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☆ High-stakes game of keeping secrets on Wall Street
▼ + stars: | 2023-05-18 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

Citadel Securities' trading strategies? Look no further than a recently filed lawsuit by Citadel Securities against two former employees, per Bloomberg. The suit, which you can read here, alleges the former employees were building a competing high-frequency trading firm while still employed and used trade secrets gained while at Citadel Securities. Portofino told Bloomberg that the Citadel Securities lawsuit was "corporate bullying" and that it would defend itself. On the one hand, trading firms invest a lot of money — check out some salary ranges here — in developing these strategies.

☆ Thanks for the memories (and money) index-rebalance strategies
▼ + stars: | 2023-05-12 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +4 min

A man pauses outside of the New York Stock Exchange (NYSE) on January 15, 2016 in New York City. Index-rebalance strategies, the talk of the town just a few short years ago, are seemingly on their last legs these days. What doomed the index-rebalance strategy is a tale as old as time on Wall Street. Times are tough now, but as Alex notes in his story, not everyone is completely giving up on the strategy. And while we're talking Man Group, here's a rundown on a program meant to help non-tech workers learn data-science skills to help streamline their jobs.

☆ What you need to know if you want a job at an elite firm like Point72, Citadel, or Millennium
▼ + stars: | 2023-05-10 | by ( ) www.businessinsider.com time to read: +3 min

The biggest hedge funds are battling it out to attract and retain top talent and outperform peers. Insider has talked to a number of hedge funds to get a peek into their recruiting strategies. Shaw, and Bridgewater are in constant competition for the best and brightest to help them gain an edge in the cutthroat investment industry. Internships and fellowshipsThe opaque and secretive world of hedge funds might not necessarily be an obvious choice for many college graduates. Investment training programsTypically, hedge funds acquired their investment talent after a few years of working at an investment bank.

☆ Point72 and Citadel outpaced rival hedge funds in April. Here's how Millennium, D.E. Shaw, and other multi-strats are faring this year.
▼ + stars: | 2023-05-04 | by ( Alex Morrell | ) www.businessinsider.com time to read: +1 min

Point72 led multi-strategy hedge funds in April with a gain of 1.58%. Citadel was up 1.11% and leads peers year-to-date with a gain of 5.37%. Point72 had the best month among multi-strategy hedge funds, up 1.58% in April and 4.63% for the year. Citadel continues its hot streak with a 1.11% return in April and leads among peers year-to-date, up 5.37%. Fund April performance Year-to-date performance Point72 1.58% 4.63% Citadel 1.11% 5.37% D. E. Shaw (as of 4/21) 0.60% 1.90% Balyasny 0.82% 1.32% ExodusPoint (0.10) 0.80% Millennium Flat 0.50% Schonfeld 0.30% 0.20%April saw a reversal of sorts among hedge fund strategies.

☆ 5 reasons fighting Disney is a political winner for DeSantis — and 6 reasons it could hurt his shot at the presidency
▼ + stars: | 2023-04-28 | by ( Kimberly Leonard | ) www.businessinsider.com time to read: +13 min

It does a ton of business in China, which many GOP voters view as a threat to the US. DeSantis already ran on being anti-Disney — and wonTaryn Fenske, DeSantis' communications director, has described the Disney fight as being "the will of Florida voters." And they might not vote for DeSantis if they think the Disney fight is a killer in a general election. Families often work hard and save for years to take their children to Disney World. If DeSantis can't bring a resolution to the Disney fight, can he handle the job of president?

☆ Hedge fund career guide: What you need to know if you want a job at an elite firm like Citadel, D.E. Shaw, or Point72
▼ + stars: | 2023-04-13 | by ( ) www.businessinsider.com time to read: +3 min

Insider has talked to a number of hedge funds to get a peek into their recruiting strategies. Sign up for our newsletter to get the latest stories in hedge funds, PE, fintech, and banking — delivered daily to your inbox. Shaw, and Bridgewater are in constant competition for the best and brightest to help them gain an edge in the cutthroat investment industry. Internships and fellowshipsThe opaque and secretive world of hedge funds might not necessarily be an obvious choice for many college graduates. Investment training programsTypically, hedge funds acquired their investment talent after a few years of working at an investment bank.

☆ Inside the 5-hour psychological interview that can make or break your career at Citadel, Blackstone, and other finance titans
▼ + stars: | 2023-04-10 | by ( Emmalyse Brownstein | Alex Morrell | ) www.businessinsider.com time to read: +16 min

ghSmartThe company's unusual but rigorous approach to screening job candidates has won it the trust of some of the finance industry's most competitive and coveted workplaces, as well as other blue-chip corporations. "That became the kernel for ghSmart," Smart recounted in a podcast interview. That means the ghSmart interview isn't something you can necessarily prepare for in the same way you might, for example, read up on certain stocks or industry trends. The company's team of psychologists spends hours drilling into each candidate's job and life experiences. Unlike some executive-search firms, ghSmart disconnects its fee from whether it fills the role.

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.

☆ I Visited Miami After the Stock Market Crash, Crypto Bubble Pop
▼ + stars: | 2023-03-26 | by ( Linette Lopez | ) www.businessinsider.com time to read: +13 min

And if any city is the city where you can see just how remarkably things have shifted, it's also Miami. If the draw in the 1920s was imaginary land, Miami's bubble in the 2020s was driven by imaginary money — crypto. The newcomers — and the crypto kids, especially — believed they could master Miami as easily as they had mastered the markets. The new Miami money party started to run out of libations. "There were a lot of true believers in the Miami crypto scene.

☆ What we lend in the shadows
▼ + stars: | 2023-03-15 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

"What We Do in the Shadows." New companies, especially ones that don't make any money are "pre-revenue," as VCs like to say, aren't easy to lend to. — there are also risks to letting investment firms lend billions of dollars without much oversight. Private-credit firms are looking to fill the lending gap left by Silicon Valley Bank's downfall. Inside Silicon Valley Bank's $70 billion loan portfolio that's now up for grabs.

☆ Ken Griffin's hedge fund Citadel takes a 5% stake in Western Alliance Bancorp amid banking turmoil
▼ + stars: | 2023-03-14 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Billionaire investor Ken Griffin's hedge fund Citadel has taken a 5.3% stake in Western Alliance Bancorp amid turbulence in the banking sector after Silicon Valley Bank's collapse, according to a regulatory filing released Monday . The hedge fund owns thousands of individual stocks and often trades in and out of positions quickly. WAL 5D mountain Western Alliance Bancorp The bank stock rallied more than 40% Tuesday following a 47% sell-off on Monday. On Monday, Western Alliance said it saw only "moderate" outflows , and its cash reserves exceed $25 billion. The hedge fund soared a whopping 38% in 2022, marking the firm's best year ever.

☆ 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.

☆ Jerome Powell isn't winning any popularity contests among investors as markets booed his testimony on Tuesday
▼ + stars: | 2023-03-08 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

If you missed Jerome Powell's remarks from his first day on Capitol Hill yesterday, the TLDR is that more rate hikes are coming because the economy's still running hot. The market response to Powell's testimony was anything but muted. The idea is to eventually lower inflation — which most recently clocked in at 6.4% — but the more rate hikes we see, the greater the risk of a recession. So in short: stocks sold off, bond yields jumped, and traders eyed greater potential for a bigger rate hike this month. "If the totality of the data were to indicate that faster tightening is warranted, we would be prepared to increase the pace of rate hikes," Powell said.

☆ Citadel boss Ken Griffin made $4.1 billion last year, the most of any hedge fund manager in history
▼ + stars: | 2023-03-07 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

Institutional Investor just released its annual rankings of the highest-earning hedge fund managers. The top 25 hedge-fund managers on the list together made $21.5 billion in 2022, the third highest total in the rankings' history. Griffin took the number one spot on the rich list for the first time in six years. Across the firm, assets under management ballooned to $53.7 billion, according to Institutional Investor. Overall, in 2022 Citadel brought in $16 billion, and returned roughly $7 billion to investors at the end of the year.

☆ Ken Griffin’s hedge fund Citadel is up again in 2023 following a record year
▼ + stars: | 2023-03-03 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Billionaire investor Ken Griffin's flagship hedge fund matched the broader market's performance in the beginning of 2023 following a record year, according to a person familiar with the returns. Citadel's multi-strategy flagship Wellington fund gained 0.7% last month, bringing its 2023 performance to 2.8% through February, the person said. This year's gain comes after a stellar year for the hedge fund, which soared 38% in 2022, marking the firm's best year ever and outperforming its largest competitor, Millennium, by more than 3 to 1. Hedge funds aim to offer downside protection during market turmoil, and Citadel managed to shine during the worst chaos in the market in years. Citadel's equities fund, which uses a long/short strategy, is up 2.4% this year, while its global fixed income fund is higher by 1.6% so far in 2023, the person said.

☆ Inside Citadel's internship program for aspiring traders that paves the way for a six-figure salary at the elite hedge fund after college
▼ + stars: | 2023-02-22 | by ( Emmalyse Brownstein | ) www.businessinsider.com time to read: +15 min

Citadel, one of the largest hedge funds, accepts just 1% of applicants to its associate program. Few college students know what a hedge fund is, let alone that they want to work for one. Its associate program lets aspiring fund managers skip the traditional two-year investment banking program that is usually a prerequisite for a hedge fund job. The associate program is different from Citadel's broader internship program. But the accelerated nature of the CAP program appealed to him over other opportunities, he said.

☆ Citadel joins a growing number of firms rolling out internships for undergrads looking for a fast track to the buy side
▼ + stars: | 2023-02-22 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

Investment banks, you've been put on notice: The buy side is coming for your young talent. Insider's Emmalyse Brownstein has a full rundown on an undergrad internship at hedge fund Citadel for aspiring fund managers. The Citadel Associate Program (CAP) is a tough nut to crack, with an acceptance rate of only 1%. Click here learn more about Citadel's ultra-exclusive associate program, along with tips to get ahead during the application process. And if you're wondering who is left leading the world's largest hedge fund, look no further than our list of the fund's top 11 executives.

☆ We got an exclusive look at the pitch deck that edtech startup Ignite! Reading used to raise $10 million from Rethink and Citadel founder Ken Griffin
▼ + stars: | 2023-02-09 | by ( Madeline Renbarger | ) www.businessinsider.com time to read: +4 min

So far, Ignite says students have learned to read 2.4 times faster than before with its lesson plan. Reading, a virtual tutoring startup that helps children from grades K-8 learn how to read through targeted, one-on-one sessions with an online tutor. While other tutoring companies like Varsity Tutors and GoStudent offer online tutoring and reading assistance, Ignite! Reading focuses specifically on teaching children the processes of reading and comprehension, with a main goal of reaching 1st grade students. Reading, tutors meet with students every day one on one virtually for 15 minutes a day, with a total teaching time of 75 minutes a week.

☆ NFTs are back, and this time they could wreck havoc on the crypto market
▼ + stars: | 2023-02-07 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +4 min

Imagine if it's actually a way to serve fast food without you realizing it. Bored Ape Yacht Club NFTs in Times Square during an NFT conference in June. Look, the idea of borrowing against artwork is actually a well established, and smart, way to manage your money. Crypto's track record with risk management leaves a lot to be desired, and crypto lenders haven't exactly been crushing it. Here's more on how the bankrupt crypto exchange is trying to take back the $90 million in political donations.

☆ Some CEOs are pushing workers to return to the office, but it could come with a cost: hurting diversity
▼ + stars: | 2023-01-28 | by ( Marguerite Ward | ) www.businessinsider.com time to read: +6 min

But remote work has benefited many people with disabilities, many Black workers, and others. But Dimon appears more bearish when it comes to another measure that's been shown to promote diversity: remote work. Citadel CEO Ken Griffin slammed remote work at a conference last year, saying innovation and creativity declines because of it. The shift to remote work has been especially helpful for people with physical difficulties and mobility limitations. MoMo Productions/Getty ImagesSome Black workers report facing less discrimination and fewer microaggressions working from home than when they're at the office.

☆ Premarket stocks: Tech earnings could wreck Wall Street's party
▼ + stars: | 2023-01-24 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

New York CNN —Big Tech earnings are here, and investors are hoping they don’t wreck the good vibes on Wall Street. Three giant tech earnings reports this week — Microsoft (MSFT), Tesla (TSLA)and Intel (INTC) — could change that. In the year-ago quarter, earnings were $2.48 per share on $51.73 billion in revenue. Still, Wall Street expects Tesla’s earnings to grow, if not at the explosive pace of the past few years. Analysts at Goldman Sachs predict that tech growth will slow to 9% between 2021 and 2024 while the sales growth of the overall S&P 500 reaches 7%.

☆ Citadel's $16 billion haul smashes hedge fund records
▼ + stars: | 2023-01-23 | by ( Anna Cooban | ) edition.cnn.com time to read: +2 min

London CNN —Citadel is now the most successful hedge fund ever after it made $16 billion last year — the biggest annual windfall on record. The Miami-based fund, founded and run by Ken Griffin, topped the 2022 ranking of the world’s best-performing hedge funds based on estimates from LCH Investments NV. Citadel’s record-breaking performance last year took total gains for the fund since its inception to nearly $66 billion. Dalio’s fund made $6.2 billion last year, bringing total assets under management to $81 billion. LCH was launched in 1969 and is the world’s oldest fund of hedge funds.

☆ Inside Ken Griffin's rise to one of Wall Street's most powerful people, and why politics could be next
▼ + stars: | 2023-01-23 | by ( Dakin Campbell | ) www.businessinsider.com time to read: +30 min

JB and I are not on speaking terms these days," said Ken Griffin, the billionaire hedge-fund manager, referring to JB Pritzker, the Democratic governor of Illinois. As Florida rolled back pandemic restrictions more quickly than Chicago, even more Citadel employees migrated south. Ken Griffin's hedge fund has had a run of eye-popping returns since 2020. Others worry that it gives Griffin's hedge fund an unfair advantage. Hundreds of Citadel employees, partners, and families gathered at the Orange County Convention Center in Orlando Florida.

☆ Analysis: Bond traders get their swagger back in rate-obsessed markets
▼ + stars: | 2023-01-17 | by ( Lananh Nguyen | ) www.reuters.com time to read: +5 min

REUTERS/Andrew KellyNEW YORK, Jan 17 (Reuters) - Bond traders are stars again on Wall Street. Fixed income, currencies and commodities (FICC) traders bolstered bank profits last year despite dreary deal markets. Bond specialists in the $22 trillion Treasuries market are in high demand as the Federal Reserve and other central banks have aggressively raised interest rates over the past two years. After the financial crisis, central bankers in the United States and advanced economies steadied markets by holding interest rates near zero. On Tradeweb Markets Inc's (TW.O) electronic bond trading platforms, average daily volumes rose almost 10% in 2022.

☆ Everything you need to know about the M&A market for 2023
▼ + stars: | 2023-01-10 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

After a long, cold dealmaking season, insiders are hoping to the market begin to thaw this year. So Insider's Carter Johnson spoke to six M&A bankers about what to expect this year. And while it's true sellers could always try and wait out the market, there's no gurantee of when things can get better. Click here to read more about what to keep an eye out for in the M&A market this year. This is what we know about the man some once considered to be a potential successor to CEO James Gorman.

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