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☆ 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

☆ London-based quant firm Qube is killing it this year, following up a strong 2022
▼ + stars: | 2023-12-05 | by ( Bradley Saacks | ) www.businessinsider.com time to read: 1 min

London-based Qube has returned more than 20% through the end of November, sources say. The $14 billion quant firm has grown rapidly since spinning off of Credit Suisse in 2018. The firm has given money to dozens of external managers this year as well. The largest fund at the $14 billion quant firm based in London is up more than 20% this year, sources familiar with the fund's performance told Business Insider. This story is available exclusively to Business Insider subscribers.

Persons: Qube Organizations: Credit Suisse, Research, Technologies, Business Locations: London

☆ Scott Shleifer steered billions into startups for Tiger Global. With his reign now over, the industry wonders what's next.
▼ + stars: | 2023-11-29 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +6 min

Few investors are more emblematic of the no-interest-rate private market frenzy than billionaire Scott Shleifer. Tiger's venture approach in 2020 and 2021 — constantly described as unsustainable by rivals — included maneuvers such as offering start-ups more money than they were asking and emailing founders term sheets after a single meeting. Shleifer's reputation and personal wealth grew with Tiger's venture success. As Tiger was fundraising late last year, investors learned of a $10 million settlement Tiger Global made to a former female employee. At least one Tiger investor was surprised to hear about it from Coleman and not Shleifer himself.

Persons: Scott Shleifer, —, Chase Coleman, Donald Trump's, Michael Gross, Tiger, Bain, John Curtius, Shleifer, Eric Lane, Evan Feinberg, Griffin Schroeder, Coleman, Sarah Samuels, Samuels, Scott, OpenAI's, Sam Altman's, Altman, Paul Graham Organizations: longtime Tiger Global, Business, Tiger, Walmart, The, Washington Post Locations: Florida, India, Flipkart, New York

☆ The Middle East is hotter than ever in the hedge fund world
▼ + stars: | 2023-11-21 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +1 min

Middle East-based hedge funds have performed well this year. Big-name funds are setting up outposts in different regions, looking for an edge. One of the hottest markets in hedge funds is one of the hottest places, temperature-wise, in the world. The Middle East, especially Dubai, has become a magnet for hedge funds recently, with firms like Millennium and ExodusPoint setting up outposts and Bridgewater founder Ray Dalio purchasing a penthouse in the city. And the performance of those on the ground in the Middle East — and investing in the region — has been strong.

Persons: Ray Dalio Organizations: Millennium, Business Locations: Dubai, Bridgewater, Europe, Singapore

☆ Saba Capital's 2023 woes continue. Two of its funds are down more than 10% this year.
▼ + stars: | 2023-11-17 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +1 min

The two biggest funds at Boaz Weinstein's Saba Capital are down by more than 10% this year. According to HSBC's weekly report, the flagship fund has lost close to 12%. Weinstein came into 2023 bearish about the economy, which has been resilient despite rising rates. Saba Capital — the $4.8 billion hedge fund manager run by Boaz Weinstein — hasn't had the best year. Two of its funds — the flagship and a more hedged version — are down 11.9% and 10.6%, respectively, through November 10, according to the latest edition of HSBC's Hedge Weekly.

Persons: Boaz Weinstein's, Weinstein, Boaz Weinstein — hasn't, — Organizations: Saba, HSBC's, Financial Times, Federal Reserve, Business Locations: Boaz Weinstein's Saba, Saba Capital, New York

☆ Where are they now: The many fascinating Bridgewater employees from the book on Ray Dalio 'The Fund'
▼ + stars: | 2023-11-16 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +17 min

The new book, "The Fund: Ray Dalio, Bridgewater Associates, and the Unraveling of a Wall Street Legend" — which Dalio and his lawyers have pushed back against — describes everything from Bridgewater's investment process to internal grudges and backstabbing to allegations of sexual harassment. Here are the places where the dozens of Bridgewater employees and consultants named in the book ended up. Dalio, the book said, wrote into the firm's bylaws that he could never hold that title again. Before that, she was the head of investment research and a co-chief investment officer for sustainability. He's worked at different funds since leaving in 2006, including Larch Lane Advisors and Bonaccord Capital as an investor and business-development professional.

Persons: Rob Copeland's, Ray Dalio, Dalio, —, Bridgewater, Greg Jensen, YouTube Dalio, nixed, Copeland, He's, Jensen, Eileen Murray, Morgan Stanley, David McCormick, Dina Powell, McCormick, Dave McCormick, Michael M, Nir Bar Dea, Stefanova, Dalio's, Paul McDowell, Bob Eichinger, McDowell, Eichinger, Jen Healy, Osman Nalbantoglu, Matthew Granade, Steve Cohen, Steve Cohen's Point72, Bob Prince, politicking, Karen Karniol, Bridgewater Associates Karen Karniol, Vladimir Putin, Bob Elliott, Elliott, James Comey, Winn McNamee, Barack Obama, Donald Trump, Hillary, Britt Harris, Bridgewater's, Julian Mack, L, Michael Partington, Spencer Stuart, Niko Canner, Jon Rubinstein, Beck Diefenbach Jon Rubinstein, Steve Jobs, Tom Adams, Rosetta Stone, J, Michael Cline, Cline, Kevin Campbell, Campbell, Craig Mundie, Bill Gates, Gates, Mundie, Bill Clinton, George W, Bush, David Ferrucci, IBM's Watson, Ferrucci, Keith Alexander, Alexander, Larry Culp, Culp, Jamie Gorelick, conscientiously, Clinton, Jared Kushner, Jesse Horwitz, Comey, Horwitz, Samantha Holland, Perry Poulos, Murray, Joe Sweet, Tara Arnold, Arnold —, Leah Guggenheimer, She's, Charles Korchinski, Harris, Kent Kuran Organizations: New York Times, Bridgewater Associates, Business, Bridgewater, YouTube, HSBC, Broadridge, Life Insurance, Wells, Treasury Department, Republican, Getty, GOP, Israel Defense Forces, Marto, Princeton University, McKinsey, Point72, Bridgewater didn't, Domino Data, CircleUp, FBI, Trump, of, University of Texas Investment Management Co, Apple, Dalio, Health, Cognition, Mundie, National Security Agency, Amazon, General Electric, Boston Globe, Electric, Trump White House, Harvard Law School, —, Hubble, Stefanova's Marto, HBR Consulting, MIO Partners, Burford, Larch Lane Advisors, Bonaccord, Eaton Partners, Stanford, NextEra Energy Resources Locations: Bridgewater, Connecticut, Pennsylvania, China, San Francisco, of Texas, Atlanta, WilmerHale, Asia, India, Shanghai, Singapore, Israel, Africa

☆ How $7 billion Maverick Capital values its private portfolio — and which unicorns have lost their luster
▼ + stars: | 2023-11-15 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +2 min

Maverick Capital wasn't immune to the private market turmoil that has tanked start-ups and crushed venture capital returns. Like many private investors, Maverick has marked down some of its investments internally as higher interest rates have put pressure on money-losing start-ups. Snapdocs, according to Maverick, should no longer be considered a unicorn, valuing the online mortgage processing company at $628 million. Maverick, which runs a $1.4 billion venture and growth fund, is bullish on a few of its companies, though — even raising their valuations despite the overall market turbulence. Brazilian digital rental marketplace company QuintoAndar is worth 20% more now than when Maverick invested at the end of 2021.

Persons: Lee Ainslie, Maverick, — Organizations: Maverick, Cub, Business

☆ 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, —

☆ October slammed biotech stocks, and these 3 hedge funds couldn't escape the pain
▼ + stars: | 2023-11-08 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +1 min

Biotech hedge funds couldn't escape a tough October, sources told Insider. Managers like Perceptive Advisors and RTW Investments lost more than 9% in just a month's time. While big-name hedge funds were able to avoid some of the market's pain last month, biotech specialists were hit hard. Some funds, including Perceptive Advisors, RTW Investments, and San Francisco-based Redmile Group, had a tough October thanks to pain across the biotech space, according to sources familiar with their performance. The flagship fund at $8 billion Perceptive Advisors, run by billionaire Joseph Edelman, lost 9.5% in the month, bringing its yearly performance to a loss of 8.7%.

Persons: Joseph Edelman, Davidson Kempner, Roderick Wang Organizations: Biotech, RTW Investments Locations: Moderna, San Francisco

☆ October was a scary month for stocks, but multi-strategy hedge funds saw some gains. Here's how funds including Citadel, Millennium, and Point72 performed.
▼ + stars: | 2023-11-06 | by ( Alex Morrell | Bradley Saacks | ) www.businessinsider.com time to read: +1 min

Stocks slid for the third consecutive month in October, but top hedge funds fared better. Multi-strategy hedge funds mostly produced positive returns, continuing a recent run of strength. Citadel, Point72, and Schonfeld each saw gains of 1% or better last month. Stocks fell for the third consecutive month in October. Multi-strategy hedge funds have fared better over that spell, including mostly positive performance in October.

Persons: Stocks, Point72 Organizations: Citadel Locations: Point72

☆ Billionaire Millennium founder Izzy Englander thinks there's a hedge-fund talent bubble— not a war
▼ + stars: | 2023-10-25 | by ( Bradley Saacks | ) www.businessinsider.com time to read: 1 min

Billionaire Millennium founder Izzy Englander blames long non-competes for the hedge-fund talent fight. He said at the closed Robin Hood conference Tuesday that there's a talent bubble, not a talent war. He also said that artificial intelligence is a tool, but not revolutionary. One of the main players in the hedge-fund talent war doesn't believe there's a battle going on. This story is available exclusively to Insider subscribers.

Persons: Izzy Englander, Robin Hood Organizations: Millennium, Robin Hood Investors Conference, Citadel Locations: Point72

☆ Billionaire GOP mega-donor Ken Griffin may have a new Republican fave
▼ + stars: | 2023-10-25 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +3 min

Citadel founder Ken Griffin said his one-time favorite candidate, Florida Gov. Griffin, who has been looking for an alternative to former President Donald Trump, called Nikki Haley a rockstar. Griffin was speaking at the Robin Hood conference in New YorkNEW 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 . AdvertisementAdvertisementBillionaire Citadel founder Ken Griffin may have a new favorite candidate in the GOP presidential primary.

Persons: Ken Griffin, Ron DeSantis, Griffin, Donald Trump, Nikki Haley, Robin Hood, —, Paul Tudor Jones, Haley, DeSantis, Chris Christie —, Steve Cohen, Robin Hood —, Joe Biden Organizations: Citadel, Florida Gov, Robin, Service, Billionaire, South Carolina Gov, New, New York City, Trump, Citadel Securities, SEC Locations: Iowa, New York, New Jersey, New Hampshire

☆ Doug Haynes — the former Point72 president who resigned after a #MeToo scandal — is hoping to raise $1 billion for his new fund
▼ + stars: | 2023-10-20 | by ( Bradley Saacks | ) www.businessinsider.com time to read: 1 min

Norias Research Group is a new "quantamental" hedge fund based in Florida. Haynes founded Norias after executive positions at Steve Cohen's Point72. Haynes resigned from the fund in 2018 and was accused in a lawsuit of sexual discrimination. Doug Haynes, who resigned from Steve Cohen's Point72 in 2018, a month after being named as a defendant in a sexual discrimination lawsuit, hopes to raise $1 billion for his new fund, two sources close to the fund told Insider. The new fund, named Norias Research Group, will be based in West Palm Beach, the ritzy enclave many financiers have moved to in Florida.

Persons: Haynes, Steve Cohen's Point72, Doug Haynes, HFM Organizations: Norias Research, West Palm Beach Locations: Florida, West Palm

☆ Tensions flare at Two Sigma over donations after Hamas attack
▼ + stars: | 2023-10-16 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +3 min

The heightened sensitivity around Israel and Palestine hit home last week at Two Sigma, the $60 billion New York-based quant fund manager. The firm's leadership faced internal criticism last week following its regular companywide Wednesday email, according to sources familiar with the situation. The company is also backdating donations to these organizations to October 7, the date of the deadly attacks. "We are horrified by the recent terrorist attacks in Israel and devastated by the loss of innocent civilian lives in the region. In response, last week we launched a 2:1 company match for employee donations made to organizations providing critical support and humanitarian relief," a statement from a Two Sigma spokesperson said.

Persons: Bill Ackman, Marc Rowan, maters — Organizations: Sigma, Google, USA, Committee, United, Finance, Pershing, maters — Harvard, University of Pennsylvania Locations: Israel, Palestine, York, Gaza, United Nations

☆ Millennium isn't Schonfeld's only suitor. Investors like Blackstone and Abu Dhabi's wealth fund are also in the picture, as the deal is far from certain.
▼ + stars: | 2023-10-13 | by ( Alex Morrell | Bradley Saacks | ) www.businessinsider.com time to read: +4 min

The message was that a tie-up with Millennium was a 50-50 proposition and that any agreement would be contingent on Schonfeld remaining independent. Other strategic investors in the mix include Blackstone, GIC, and Future Fund, an Australian sovereign wealth vehicle that's already a significant Schonfeld investor. Schonfeld's assets have dipped this year amid meager returns, and the fund has cut costs and slowed hiring in recent months. But fundraising from cautious institutional investors is time-consuming, and Millennium chief trading officer Mark Meskin contacted Schonfeld's leadership to discuss a potential tie-up, sources say. Schonfeld, industry sources say, was likely under pressure from existing investors, who have had to bear a higher brunt of the fees following redemptions.

Persons: Izzy Englander, Justin Gmelich, Ryan Tolkin, Schonfeld, Steve Schonfeld's, Mark Meskin, Schonfeld's, — Organizations: Financial Times, Millennium, Schonfeld, Tolkin, Abu, Abu Dhabi Investment Authority, year's, Future Fund Locations: Manhattan, Millennium's, Abu Dhabi, Schonfeld

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

☆ Former Trump cabinet member Wilbur Ross lays out which industries remain dependent on China and which trade partners could fill in the gap
▼ + stars: | 2023-10-05 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +3 min

Wilbur Ross said pharmaceuticals and industries reliant on rare minerals are still dependent on China. Countries like India, Vietnam, and Mexico will grow to become bigger trade partners, he predicted. Still, there are several industries reliant on China, Ross said. AdvertisementAdvertisementAs the US and China continue their diplomatic standoff, he believes trade partners like Vietnam and Mexico will grow in importance. The U.S. exported $195.5 billion worth of goods to China in 2022, while bringing in more than $560 billion worth of Chinese goods, according to the U.S. Trade Representative.

Persons: Wilbur Ross, —, Commerce Wilbur Ross doesn't, Joe Biden's, Lockheed Martin, Ross, Donald Trump, Ross doesn't, there's Organizations: Commerce, Service, Lockheed, Micron, Intel, Greenwich Economic, Trump, U.S . Trade Representative Locations: China, India, Vietnam, Mexico, Greenwich, U.S

☆ In hedge funds' backyard, private credit is the toast of the town
▼ + stars: | 2023-10-04 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +3 min

Instead, people like Ken Kencel — CEO of Churchill Asset Management, a private credit division of asset management giant Nuveen — held court. In the next decade, he predicted that private credit shops and direct lenders could fill in the holes in the asset-based lending space, as well as home and auto loans. Private credit — or alternative credit or direct lending — is a subsect of finance that has grown rapidly thanks to higher interest rates and distressed banks. Higher interest rates are forcing institutions — the pensions and endowments that make up hedge funds' biggest investors — to rethink their portfolios. But while the Bridgewater founder had the rapt attention of the room, it was at a direct lending panel a couple of hours later when an ambitious audience member pitched himself to the private credit executives onstage.

Persons: Ray Dalio, Cliff Asness, Ken Kencel, —, I've, Banks, Gregory Robbins, Jan Van Eck Organizations: Greenwich Economic, Churchill Asset Management, Golub Capital, Bridgewater Locations: Greenwich, China

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