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☆ Why $3 billion Crestline Summit believes it's different from the 'indentured servitude model' of its multimanager rivals
▼ + stars: | 2024-10-09 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +6 min

For others, such as the $3 billion hedge-fund platform Crestline Summit, it is a part of their expansion plans. One such manager is former Citadel PM Josh White, who started trading at his London-based Regents Gate earlier this year with capital from Crestline. Advertisement"Some of our competitors are kind of an indentured servitude model," said Scott Nelson, who runs the client partnership group. The brand the firm is trying to push externally is that they are "capital partners, not capital providers," Nelson said. AdvertisementA person familiar with the manager's flagship strategy said Crestline was up nearly 12% in 2023, besting funds such as Point72 and Millennium.

Persons: —, Caroline Cooley, Crestline, we're, ExodusPoint, Michael Gelband, Neilson Arbour, multimanagers, Arbour, Cooley, Josh White, Scott Nelson, Nelson Organizations: Service, of, Crestline Summit, Texas, Citadel Locations: Texas, The Texas, of Texas, New York, London, Crestline

☆ ExodusPoint led multistrategy hedge funds in September. Here's where rivals like Citadel, Millennium, and others stand.
▼ + stars: | 2024-10-02 | by ( Bradley Saacks | Alex Morrell | ) www.businessinsider.com time to read: +2 min

ExodusPoint led multimanager hedge funds with a 1.5% gain last month and is up 6.5% in 2024. Millennium and Schonfeld had strong returns; Citadel, Balyasny, and Walleye lagged behind. AdvertisementIn the last month before a new cash hurdle forces the firm to outperform for performance fees, ExodusPoint led the way among multistrategy hedge funds. The $11 billion manager was up 1.5% last month, bringing its 2024 numbers to 6.5%, a person close to Michael Gelband's fund said. The firm was down 0.2% last month, though it is still up 11.1% on the year, a person close to the firm said.

Persons: ExodusPoint, Schonfeld, —, Michael Gelband's, Ken Griffin's Organizations: Citadel, Walleye, Service, Business Locations: Balyasny, York, Wellington, Miami

☆ $11 billion ExodusPoint just made a concession on fees. It could be the start of a massive change for hedge funds' biggest names.
▼ + stars: | 2024-09-11 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +4 min

You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Multi-strategy hedge funds, led by Citadel, Millennium, and Point72, had churned out returns in turbulent markets with limited volatility. In that environment, even the multi-strategy funds not among the sector's top tier were able to demand long lock-ups and high fees. Bobby Jain's new fund launched with $5.3 billion in July after there were whispers of him raising $10 billion six months prior.

Persons: —, Michael Gelband, Goldman Sachs, Bobby Jain's, Doug Haynes, Justin Young Organizations: Service, Citadel, Tiger, Business, Millennium, Street, FT, Bloomberg, of Texas, Treasury, Multilateral Endowment Management Company, Oklahoma State Foundation, LinkedIn

☆ Hedge fund scorecard: How managers like Citadel, Millennium, and Point72 are doing halfway through 2024
▼ + stars: | 2024-07-02 | by ( Bradley Saacks | Alex Morrell | ) www.businessinsider.com time to read: +1 min

Schonfeld, Point72, and Citadel lead the way after 2024's first half. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementThe most well-known hedge funds in the industry have made money in 2024, but lag the overall market through the first half of the year. Point72 and Citadel, run by billionaires Steve Cohen and Ken Griffin, respectively, are up 8.7% and 8.1%, according to people close to the firms. This story is available exclusively to Business Insider subscribers.

Persons: Michael Gelband's ExodusPoint, —, Schonfeld, Steve Cohen, Ken Griffin Organizations: Citadel, Service, Millennium, Business Locations: Point72

☆ Jain Global, the most anticipated new hedge fund in years, is about to make its debut. An architect of the manager explains how it will be different.
▼ + stars: | 2024-06-24 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +12 min

The launch of Jain Global has dominated industry gossip since its founder left Millennium Management, where the 53-year-old Jain was Izzy Englander's right-hand man, in late 2022. And more specifically, scalability without incremental cost," Jonathan Barton, the firm's chief operating officer, said in an interview with BI. Starting from a clean sheet of paper gave Jain Global certain advantages, said one senior banker who worked closely with the new manager as it built out its teams and systems. 3Forge, a specialty-software provider, worked with Jain Global to build the interface that connects all the systems for PMs, the risk team, and management. In five to 10 years, Jain Global hopes it won't need a sprawling business-development function because a strong talent pipeline will have developed inside the firm.

Persons: —, Bobby Jain's, Jain, Izzy Englander's, It's, Morgan Stanley, Griffin's, Steve Cohen's Point72, Michael Gelband's, redemptions, Jonathan Barton, Barton, — Barton, it's, Bobby, Paul Enright, Sam Kellie, Smith, David Hochberg, Enright, Hochberg, there's, Jon Caplis, Caplis, they're Organizations: Service, Jain Global, Millennium Management, Business, UBS, Citadel, Bank of America, Meru Capital Group, Jain, Credit Suisse, Viking Global, Macquarie, Investors, Bloomberg Locations: Singapore, Balyasny, New York, Houston, London, Hong Kong, York, Lane, Meru, Asia, PivotalPath

☆ Millennium org chart: The 47 executives behind Izzy Englander's $64 billion hedge-fund behemoth
▼ + stars: | 2024-06-05 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +5 min

A decade ago, Millennium Management managed $21.1 billion and had 18 senior people — all a part of the executive committee — listed on its website. Now the $64 billion multistrategy manager has 47 names on its leadership page split among divisions like the relatively new Office of the CIO. Executive teams are often just a firm's founder and a few trusted lieutenants. Many departures from the firm's top level have been executives launching their own funds or joining Millennium colleagues starting their own funds. Michael Gelband and Hyung Lee, who once ran fixed income and equities, respectively, brought the business-development pro Peter Hornick and the risk executive Dev Joneja with them when they launched ExodusPoint.

Persons: —, Izzy Englander, hasn't, Englander, Bobby Jain, Ajay Nagpal, Michael Chung, Peter Santoro, Izzy, Jain, Stephen Haratunian, Michael Gelband, Hyung Lee, Peter Hornick, Dev Joneja, Kurt Baker, Jonathan Xiong Organizations: Millennium Management, Business, Fidelity, Bloomberg, Citadel, Millennium Locations: BlackRock, New York, Asia

☆ 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

☆ ExodusPoint's treasurer is leaving the $12 billion hedge fund
▼ + stars: | 2024-04-12 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +1 min

Steve Barbo is leaving $12 billion ExodusPoint, a person close to the firm told Business Insider. The role will now be done by the firm's chief financial officer, Erik Addington. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementOne of ExodusPoint's early hires, treasurer Steve Barbo, is leaving the firm. A person close to the firm said Barbo's role will now be a part of chief financial officer Erik Addington's responsibilities.

Persons: Steve Barbo, Barbo, Erik Addington, —, Michael Gelband, Hyung Lee, Erik Addington's Organizations: Business, Service, New, Millennium Locations: New York City

☆ 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

☆ 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

☆ ExodusPoint has closed its Paris office 2 years after an expansion bid
▼ + stars: | 2024-02-20 | by ( Alex Morrell | ) www.businessinsider.com time to read: +1 min

Hedge fund ExodusPoint has closed its Paris office. The closure of the Paris unit, which included a sizable quant trading team, began in late 2023. AdvertisementTwo years ago, hedge fund ExodusPoint was ramping up its presence in Paris — bullish on the French capital like some of its peers. Michael Gelband's $12 billion multi-strategy fund recently closed its Paris location, according to people familiar with the matter, a process that began in late 2023. This story is available exclusively to Business Insider subscribers.

Persons: ExodusPoint, —, bullish, Michael Gelband's Organizations: Service, Business Locations: Paris, revoir

☆ Jain Global's talent roster: Here is everyone Bobby Jain has hired so far ahead of the 2024 launch of his monster hedge fund
▼ + stars: | 2024-02-06 | by ( Alex Morrell | ) www.businessinsider.com time to read: +1 min

Bobby Jain has been assembling his team ahead of a planned summer 2024 launch of Jain Global. Jain Global is expected to be one of the largest hedge fund launches ever. BI just added to a running list of Jain Global hires, including names, job titles, and past employers. Since last summer, former Millennium executive Bobby Jain has been laying the groundwork for one of the buzziest hedge fund start-ups ever. Early on he set his sights on becoming the largest launch on record, drawing inevitable comparisons to ExodusPoint, the previous industry record-setter with a $8.5 billion launch back in 2018.

Persons: Bobby Jain, —, Michael Gelband, huff Organizations: Jain, Jain Global, Service, Millennium, 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

☆ Schonfeld's growing pains: Ryan Tolkin reckons with his greatest challenge yet as returns dry up at the $13 billion hedge fund
▼ + stars: | 2023-08-23 | by ( Alex Morrell | ) www.businessinsider.com time to read: +14 min

When it was raising fresh money from investors in 2020, one slide on the pitch deck for the hedge fund Schonfeld Strategic Advisors got to the heart of the issue: "Why Schonfeld?" A hedge fund recruiterAmid the weakness, the fund has begun to prune costs. Steve Schonfeld (class of 1977) and Brad Tolkin (class of 1976) attended Roslyn High School in Roslyn Heights, New York. Tolkin told Insider in 2019 that the firm's goal was no less than becoming "the premier equities hedge fund globally." While Steven Schonfeld's 20% annual-return goals would've been ambitious for any sizable hedge fund, returns have also lagged behind peers.

Persons: Israel Englander, Ryan Tolkin, Steve Schonfeld, hasn't, It's, Schonfeld, Quita Ramirez, Trina Geatz, who've, Tolkin, Goldman Sachs, Andrew Fishman, Goldman Sachs —, Steven Schonfeld's, Ryan Tolkin's, Brad Tolkin, Brad, Jeff, Alex Morrell Steve, CJ, Sean, Ryan, Brad Tolkin's, Steven Schonfeld, Ryan —, who's, Steve, Michael Gelband, Michael Englander, Izzy Englander's, Steven, Sharpe, Fishman, Michael Nagle, Colin Lancaster, would've, Brevan Howard, ExodusPoint Organizations: Citadel, Duke, Goldman, Long, Newsday, Schonfeld Securities, Roslyn High School, American Express, Cleveland Cavaliers, Jewish, —, Bloomberg, Strategic Partners, Equity, Schonfeld, Nasdaq, Management Locations: Israel, Miami, Stamford , Connecticut, Manhattan, Delta, Duke, Long Island, Roslyn Heights , New York

☆ 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

☆ 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.

☆ As rivals surged in 2022, ExodusPoint shed assets and employees amid mixed performance. It reshuffled its business in November.
▼ + stars: | 2023-02-02 | by ( Alex Morrell | ) www.businessinsider.com time to read: +8 min

a hedge fund recruiter said, commenting on the calculus for hedge fund investors. At the end of 2021, the fund's exposure had been evenly split between fixed-income and equities, according to the investor documents. In all, more than 60 portfolio managers departed or were let go in 2022, according to the investor documents and people close to the matter. After the shakeup, ExodusPoint's income stream is now even more reliant on fixed-income trading — and that may not be such a bad thing. "The fixed income piece is doing incredibly well," another hedge fund recruiter said.

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