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☆ Why Citadel's longest-running equities unit is focused on shorting stocks
▼ + stars: | 2024-10-29 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +3 min

Justin Lubell, Citadel's Global Equities head, said shorting has been a big driver of returns. There's less competition in the space compared to going long on stocks, he said. Anthony Bozza, the founder of Lakewood Capital, called those who know who to short stocks a "dying breed." AdvertisementWhile some big bets against specific stocks have blown up in hedge funds' faces in recent years, there's still a focus on shorting at Citadel's longest-running equities unit. Related storiesEven investors known for bold short bets have moved away from the practice.

Persons: Justin Lubell, shorting, Anthony Bozza, —, there's, Ken Griffin's, Lubell, Robin, Gavin Baker, Lee Ainslie, Steve Cohen's Point72, Gabe Plotkin's Melvin Capital, Pershing, Bill Ackman, Bozza Organizations: Citadel's Global, Service, Citadel's, Citadel Global, Robin Hood Investors Conference, Business, Management, Lakewood Capital, Maverick Capital, GameStop, Lakewood Locations: Lakewood Capital, New York

☆ What's in a title? How hedge funds and their employees use the industry's lack of consistency to their advantage
▼ + stars: | 2024-10-25 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +9 min

The lack of uniformity allows both firms and employees to present themselves in the best light. This lack of uniformity and the relentless war for talent has firms and employees alike taking advantage of the ambiguity. Rokos has two dozen employees with the title "investment officer" in their LinkedIn profiles. At Coatue, executives sign off on what employees put as their title on LinkedIn, people familiar with the firm's operations said. Members of Tiger Global's front-office team use "investor" as their title on LinkedIn instead of a more specific role.

Persons: —, David Einhorn's, James Fishback, Morgan Stanley, Goldman Sachs, Ken Griffin, Gerald Beeson, Sjoerd, Google's Paul Darrah, Jose Gamez, Rokos, Chris Rokos, Paul Enright, Townie Wells, Enright, Jain, Tiger, Marshall Wace, D.E, Shaw, allocators, Elliott, Don Steinbrugge, Steinbrugge Organizations: Service, Goldman, Bloomberg, Business, Industry, Citadel, Citadel Securities, Jain, Townie, Viking Global, Sigma, Fund, Talent, Agecroft Partners Locations: Greenlight, Miami, Palm Beach, London, Wells, Coatue

☆ Strong spending data shows economy can grow without rate cuts: Point72's Dean Maki
▼ + stars: | 2024-10-17 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailStrong spending data shows economy can grow without rate cuts: Point72's Dean MakiDean Maki, Point72 Asset Management chief economist, and CNBC's Steve Liesman join 'The Exchange to discuss new economic data, the Fed's next moves, and more.

Persons: Dean Maki Dean Maki, Steve Liesman Organizations: Point72 Asset Management

☆ The head of Cubist's centralized high-speed trading unit is out after less than a year
▼ + stars: | 2024-10-17 | by ( Alex Morrell | ) www.businessinsider.com time to read: +3 min

The exec leading Cubist's centralized high-frequency trading unit is leaving the firm. Cubist, the quant arm of pod shop Point72, has invested heavily in its centralized trading effort. AdvertisementCubist Systematic Strategies has been investing tens of millions into a centralized trading operation. He has a background in FX futures, working at Radix, 3Red, and most recently Citadel Securities, where he was a quant researcher in high-speed, machine-learning-driven trading strategies, according to his LinkedIn and personal website. While he only officially joined Cubist last year, he was recruited in 2021 and was subject to a two-year noncompete clause.

Persons: Vibhav Bukkapatanam, —, Bukkapatanam, Denis Dancanet Organizations: Service, Citadel Securities, Citadel, Tower Research Locations: multimanager, HFT, Dancanet

☆ A quant research leader from Two Sigma's vaunted 'techniques' squad is leaving for Cubist
▼ + stars: | 2024-10-16 | by ( Alex Morrell | ) www.businessinsider.com time to read: +4 min

A senior Two Sigma quant researcher is leaving for Cubist. Kan Huang co-led a key machine-learning unit known as techniques forecasting. Jin Choi, Huang's interim cohead, has been named sole head of the long-running techniques group. AdvertisementA senior leader in one of Two Sigma's key research units is leaving the firm for quant rival Cubist Systematic Strategies, according to people familiar with the matter. Huang is a leader of a Two Sigma unit that develops machine-learning models and other advanced strategies from various data sources and trading signals.

Persons: Kan Huang, Jin Choi, —, Steve Cohen's, Huang, Ken Baron, Choi, John Overdeck, David Siegel, Scott Hoffman, Carter Lyons, Ali, Milan Nekmouche, Jian Wu Organizations: Sigma, Service, Bloomberg, Sigma Investments, Securities and Exchange Commission, Wall Street

☆ 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

☆ The hottest AI startups are raising back-to-back funding rounds. Suddenly, it's feeling very 2021 in Silicon Valley for a chosen few.
▼ + stars: | 2024-09-20 | by ( Ben Bergman | Melia Russell | ) www.businessinsider.com time to read: +11 min

Read previewIn February, Glean announced a $200 million funding round valuing the AI enterprise software startup at $2.2 billion. AdvertisementThe transaction is the latest in a string of dizzying back-to-back funding rounds at ever-higher valuations for a handful of AI startups that stand in stark contrast to the doldrums of the overall market for startups. Earlier this year, Sakana raised $30 million in a seed funding round led by Lux Capital. Slingshot AI, which has built an automated mental health counselor, also raised separate rounds of funding just months apart. Advertisement"VCs are increasingly faced with frequent requests from their hot AI companies to follow on or double down on investments," said Iris Sun, an investor at 500 Global.

Persons: —, Glean, Arvind Jain's inbox, Jain, Steve Brotman, Perplexity, SoftBank, Sakana, Gregg Hill, that's, Matt Murphy, Dario Amodei, Kimberly White, Murphy, I'd, I've, Jenny Chang, Rodriguez, Jai Das, Rajeev Dham, couldn't, Das, Sapphire, Uber, Iris Sun, Chandrasekar Organizations: Service, Business, DST Global, Alpha Partners, Bloomberg, Google, New Enterprise Associates, Khosla Ventures, Lux Capital, Parkway Venture Capital, Menlo Ventures, Getty, Sapphire Ventures, Investments Locations: Tokyo

☆ Hedge fund titan Steve Cohen is no longer trading stocks. Here's why it's an important milestone for the $4 trillion industry.
▼ + stars: | 2024-09-18 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +5 min

The news from Bloomberg that billionaire Point72 founder and legendary stockpicker Steve Cohen will no longer trade his book for the $35 billion fund Tuesday is paradoxically both shocking and expected. Of the big multi-strategy managers, the fact Cohen was still managing a book set him apart from his main competitors. Will there be another Steve Cohen? Cohen launched SAC with $20 million in 1992; new funds today need exponentially more to justify leaving seats at funds like Point72. Fictional hedge fund manager Bobby Axelrod, played by Damian Lewis, was loosely based on Steve Cohen.

Persons: —, Steve Cohen, Cohen, they've, — Cohen, He's, Point72, Ken Griffin, Izzy Englander, Dmitry Balyasny, Steve, he's, it's, Bobby Axelrod, Damian Lewis, Vincent D'Onofrio, Guy Fieri Organizations: Service, SAC Capital, Bloomberg, Business, SAC, MLB, New York Mets, Citadel, Academy, Tiger Cubs, Viking, Wall Street, Showtime, GameStop, Food Locations: Connecticut

☆ In a first for $21 billion Balyasny, a star PM will start building his own internal equities unit this month
▼ + stars: | 2024-09-17 | by ( Alex Morrell | ) www.businessinsider.com time to read: +7 min

This month, he'll start building a long-short equity division called Longaeva Partners inside Balyasny and exclusively managing the multistrategy hedge fund's capital, according to people familiar with the matter. "He was very coachable and progressed at a much faster rate than a lot of other, newer portfolio managers," Boyle said. "Peter was good at keeping his emotions out of his portfolio," Boyle said. At Balyasny, Goodwin will effectively have his own unit, though he'll be under the flagship Atlas Enhanced umbrella and operate on BAM's platform, including access to its technology, risk management, hiring, and human resources capabilities. The allure of such a setup is more time to spend on investing, which Longaeva will do exclusively with Balyasny money for now.

Persons: —, Peter Goodwin, Dmitry Balyasny's, Jeff Runnfeldt, Gustav Rydbeck, Goodwin, he'll, it's, they've, Point72, Point72 Goodwin, Peter, Korn, Scott Goodwin, Shaw, Perry Boyle, Boyle, delegating, he's Organizations: Service, Management, Business, Longaeva Partners, Millennium Management, Korn Ferry, JPMorgan, Lehman Brothers, Ziff Capital Locations: D.E

☆ Point72's Steve Cohen is stepping back from trading his own book
▼ + stars: | 2024-09-17 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Steven Cohen, founder of Point72 and majority owner of the New York Mets, attends a news conference at Citi Field, the home stadium of MLB's New York Mets, in Queens, New York, on Feb. 10, 2021. Billionaire investor Steve Cohen is retiring from the trading floor at his hedge fund Point72. The prominent hedge fund investor, who also owns the New York Mets, will continue his role as the co-chief investment officer at Point72, which Cohen converted from S.A.C. Most recently, the firm is planning to launch a separate, artificial intelligence-focused hedge fund to capitalize on the boom. Bloomberg News first reported on Cohen's move away from trading earlier Tuesday.

Persons: Steven Cohen, Steve Cohen, Cohen, Steve, he's, Point72 Organizations: New York Mets, Citi Field, MLB's New York Mets, Capital Advisors, Bloomberg Locations: MLB's, Queens , New York, S.A.C

☆ Look for post-election market rally, says CFRA's Stovall
▼ + stars: | 2024-09-12 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLook for post-election market rally, says CFRA's StovallSam Stovall, chief investment strategist at CFRA Research, and Dean Maki, chief economist at Point72 Asset Management, join CNBC's "Squawk on the Street" to discuss market movers, economic expectations and more.

Persons: CFRA's Stovall Sam Stovall, Dean Maki Organizations: CFRA Research, Point72 Asset Management

☆ A Citadel PM Was Set to Join Point72. Then Swooped in.
▼ + stars: | 2024-09-11 | by ( Alex Morrell | ) www.businessinsider.com time to read: +1 min

Point72 recruited ex-Citadel rates portfolio manager George Arzeno to bolster its macro-trading operation. Then, Balyasny swooped in with an offer before he started at Point72. Go to newsletter preferences Thanks for signing up! The macro portfolio manager was lured away from Citadel this spring by Point72, which had been ramping up its macro-trading operation, Bloomberg reported in March. But in another salvo of the multimanager hedge-fund talent war, Arzeno is now expected to join Balyasny after the fund swooped in with a sweeter offer than Point72, according to people familiar with the matter.

Persons: Point72, George Arzeno, Balyasny, — Organizations: Citadel, Service, Bloomberg, Balyasny, Business Locations: Point72

☆ $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

☆ Visual AI startup NEX raises $3.5 million seed round led by Foundation Capital
▼ + stars: | 2024-08-27 | by ( Sri Muppidi | ) www.businessinsider.com time to read: +4 min

Lam aims to change that with NEX, which develops AI image tools for entertainment, gaming, and marketing. Founded in late 2023, the company recently raised a $3.5 million seed round led by Foundation Capital, with participation from Point72 Ventures. NEX does this by enabling users to generate images inspired by other images, not just text inputs, in a "real-time canvas." The startup's tech can also tailor the AI models based on a customer's existing data, a process called finetuning, or even develop models from scratch. Lam's vision for NEX is to be the "visual media tool for the AI era."

Persons: —, Darius Lam, Lam, NEX Ikon, NEX, OpenAI's Organizations: Service, Business, Foundation Capital, Point72 Ventures, NEX, Cerebras Systems, Adobe, Autodesk

☆ Social media keeps catching Wall Street off guard
▼ + stars: | 2024-08-11 | by ( Laila Maidan | ) www.businessinsider.com time to read: +11 min

In 2015, he created TickerTags, a social media data aggregator that tracks company mentions, and sold it to Jefferies' M Science. To be fair…Speculating and making decisions based on social media trends is a risky wager. Wall Street doesn't always respond to social media trends that could negatively drive fundamentals because there aren't tools to understand the impacts, McKeown noted. In the event a social media trend is mentioned, it's not factored into their valuation model, Ober added. How social media sentiment plays into a thesis should depend on an investor's time horizon.

Persons: It's, Bud Light's, influencer Dylan Mulvaney, BUD, Kirk McKeown, Chris Camillo, Jefferies, Camillo, Bud, didn't, Paul Johnson, Laxman Narasimhan, misperception, Sara Senatore, I've, Senatore, Chipotle, Keith Lee, dollies, Brian Niccol, Goldman Sachs, They're, Matt Ober, they're, I'd, McKeown, it's, Ober Organizations: Service, Business, Anheuser, Busch, Wall Street, Pew Research Center, Molson, TAP, Starbucks, Nicusa Investment, Columbia Business School, of America Locations: Palestine, Gaza, SBUX

☆ London's hedge fund rich are looking to avoid new taxes by relocating to Milan and Dubai. People who have made the move tell us what it's like.
▼ + stars: | 2024-07-31 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +9 min

AdvertisementSeveral cities have been trying to take advantage of the new policy, including Dubai, Milan, and more. A recently relocated hedge fund manager in Milan is planning to visit London or New York six or seven times a year going forward. "The best type of knowledge comes from people, from frequent interaction with people," said a Milan-based hedge fund manager. Several people — based in spots such as Dubai, Milan, and Zurich — mentioned that people early in their careers should still prioritize working in the biggest cities though. Moving to the Middle East just to interact with fellow UK ex-pats doesn't add much diversification to a portfolio manager's life.

Persons: —, Julian Robertson, Muyshondt, Elena Partners, Steve Cohen's Point72, Sebastian Dickgiesser, Girish Chouhan, aren't, COVID, I'm, Alfonso Peccatiello, he's, Darren Wolf, abrdn, It's, Wolf, Zoom Organizations: Service, Tyrian Investments, Business, Labour, Henley & Partners, United Arab, Eisler Capital, Capstone Investment Advisors, Getty, London, Investors, —, pats Locations: New York, Cascais, Portugal, Lisbon, London, Florida, Hong Kong, Dubai, Milan, China, United Arab Emirates, Italy, Point72, Girish Chouhan Dubai, Abu Dhabi, India, East, Europe, Madrid, Zurich, Amsterdam, Netherlands, Brera, —, Milan's Brera, UAE

☆ 'I just wanted to take a break:' Some early-stage founders are putting their startup dreams on hold in the tech downturn to try corporate life
▼ + stars: | 2024-07-24 | by ( Ben Bergman | ) www.businessinsider.com time to read: +6 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewMehak Vohra has been a startup founder ever since she dropped out of college in 2016. But earlier this year, she shut down Skillbank and joined a bigger tech company as its head of marketing. That has early-stage startup founders who founded companies during the free-flowing boom cycle that ended in 2022 rethinking whether they want to be founders after all. I have a much bigger social life now, and I don't feel bad about going out."

Persons: —, you've, Ishita Arora, Arora, Jacek Prus, Prus, Sri Chandrasekar, Chandrasekar, I've Organizations: Service, Jamocha Media, Business, Instrumentl, Animal, Point72 Ventures Locations: San Francisco

☆ Labour's gains in London have private equity looking to exit — the country
▼ + stars: | 2024-07-17 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +5 min

Some of the proposals squarely take aim at the country's private equity sector, which, despite Britain's exit from the European Union, has maintained its stature as the regional hub for deal-making. "Private equity is the only industry where performance-related pay is treated as capital gains," the manifesto says. In practice, that would mean taxing carried interest, or the profits paid to private equity and hedge fund managers, as income. Labour's ascent comes at a precarious time for the private equity sector more broadly. "London has been the pulpit for financial services, private equity and investors in Europe for a long time," said Mark Veldon, a private equity partner at financial advisory and global consulting firm AlixPartners.

Persons: Big Ben, Keir Starmer, Lars Faeste, Faeste, Starmer, Marco Cerrato, he's, Giorgia Meloni, Cerrato, Steve Cohen's, Milan, Mark Veldon Organizations: Westminster, Nurphoto, Getty, Labour Party, Labour, Channel, European Union, Consulting's EMEA, CNBC, Capstone Investment, Management, Eisler, London, Labour Government Locations: London, Europe, Spain, Italy, Milan

☆ $20 billion Balyasny trims its top Asia stock-picker's book so she can focus on building the hedge fund in the region
▼ + stars: | 2024-07-11 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +3 min

Read previewBalyasny Asset Management has cut back the portfolio of its Asia equities head, but not because of poor performance. This story is available exclusively to Business Insider subscribers. Related storiesBalyasny, the $20 billion multistrategy firm based in Chicago, parted ways with its global equities head, Jeff Runnfeldt, last October. AdvertisementBalyasny, the founder, has been running the equities unit since Runnfeldt's departure, adding talent — such as Point72's Peter Goodwin — and reviewing existing books. The firm has made 5.5% through the first half of the year, Business Insider recently reported, trailing peers like Citadel, Point72, and Millennium.

Persons: —, Archana Parekh, Dmitry Balyasny, Parekh, Jeff Runnfeldt, Runnfeldt, Peter Goodwin —, Andrew O'Connor, Weiss, David Lohman, Marco Minoli, Anil Gondi, Balyasny, Stephen Schurr, She's, Will Brant, Robert Tau Organizations: Service, Management, Balyasny, Business, Fortress Investment, Citadel, Walleye, Bloomberg Locations: Asia, Chicago, Schonfeld, LMR, — Singapore, Hong Kong, Tokyo, Balyasny's Hong Kong, Point72

☆ Elon Musk and Tesla are on the rise after a brutal start to the year
▼ + stars: | 2024-07-03 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

In today's big story, a tough sales report for Tesla can't slow the EV maker's turnaround . After a dreadful start to the year, the EV maker has been running on all cylinders on a full charge. Tesla's polarizing CEO also notched a massive victory when investors approved Elon Musk's $55 billion pay plan . But what is new at Tesla, and what sparked the company's recent market rally, are big promises from its CEO. As automakers reconsider their EV strategy , Tesla has figured out how to build cars cheaper than anyone else .

Persons: —, I'm, Tesla, Jordan Strauss, Chelsea Jia Feng, Insider's Nora Naughton, BI's Filip De Mott, hasn't, Karol Serewis, Musk's, Nora, it's, he's, Musk, Apu Gomes, Steve Cohen's Point72, Ken Griffin's, Mark O'Hare, Larry Fink, execs, Marc Benioff, trouncing, It's, Jenny Chang, Rodriguez, they've, Morgan Stanley, Beryl, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, Amanda Yen Organizations: Service, Business, Chelsea, Wall, Elon Musk's, Getty Images, Getty, Ken Griffin's Citadel, BlackRock, EU, Google, YouTube Locations: Wick, Jamaica, New York, London

☆ 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

☆ Artificial intelligence is coming for venture firms. VCs predict it could reduce headcount by more than 50%.
▼ + stars: | 2024-06-24 | by ( Ben Bergman | ) www.businessinsider.com time to read: +8 min

Firms like Correlation Ventures, 645 Ventures, and Fly Ventures have long used data and AI to help guide investment decisions. AdvertisementEarlier this year, Sri Chandrasekar, a partner at Point72 Ventures, noticed a startup in his portfolio was having a breakout week. Related stories"If you go to any venture firm's website, you'll find that half the names are not doing anything to do with investing," Chandrasekar said. Advertisement"If you look at the large firms, they got very, very large in the last few years," said Andy McLoughlin, managing partner at Uncork Capital. Venture firms will have to remake themselves into a combination of people and A.I."

Persons: —, Matt Krna, Krna, Sri, Chandrasekar, Christina Melas, Andreeseen Horowitz, Andy McLoughlin, James Currier, Currier, McLoughlin Organizations: Service, Business, Ventures, Fly Ventures, Point72 Ventures, Bain Capital Ventures, Bain Capital, Catalyst, Lightspeed, Uncork, Venture, Deloitte, San Locations: San Francisco, Sri Chandrasekar

☆ 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

Steve Cohen, chairman and CEO of Point72, speaking to CNBC on April 3, 2024. The firm is aiming to raise $1 billion, with Cohen himself and Point72 employees expected to contribute, the person added. He has called AI a "really durable theme" for investing, comparing the rise to the technological developments in the 1990s. I think the markets are discounting some of what we … think AI is going to do for companies," the Point72 founder said in a CNBC interview in April. Cohen said his investment firm found a way to save $25 million by using large language models such as ChatGPT to improve efficiency.

Persons: Steve Cohen, Steve Cohen's Point72, Cohen, Point72 Organizations: CNBC, Bloomberg News, Nvidia, Mets

☆ Inside Schonfeld's macro shake-up: Research turnover, PM changes, and a shift away from big bets
▼ + stars: | 2024-06-17 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +4 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. A move away from big-time directional strategies is not a surprise. Plenty of funds that made their name on bold macro predictions have been humbled in the last 18 months. At Schonfeld, macro is still somewhat new for the firm. Several people familiar with the firm told Business Insider that he lost money while at the manager.

Persons: —, Colin Lancaster, Brent Cook, Eisler, Igor Ninkovic, Jaime Valle, Jerome Saragoussi, Ben Melkman, Brevan Howard, Jordan Barnes, Rahul Mehra, Karthikeyan, Yasmin Sahin, Said Haidar's, Sharpe, Lancaster, Melkman, Marc Tishfield Organizations: Service, Business, United Arab Emirates, Schonfeld, Bridgewater, Barclays, Citi, Matador Investment Management, Millennium Locations: York, Europe, Dubai, London, Bridgewater, Melkman, Schonfeld, New York

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