnold Schwarzenegger, performances by David Blaine, and a $100,000 chess tournament
▼ + stars: | 2024-01-19 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +2 min

The Baha Mar resort in Nassau was full of quants, engineers, and data scientists the week before Christmas. One session featured Boston Dynamics founder Marc Raibert speaking on robotics and artificial intelligence with the firm's robot dog, Spot, next to him. Chess champion Magnus Carlsen came to play with teams from 12 different countries playing to win a $100,000 grand prize. But for those at WorldQuant looking forward to relaxing, the resort has plenty of options. Entertainment during the week also included a performance from David Blaine, the well-known illusionist.

"When you see the news of a Wall Street employee or any highly paid professional dying this way, it obviously wakes you up." Wall Street is all about relationships, which often means spending big money to show people a good time. "That's been the Wall Street playbook for many, many years, and I don't think it has changed." On the other side of the coin is Wall Street, where a history of drug use can haunt working professionals for years. AdvertisementLaird thinks Wall Street firms could learn a thing or two from other industries when it comes to their response to addiction.

Persons: Rudy Giuliani, It's, Joe, I'm, Anna Lembke, Streeters, biohacking, Wall, couldn't, Rudolph Giuliani, Getty John Battaglia, Spear, Goldman Sachs, " Battaglia, Goldman, Adderall, Jaime Blaustein, Blaustein, Sylvia Brafman, Zyn, who's, JAMES ARTHUR GEKIERE Denise Shull, hasn't, Shull, —, Artur Widak, they've, Ray Donovan, AGNES BUN, Battaglia, Ross Peet, Betty, Lembke, Leonardo DiCaprio, Paramount Pictures Trey Laird, Laird, Trey, That's, Peet Organizations: Business, New York Times, Wall, psychedelics, Stanford, Addiction, Mental Health Services Administration, Bettmann, Leeds, Kellogg, Sylvia Brafman Mental Health, BI, Citadel, Getty, National Institute on Drug Abuse, Credit Suisse, Traders, Bank of America, New, Betty Ford Foundation, Street, Paramount Pictures, Needham & Co, Treatment, Industry Locations: Manhattan, New York, Brussels, Silicon Valley, California, Arlington , Virginia, New York City, Bank, New Canaan , Connecticut

☆ Man Group taps former Gladstone partner Sumant Wahi for a new stock-picking strategy
▼ + stars: | 2024-01-16 | by ( Bradley Saacks | ) www.businessinsider.com time to read: 1 min

Sumant Wahi started at Man Group's GLG unit Monday. The former Gladstone partner is going to run a stock-picking strategy focused on tech companies. Wahi previously ran a tech-focused strategy for Fidelity International. London-based Man Group has added to its roster of investment talent to start the new year. The $161 billion investment manager — one of the few publicly traded hedge fund managers — has hired former Gladstone partner Sumant Wahi to run a tech-focused stock-picking strategy.

Persons: Sumant Wahi, Gladstone, Wahi, — Organizations: Fidelity International . London, Gladstone, Business

☆ ExodusPoint hired more than 35 portfolio managers in 2023. Here's how the $12 billion firm wants to streamline its recruiting process this year.
▼ + stars: | 2024-01-16 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +2 min

Recruiters working with Michael Gelband's ExodusPoint no longer need to track down the hiring manager every time they find a compelling candidate. The multi-strategy manager told its recruiting partners in an email blast that the new process for submitting candidates will be through Greenhouse, the TPG Growth-backed jobs board. Gelband's former boss, Millennium founder Izzy Englander, deemed it a "talent bubble," as firms poach portfolio managers, analysts, and software engineers from each other — driving up compensation industrywide. ExodusPoint's decision to push its external recruiting network to an online portal comes as the firm integrates more than 35 new portfolio managers into its strategy over the last 12 months. Those teams will need analysts, researchers, and developers to support its growing army of portfolio managers, and the firm, like its peers, is always hunting for top-performing PMs.

Persons: Michael Gelband's ExodusPoint, Izzy Englander, Peter McConnon, Michael Lapsa, Kunal Kumar, Balyasny, Stephen Luterman, Peter Cotton, Shen Xu, ExodusPoint Organizations: Business, TPG, Engineers, CTC Capital, Citadel, JPMorgan Locations: Balyasny

☆ Eisler portfolio manager Sean Gambino is spinning out of the London-based hedge fund and launching his own firm
▼ + stars: | 2024-01-12 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +1 min

Read previewLess than two years after joining Eisler Capital, Sean Gambino is spinning out of the $4 billion multi-strategy firm and starting his own manager, two people familiar with the matter told Business Insider. This story is available exclusively to Business Insider subscribers. He was one of many investors who closed down their own, smaller firms to join forces with a larger multi-strategy fund, which can offer big payouts and reduced compliance and technology headaches. Eisler will support the new firm, one of the people familiar with the matter told Business Insider, though details are still scant on the new fund. AdvertisementWhile Eisler has lost a portfolio manager to start 2024, its team is still much larger than it was a year ago.

Persons: —, Sean Gambino, Gambino, Eisler Organizations: Service, Eisler Capital, Business, Heron Bay Capital Locations: Heron Bay, Stamford , Connecticut, Europe

☆ Lone Pine, Steve Mandel's $15 billion hedge fund, bounced back in 2023 following clients pulling out billions
▼ + stars: | 2024-01-10 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +1 min

Despite billions leaving the firm, Lone Pine Capital ended strong last year. The manager was down 38% and 42% in its hedge fund and long-only strategy, respectively, last year. Bloomberg reported in August that clients had pulled roughly $3 billion out of the firm in the 12 months leading up to July 2023. The firm's strong 2023 performance bested the average hedge fund, which returned less than 8%, according to Hedge Fund Research. Still, the flagship hedge fund strategy trailed the S&P 500, fellow Tiger Cubs like Tiger Global and Coatue, and other tech investors like Whale Rock and Light Street.

Persons: Cub, Steve Mandel, Pine, Mala Gaonkar's, Peers Organizations: Lone, Lone Pine Capital, Business, Bloomberg, Fund Research, Viking, D1 Capital, Tiger Cubs, Tiger, Nasdaq Locations: Lone Pine, Cypress, Greenwich

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