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

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

☆ 'It can't get much worse than this': A trail of portfolio managers have resigned or been liquidated as the once lush index-rebalance strategy dries up
▼ + stars: | 2023-05-11 | by ( Alex Morrell | ) www.businessinsider.com time to read: +5 min

Heavyweight multi-strategy hedge funds aren't known for their patience. It seems their patience has run out on the index-rebalance strategy, one of the most popular and sought-after hedge fund moneymakers in recent years. Representatives for the hedge funds declined to comment or did not respond to requests for comment. While hedge funds are allocating their capital elsewhere, they haven't given up on index-rebalance trading. Do you know more about the index-rebalance trade?

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

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

☆ The psychologists who sit between you and your dream job on Wall Street
▼ + stars: | 2023-04-11 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

Nabbing your dream job might just amount to getting approved by a handful of psychologists and business strategists. Click here to read more about ghSmart, the leadership advisory firm that plays a key role in Wall Street's hiring process. Generative AI startups on the rise. PE firms big bet on food companies isn't paying off. Private-equity firms bought up the companies behind some of your favorite brands of food, but rising interest rates have ruined those investments, The Wall Street Journal reports.

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

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

Credit Suisse's investment bankers are not waiting around to find out if UBS will give them jobs. UBS executives have pulled no punches when discussing the future of Credit Suisse's investment banking teams and trading desks. Jeff CohenA two-decade Credit Suisse veteran, Cohen heads up Credit Suisse's leveraged and acquisition finance business from New York. Previously, Cohen was Credit Suisse's head of global credit products and global head of leveraged finance capital markets. Marco SuperinaA Credit Suisse veteran since 1997, Superina heads Credit Suisse's M&A efforts in the firm's native Switzerland.

☆ Multi-strat hedge funds like Citadel and Millennium are the new big banks
▼ + stars: | 2023-03-22 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

There's an old saying on Wall Street: You can only leave Goldman Sachs once. Insider's Alex Morrell has a fascinating look at how Goldman Sachs' top executives have headed to some of the top hedge funds in the world in recent years. Poaching talent is a longstanding tradition on Wall Street, and the path from the investment banks to the buy side is a well-worn one. It's an indication of the shifting tides on Wall Street between the firms that traditionally held all the power (big banks) and the ones usurping them (multi-strat hedge funds). Click here to read more about how Goldman Sachs alumni are getting poached by the world's biggest hedge funds.

☆ Why Goldman Sachs alumni are being hoovered up by elite hedge funds like Citadel and Millennium
▼ + stars: | 2023-03-21 | by ( Alex Morrell | ) www.businessinsider.com time to read: +14 min

In November, one of the world's most consequential hedge funds announced a shake-up at the top of its power structure. In an internal memo, the founder of Millennium Management, Izzy Englander, said that Bobby Jain would be vacating the co-CIO role. "You can't readily find that managerial experience at other hedge funds and Goldman is a perfect place to look for those people." 8 former Goldman Sachs leaders are now Millennium execsEnglander isn't alone — firms rarely are in the copycat world of multistrats. In a statement to Insider, Abbey Collins, a spokesperson for Goldman Sachs, said, "Goldman Sachs has always been and remains a talent magnet.

☆ Swiss banking, known for its secrecy, gets put in the spotlight
▼ + stars: | 2023-03-21 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

Credit Suisse stock plummeted on Wednesday during the bank's largest one-day selloff to date. UBS begrudgingly agreeing to acquire rival Credit Suisse has put Swiss banking on center stage. Credit Suisse has stumbled through its fair share of crises in recent years. The sale of Credit Suisse for $3.2 billion begs the question: What the hell are neobanks worth? If a long-established, albeit beleaguered, investment bank was sold at such a discount, then what could a digital-only consumer bank really go for?

☆ Credit Suisse's investment bankers are so concerned about cuts, employees are being told to look for new jobs. 'They encouraged it.'
▼ + stars: | 2023-03-20 | by ( Carter Johnson | Casey Sullivan | Dakin Campbell | ) www.businessinsider.com time to read: +12 min

The fate of Credit Suisse's investment bank hangs in the balance after being sold to UBS. The investment bank's planned spinoff has been put on hold and bankers are bracing for job cuts. People said they expect Credit Suisse's planned spinoff of its investment banking operations, announced last year, to be scuttled. Over at 11 Madison Ave., where Credit Suisse's NY operations are headquartered, emotions were running hot on Monday. Now, the proposed CS First Boston deal hangs in the balance, with both industry experts and Credit Suisse employees uncertain whether it will go through.

☆ How SVB employees are coping after being ordered to leave the office, from polishing their resumes to hitting the bar: 'We're pretty much in the dark'
▼ + stars: | 2023-03-10 | by ( Emmalyse Brownstein | Rebecca Ungarino | Carter Johnson | ) www.businessinsider.com time to read: +6 min

It read: "Operations of the SVB Securities broker dealer are distinct from the receivership of SVB Financial." The SVB Securities employee called the whirlwind leading up to SVB's meltdown as "scary, scary stuff." Kevin Heal, senior analyst at Argus Research, said he sees both SVB Securities and SVB Private being sold. SVB bought the healthcare investment bank Leerink Partners in 2018, renaming it SVB Leerink and then SVB Securities. PATRICK T. FALLON/AFP via Getty ImagesHeal thinks the investment banking operations could be purchased by a smaller investment banking firm that doesn't have tech or healthcare prowess, like US Bancorp or PNC.

☆ ExodusPoint is on the comeback trail after a rocky 2022
▼ + stars: | 2023-03-06 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

It's the beginning of the month, which means a chance to see how the top hedge funds are performing. But the top dog among large multi-strategy hedge funds was ExodusPoint. Click here to check out the performance of top hedge funds like Citadel, Millennium, and Point72. Working on Wall Street is so bad this woman left to clean up crime scenes. Stacey Foyster detailed how after a decade on Wall Street in risk analysis, she opted for a career change.

☆ 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.

☆ These bankers got deals done despite a dismal environment
▼ + stars: | 2023-02-16 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

Top M&A bankers of 2022. That's why you could argue that this year's edition of "The Rainmakers" — Insider's annual list of the 20 M&A bankers who handled the largest deals of the year in North America — is more impressive than previous editions. What's interesting about this year's list is how it was made up of bankers almost entirely from the bulge-bracket. Check out our list of the top-20 M&A bankers who made the most during a difficult year for dealmaking. Jeff Bezos' $500 million yacht finally hit the open water.

☆ The Rainmakers: Meet the 20 powerhouse bankers who orchestrated the biggest deals of 2022 and defied a down market
▼ + stars: | 2023-02-15 | by ( Carter Johnson | Alex Morrell | ) www.businessinsider.com time to read: +3 min

Insider partnered with the financial-data platform MergerLinks to identify 2022's top 20 bankers. The ranking is based on bankers who led the advisory process for the largest M&A in North America. Insider partnered with MergerLinks, a financial data service that tracks deals, to present the fourth edition of "The Rainmakers," the 20 M&A bankers who orchestrated the largest deals in North America in 2022. Just two of the top 20 bankers work at a non-bulge bracket; in 2021 and 2020, that figure was seven apiece. The list below is in ascending order of the total value of deals led in 2022.

☆ Demand for macro traders remains white hot. Millennium just lured a star portfolio manager from rival ExodusPoint.
▼ + stars: | 2023-02-14 | by ( Alex Morrell | ) www.businessinsider.com time to read: +4 min

Demand for macro portfolio managers remains white hot after a bounceback year in 2022. Millennium recently hired John Curtice from rival ExodusPoint, while Ben Melkman has been in talks to join another, Insider has learned. Millennium Management recently added another star to its stable, lifting a 32-year-old macro PM out of rival ExodusPoint, according to people familiar with the matter. Macro focused funds including BlueCrest, Brevan Howard, and Rokos produced stellar returns as most of the hedge fund industry — especially stock pickers — faltered. But even in late 2022 firms were scrambling to lift out macro PMs, recruiters working in the strategy told Insider.

☆ ExodusPoint's 2022 struggles is a lesson for all of Wall Street: Play the hits
▼ + stars: | 2023-02-03 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

I shudder to compare some of the greatest artists of our generation to a hedge fund, but I can't help but notice some similarities between their disdain for their biggest hits and ExodusPoint's difficult 2022. The hedge fund, which still holds the industry's largest launch in history, ended the year with fewer assets, employees, and PMs than it started with. The world's biggest hedge fund has a new co-CIO. Ken Griffin, the billionaire owner of hedge fund Citadel, is causing quite the stir over his suggestion that a historic home on a property he owns in Miami be relocated. The firm continues to cut back on the size of a venture-capital fund its raising, The Wall Street Journal reports, with a new goal of $5 billion.

☆ 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.

Some hedge funds, wealth managers, and asset managers are still hiring. Recruiters told us what roles are in demand and what skills can help you land them. Big-name hedge funds like Citadel, D. E. Shaw, and Millennium Management posted double digits in a year that many other investment managers would rather soon forget. Alternative asset managers, meanwhile, are hiring in the private-wealth-management businesses they've spent recent years building out. … if you're in or interested in wealth managementDespite the market downturn, wealth managers are in high demand.

☆ Bank of America announced a new class of managing directors — here are all 87 names in corporate and investment banking
▼ + stars: | 2023-01-26 | by ( Alex Morrell | ) www.businessinsider.com time to read: +3 min

Bank of America has announced a new class of 360 managing directors. Insider has the list of the 87 new MDs for the firm's Global Corporate and Investment Bank. It's managing director promotion day at Bank of America. On Thursday, the class of 360 managing directors across the firm were announced internally, up 15% from the 314 promoted in 2022.Insider has the list of the 87 employees who were promoted in the firm's Global Corporate and Investment Bank — the division responsible for dealmaking. That's down 17% from 105 new MDs last year in the division, likely a reflection of a difficult year in investment banking across Wall Street that saw revenues drop in excess of 50%.

☆ BofA Promoted 93 New MDs in Global Markets — Here Are the Names
▼ + stars: | 2023-01-26 | by ( Alex Morrell | ) www.businessinsider.com time to read: +2 min

Bank of America announced 93 new managing directors in Global Markets on Thursday. The division in 2022 saw sales and trading revenues climb to its highest mark since 2010.Insider has all the names of the newly promoted MDs. On Thursday the bank announced a new class of 360 managing directors, including 93 from the firm's Global Markets division — up from 86 last year. The bank's Global Corporate and Investment Bank promoted 87 new MDs. BofA made $16.5 billion in 2022 from sales and trading — including a fourth-quarter record of $3.7 billion — the highest tally for the firm since 2010.

Some hedge funds, wealth managers, and asset managers are still hiring. Layoffs across industries have been dominating headlines in January, and Wall Street has been no exception. Big-name hedge funds like Citadel, D. E. Shaw, and Millennium Management posted double digits in a year that many other investment managers would rather soon forget. Alternative asset managers, meanwhile, are hiring in the private-wealth-management businesses they've spent recent years building out. Emily Landon, the CEO of the Chicago-based headhunting firm The Crypto Recruiter, pointed to the job board Crypto Careers, which has over 2,400 openings.

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

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

☆ Morgan Stanley announced a new class of managing directors. Here are the names of the 184 new execs.
▼ + stars: | 2023-01-18 | by ( Alex Morrell | ) www.businessinsider.com time to read: 1 min

Morgan Stanley last week promoted 184 new managing directors, its highest distinction. 40% of the new class of MDs come from the firm's sales and trading division. Morgan Stanley last week announced it had promoted its latest class of managing directors, the highest title at the bank below the C-suite. Of the 184 new MDs, 40% came from the firm's Institutional Securities Group, which houses Morgan Stanley's sales and trading operations and produced robust revenues in 2022 that helped compensate for a drop-off in dealmaking. Here are the names of Morgan Stanley's 2023 class of managing directors:

☆ Morgan Stanley just promoted 184 employees to managing director, its highest rank
▼ + stars: | 2023-01-12 | by ( Alex Morrell | ) www.businessinsider.com time to read: +2 min

Morgan Stanley just promoted 184 employees to managing director, the highest rank at the firm. It may be a dark week in some corners of Wall Street, but 184 employees of Morgan Stanley just got the announcement of a lifetime: promotion to managing director. MD is the most senior designation at the Morgan Stanley below the C-suite and one of the most prestigious titles on Wall Street. A record 38% of the 184 new MDs are women — up from 33% last year — nudging the overall percentage of women MDs to 24%, the person said. Morgan Stanley started communicating year-end comp to employees on Thursday and is set to report earnings on Tuesday the 17th.

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