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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

☆ Billionaire Bridgewater founder Ray Dalio says he's focusing on running his family office, not returning to run the world's largest hedge fund
▼ + stars: | 2023-10-03 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +2 min

Ray Dalio says he's not plotting a comeback to Bridgewater, the fund he founded in 1975. Speaking at a Greenwich conference Tuesday, Dalio denied a New York Times report saying he might return. He said he will focus on running his family office and mentoring Bridgewater's leadership team. Dalio is building out his family office with a new office in Abu Dhabi and hiring in its other hubs in the US and Singapore, according to Bloomberg. The world's largest hedge fund is now being run by Nir Bar Dea, who has already shaken up the firm with a restructure and layoffs.

Persons: Ray Dalio, he's, Dalio, —, Mark Baumgartner, Rob Copeland, Nir Bar Dea Organizations: Bridgewater, New York Times, Service, Bridgewater Associates, Carnegie, Greenwich Economic, Times, Wall Street, New York Post, Bloomberg Locations: Greenwich, China, Westport , Connecticut, Abu Dhabi, Singapore, Bridgewater

Making mistakes doesn't feel great, but they can provide some lessons you might not have learned otherwise. We asked this year's rising stars of Wall Street to open up about the biggest missteps of their careers so far and what they took away from them. Some shared their rookie errors — like slamming their laptop shut after forgetting to save their first big pitch deck or duplicating a trade — while others gave more reflective answers about how early career mistakes impacted their paths. We've got to iterate and change how we do things, and I think that's helped our team's process a lot. So my mistakes also brought me here, and everything that has been a mistake is always a learning experience.

Persons: there's, Luis Arteaga, David Trinh, you'll, Michael Dunn Goekjian, Tori Gilliland, didn't, It's, Andrew Almeida, Thoma Bravo I've, I've, Nadim Laiwala, Rachel Hunter, Goldman, Kristen Powers, Morgan Stanley, Sarah Sigfusson, Shanta Wu, Fred Michel, who's, Morgan, Neil Kamath, Rachel Barry, Chris Dell'Amore, We've, that's, Peter Gylfe, Ricky Mewani, Dominic Rizzo, Rowe Price, Lillian Qian Lin, of, Steve Schwarzman, Peter Peterson, Stephen Schwarzman, Blackstone, Patrick McGoldrick, Katya Brozyna, Michael Wilkinson, Yi Yi, Wells, Luna McKeon, —, Anne, Victoire Auriault, Goldman Sachs Organizations: Barclays, Delta, Barclays Bridgewater Associates, Bridgewater Associates, Apollo Management, Thoma Bravo, Moelis, US, Bank of, Fidelity, JPMorgan, BlackRock Blackstone, Citadel, Blackstone, Jefferies, Citadel Securities, Blue Owl, Goldman Locations: Bank, Evercore, Wells, Americas

Each year, Insider highlights Wall Street's rising stars. NEW 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 . Insider tapped its contacts for ideas about individuals to include and received recommendations from bosses, colleagues, recruiters, and financial industry peers. Insider talked to these rising stars from leading firms like JPMorgan, Bridgewater, and Apollo, to reflect on their successes, challenges, and best career advice.

Persons: — Organizations: Service, JPMorgan Locations: Bridgewater

Thoma Bravo took SailPoint private in a $6.9 billion acquisition last August. Almeida has cultivated Thoma Bravo's cybersecurity portfolio into one of the largest in the private-equity industry, totaling nearly $40 billion in enterprise value. His focus in the security industry has helped Almeida — the firm's youngest partner — become a key leader of its flagship strategy. Beyond SailPoint, Almeida co-led the portfolio company Imprivata's 2022 purchase of SecureLink, in a deal valued at $3.5 billion. He also helped source and execute Thoma Bravo's $12.3 billion acquisition of Proofpoint in 2021, the largest private-equity cloud deal at the time.

Persons: Andrew Almeida, Thoma Bravo Thoma, Thoma Bravo Thoma Bravo Almeida, he'd, Thoma Bravo, Almeida, It's, — Orlando Bravo, Scott Crabill, Chip Virnig, Seth Boro —, Thoma, Virnig, Almeida —, —, Bianca Chan Organizations: Thoma Bravo Thoma Bravo, Bravo, Compuware Locations: Proofpoint

☆ The former head of Meta's failed stablecoin project admits he was too 'idealistic.' Now David Marcus's new startup plans to work within the system.
▼ + stars: | 2023-09-14 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +5 min

With an ultimate goal to be the go-to currency for the global financial system, it was, in hindsight, too ambitious, Marcus admits now. "If you're dependent on one centralized stablecoin to do global payments, it's a problem as we've experienced firsthand," he said. Why Meta's crypto project failedIn 2019 Meta unveiled plans to create a digital currency pegged to hard currencies including the US dollar. With his new startup, Lightspark, Marcus plans to hypercharge the global payments system is simpler, or at least less grandiose. Users will swap their local currency for bitcoin and then have it converted to the local currency of whichever country the capital is needed in.

Persons: David Marcus, Meta's, Libra, Diem, Marcus, Meta, that's, Mark Zuckerberg, he's, Christian Catalini, Marcus's, Catalini Organizations: PayPal, Visa, Securities and Exchange Commission, Meta, bitcoin, Facebook, JPMorgan, Bloomberg Locations: Manhattan, Los Angeles, Bahrain

☆ Meet Jesse Cohn, the hedge fund wunderkind building a campaign on Salesforce
▼ + stars: | 2023-01-23 | by ( Casey Sullivan | Bradley Saacks | ) www.businessinsider.com time to read: +10 min

One of the key players behind the campaign is 42-year-old Jesse Cohn, Paul Singer's right-hand man. Hedge fund Elliott Management has taken a multi-billion dollar stake in Salesforce, as the tech company deals with layoffs and a management shake-up. And Cohn, one of Elliott's chief agitators, has emerged as quarterback, announcing his respect for co-CEO Marc Benioff in a statement. "He said, 'Hey, let me talk to you,'" Knowles told BI in 2019. He had the files laid out on a conference-room table when the board met with Cohn in Elliott's New York office.

☆ 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.

☆ How a former Goldman Sachs whiz kid living in Puerto Rico exploited a generational shift in investing to become one of Millennium's most profitable traders
▼ + stars: | 2022-01-24 | by ( Alex Morrell | Bradley Saacks | ) www.businessinsider.com time to read: +11 min

Millennium has dominated the index-rebalance trade thanks to Glen Scheinberg, 35, and his SRBL team. One of the hottest trading strategies in recent years has required an intense fixation on some of Wall Street's supposedly dullest financial products: index funds and exchange-traded funds. The SRBL team was born from a Goldman Sachs trading deskIn 2014, Millennium poached 27-year-old Scheinberg from Goldman Sachs' program-trading desk — the team at Wall Street banks that trades baskets of stocks using algorithms. For Scheinberg's team, 2020 wasn't a one-off. Millennium's prodigy decamps to paradise for tax savings and bird-watchingDespite its success, much about the SRBL team remains shrouded in mystery.

☆ Fidelity Is Rolling Out Four New Bond Model Portfolios
▼ + stars: | 2020-01-15 | by ( Rebecca Ungarino | ) www.businessinsider.com time to read: +7 min

Investment management giant Fidelity is adding more fixed-income model portfolios to its menu of products available to financial advisors. While Fidelity doesn't charge advisory fees for the model portfolios, it charges investment management fees for the underlying funds. AdvertisementInvestment-management giant Fidelity is adding more fixed-income model portfolios to its menu of products available to financial advisors. Fidelity's model portfolios are available on so-called turnkey platforms for advisers, including its own offering. AdvertisementA growing marketFidelity already offers bond model portfolios to the advisers it serves through its institutional asset management business.

Persons: iShares, —, Larry Fink, Fink, Charles Schwab, Schwab, TD, Brian Snyder That's, Scott Smith, Smith, BlackRock's Fink, Russell Investments, Michelle Seitz, Russell, Seitz, — Bradley Saacks Organizations: Fidelity, BlackRock, Service, Fidelity Investments, REUTERS, Cerulli Associates, Business, Bank of America, Natixis, JPMorgan, Merrill Lynch Wealth Management Locations: Broadridge, Boston , Massachusetts

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