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☆ Schonfeld is leading its peers a year after the $11.6 billion firm ended tie-up talks with Millennium. How the industry's biggest funds did in October.
▼ + stars: | 2024-11-04 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +3 min

Schonfeld is up by 15.5% for the year in its flagship fund. They said the flagship fund had been up in 17 of the past 18 months. AdvertisementOctober was a strong month generally for the large multistrategy managers that have dominated industry headlines in recent years. Ken Griffin's Citadel was up by 1.2% last month in the firm's flagship Wellington fund, a person close to the Miami-based fund told Business Insider. AdvertisementMillennium, meanwhile, made 0.4% last month, pushing its annual return to 10%, a person close to Izzy Englander's firm said.

Persons: Schonfeld, —, Ken Griffin's, Izzy Englander's Organizations: Citadel, Service, Schonfeld Strategic Advisors, Partners, Equity, Microsoft, Business, Ken Griffin's Citadel Locations: York, Wellington, Miami

☆ 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

☆ 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

☆ 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, —

☆ 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

☆ $13 billion hedge fund Schonfeld loses several senior technology and recruiting personnel
▼ + stars: | 2023-07-19 | by ( Alex Morrell | ) www.businessinsider.com time to read: +3 min

Several leaders in Schonfeld's technology and recruiting teams have recently exited. Several leaders of multi-strategy hedge fund Schonfeld Strategic Advisors' technology and recruiting operations have exited the firm, according to people familiar with the matter. Steve Kordik, who headed up a team in North America responsible for supporting the trading technology platform, left in May. Tom Burdo, director of front-office technology talent acquisition, left in June. Schonfeld, which manages about $13 billion in outside money, grew from some 600 employees in mid-2021 to around 860 at the end of 2022, according to a filing with the Securities and Exchange Commission.

Persons: Vincent Aniello, Schonfeld, Steve Kordik, Renee Kenas, Radhika Arora, Tom Burdo, Point72, buildout, Colin Lancaster, Mitesh, It's, Toby Kung, Derry Herlihy, Goldman Sachs, Riccardo Riboldi Organizations: Advisors, Securities and Exchange Commission, LinkedIn, Citadel, Derry, Delta Locations: North America, Macquarie

☆ How big hedge funds would trade sticky inflation
▼ + stars: | 2023-02-16 | by ( Nell Mackenzie | ) www.reuters.com time to read: +5 min

LONDON, Feb 16 (Reuters) - Hedge funds, pinning little hope on central banks' attempts to cool inflation, are spotting ways to profit from climbing interest rates. Five prominent hedge funds shared five ideas using five different asset classes to profit from inflation so pugnacious it might force the Federal Reserve to keep interest rates higher for longer. Lancaster favours a trade selling long-term borrowing costs against shorter-term ones, on the view that the spread between them will decline. "Concern now for markets is that reacceleration of the economy will lead to higher terminal rates," said Lancaster. Buying U.S. long-dated natural gas futures for these reasons and also, he added, "in an inflationary cost/wage environment looks compelling."

Spreads indicate the premium investors demand to hold corporate bonds rather than safer government debt. However, some investors expect credit spreads may widen again to reflect a recession potentially ahead. Hedge funds and some asset managers short credit, meaning they are betting on a fall in a bond's price, by buying products like credit default swaps (CDS), which rise in value if the risk of a credit default event increases. Primary markets indicate there is no lack of demand for corporate bonds. They expect credit spreads to widen in the first half of this year.

A majority of the 10 global asset and hedge fund managers surveyed by Reuters said commodities are undervalued and should thrive as global inflation stays elevated in 2023. Preqin said just 915 hedge funds were launched in 2022, the lowest in 10 years. "It's the perfect environment for macro hedge funds: central bank policy divergence, interest rate differentials, geopolitical tension, bottlenecks and each country on its own. Macro hedge funds led the industry performance through November, according to financial data firm HFR, up roughly 8%. Lyons is keen to allot more to macro hedge funds and also thinks there are good opportunities in corporate credit.

☆ Schonfeld is rolling out a team focused on credit in another sign of Wall Street's rising interest in debt investing
▼ + stars: | 2022-10-31 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

Everybody wants to be a lender these daysStop me if you've heard this before, but a Wall Street firm wants to invest in debt. Schonfeld Strategic Advisors, the $14 billion family-office-turned-hedge fund is building out a new group focused on credit within its macro trading business, Insider reports. A general rule on Wall Street is that firms like to build businesses around complex things. A simple process means it is easily repeatable by someone else, which means more competition, which means smaller margins, which means less profit. The SEC issued $2.2 billion in fines on public companies, including 13 fines larger than $100 million, during its 2022 fiscal year, The Wall Street Journal reports.

☆ $14 billion Schonfeld is launching a new credit unit as the hedge fund continues its growth tear
▼ + stars: | 2022-10-28 | by ( Alyson Velati | ) www.businessinsider.com time to read: +3 min

$14 billion Schonfeld Strategic Advisors has rolled out a credit unit within its new macro trading business that launched earlier this year. Silverman and Aubrey joined in July and August, respectively, following Anchorage shutting its $7.4 billion hedge fund last December. The expanding credit business is part of Schonfeld's recent growth tear. In January, the firm is rolling out long/short credit strategies across the credit quality spectrum in the US and plans to add APAC and EMEA strategies over time. The HFRI Asset Weighted Index gained 1.1% for September, increasing the year-to-date return to 3.8%, according to Hedge Fund Research data.

☆ That nondescript building on the side of the highway is the newest gold mine Wall Street is trying to tap
▼ + stars: | 2022-10-20 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

But first, inside the latest Wall Street investment trend that's offering double-digit returns. Meet Wall Street's newest gold mine. So why should you care about Wall Street's sudden interest in warehouses? To read more about Wall Street's appetite for warehouses, check out the full story here. PE firms have started buying up stakes in law firms.

☆ A $14 billion NYC-based hedge fund is trying a different approach to getting people into the office— opening a suburban hub where its traders and managers live
▼ + stars: | 2022-10-19 | by ( Alyson Velati | ) www.businessinsider.com time to read: +4 min

Hedge fund Schonfeld has opened an office in Summit, New Jersey after surveying staff. $14 billion Schonfeld Strategic Advisors is taking a different route from other Wall Street firms to get their employees into the office and to attract talent in the long run. The family-office-turned-hedge fund has been on a growth tear since Ryan Tolkin took over as chief executive at the beginning of 2021. Schonfeld employees are typically in the office three days a week but this can vary across teams. "By accessing a broader talent pool, we will naturally continue to grow in each of these offices," Tolkin, who is also the firm's chief investment officer, told Insider.

☆ $14 billion hedge fund Schonfeld is focused on hiring as underperforming shops face a shakeout
▼ + stars: | 2022-09-19 | by ( Alyson Velati | ) www.businessinsider.com time to read: +4 min

The hedge fund industry in the early days of a consolidation wave, according to headhunter Ilana Weinstein. The writing is on the wall for hedge funds whose performance have taken massive hits over the last few months. The S&P 500 and the average hedge fund, according to Hedge Fund Research, dropped 18% and 4% year to date, respectively. To stay competitive amid consolidation in the hedge fund industry, Tolkin said $14.1 billion Schonfeld Strategic Advisors is looking to attract talent from different backgrounds and that can provide different ideas. This will help the firm become one of the "winners" amid the industry consolidation, Tolkin said.

☆ Fear and loathing on Wall Street: Inside the paranoid, hyper-competitive onslaught to prevent quant traders from defecting to rivals
▼ + stars: | 2022-07-31 | by ( Alex Morrell | ) www.businessinsider.com time to read: +23 min

Current and former employees at prominent quant trading operations spoke to Insider anonymously for this story, citing fear of legal reprisals. "At the NSA, the penalty for leaking is twenty-five years in prison," Simons liked to tell employees, according to Gregory Zuckerman's book "The Man Who Solved the Market." In the early 2000s, quant noncompetes were narrower and shorter — six to nine months was industry standard, quant recruiters who had to navigate these obstacles told Insider. But it has aggressively pursued employees it believes have crossed the firm, according to court filings and media reports. Absent such changes, quant noncompetes will likely continue to proliferate with little resistance from employees.

Persons: Ken Griffin, they'd, It's, Matt Moye, they've, David Marshall, Jim Simons, George Soros, John Paulson, Philip Falcone, Jonathan Ernst, RenTech, Simons, Gregory Zuckerman's, Moye, quant, Pavel Volfbeyn, Alexander Belopolsky, spooked, Eric Wepsic, Shaw, —, Izzy Englander, Rick Wastrom, Smith Hanley, Jane Street burgeoned, Peter Friedman, Brennan Hughes, Griffin —, They've, Friedman, Chase Lochmiller, Ray Dalio, Jane Street, Hughes, Samuel Estreicher, Estreicher, I'm, David, Wastrom, Marshall, noncompetes Organizations: Citadel Securities, Renaissance Technologies, Citadel, St John's Law School, Center for Labor, Employment, REUTERS, NSA, Fund, RenTech, Millennium Management, Millennium, D.E, Trading, Integra Advisors, Wall, Google, Sigma, Polychain, Getty, Bridgewater Associates, National Labor Relations Board, Schonfeld Strategic Advisors, Group, New York University, school's Center for Labor, John's Law, —, New Locations: America, Bridgewater, New York, Hudson, Riker's Island, Houston, Chicago, Connecticut, — California, St, New York , Illinois

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