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☆ 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

☆ Stocks enter 'belief' phase with most investors converted to bulls. What it means going forward
▼ + stars: | 2024-03-02 | by ( Michael Santoli | ) www.cnbc.com time to read: +9 min

The sheer persistence of the equity rally, with the S & P 500 up 16 of 18 weeks and refusing to succumb to supposed late-February seasonal weakness, has converted the cautious. Still, by some lights, stocks' valuation is one of the better sentiment indicators, and by that measure the investment community is pretty enthusiastic. More simply, we continue to see elevated but not alarming P/Es in the S & P 500 broadly while the median P/E of the top 10 names in the index remains close to past peaks." Coming at a time when the S & P 500 is more than 13% above its 200-day moving average — pretty stretched — and we haven't had even a 3% pullback since October. The "right" cyclical sectors are leading (industrials and consumer discretionary in addition to tech), and the equal-weight S & P 500 is nosing toward its old high.

Persons: Scott Rubner, maven, Goldman Sachs, there's, it's, hustled, gunning, BofA's Savita Subramanian, Citi's Scott Chronert, Barclays Venu Krishna, Lori Calvasina, haven't, I've, We've, Stocks, – Organizations: Micro, Dell Technologies, ARM Holdings, Bank of America, Barclays, Big Tech, Tech, Federal, Fed Locations: U.S

☆ How Google lost its way
▼ + stars: | 2024-02-29 | by ( Hugh Langley | Lara O'Reilly | ) www.businessinsider.com time to read: +17 min

Just two months after Google launched Gemini, its flashy new AI model, the company revealed that it had already built a better version. AdvertisementThen, days later, Google scrambled to explain why its image generation tool spit out racially inaccurate depictions of historical figures. Users have long bemoaned — and researchers recently found — a decline in the quality of Google Search results. The fact that Google is not far and away the self-driving-car leader, it's, like, a total joke," the former Google director said, adding that the problem of Google's lost supremacy is "maybe impossible to solve, frankly." Google now is reminiscent of the Steve Ballmer-era Microsoft, which missed the smartphone, search, and cloud waves and was overtaken by Apple, Google, and Amazon.

Persons: OpenAI, Sora, Sam Altman, Sundar Pichai's, Pichai, —, Larry Page, Sergey Brin, Lea Suzuki, Getty Brin, Page, Google, Googlers, Axel Springer, Diane von Furstenberg, Giovanni Giannoni, Michael Avrukin, Vuk Valcic, wouldn't, Patrick Mork, Eric Lehman, Lehman, ChatGPT, Caesar Sengupta, Sengupta, Alexa, Google's, Steve Ballmer, Satya Nadella, Hugh Langley, Lara O'Reilly Organizations: Google, Hollywood, Industry, San Francisco Chronicle, Business, Penske Media, Microsoft, Amazon, The New York Times, Oracle, YouTube, Apple, IBM, Meta Locations: Silicon Valley, Silicon, —

☆ 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

☆ Inside the rocky marriage of hedge funds and top AI talent
▼ + stars: | 2024-02-27 | by ( Bianca Chan | ) www.businessinsider.com time to read: +11 min

AI researchers have struggled with hedge funds' culture around proprietary secrets, which goes against the open-source philosophy foundational to AI and academia. Some recruiters, including Michael Stover, are seeing double- and triple-digit growth in AI hiring among hedge funds and prop-trading firms. For heads of AI, he said, hedge funds are dishing out a minimum of $1.5 million in total comp. But perhaps the top reason hedge funds are interested in the technology is that AI capabilities are bait in the war for investing talent. It's one of the few large US hedge funds without an executive or centralized team dedicated to AI or machine learning.

Persons: Ken Griffin's Citadel, Li Deng, Deng, Ken, Ken Griffin, Michael Stover, Stover, ExodusPoint, Balyasny, Agni Ghosh, Stott, isn't, Sumeet Chabria, Conor Twomey, Tim Mace, Mace, May's Ghosh, it's, They're, Peter Finter, Finter, That's, Ghosh, you've Organizations: Microsoft, Business, Citadel, Milken Institute, Reuters, Millennium Management, Bloomberg, Balyasny Asset Management, Man, Bank of America, Wall, Wall Street, Tech, Google Locations: Chicago, Seattle, Beverly Hills , California, London, San Francisco, Silicon Valley, Wall

☆ In Chicago, It’s Summer in February
▼ + stars: | 2024-02-27 | by ( Julie Bosman | ) www.nytimes.com time to read: +1 min

February is usually frigid perfection for the ice rink at Millennium Park in downtown Chicago, a favorite winter stop for tourists and local families that stands in the shadow of the reflective sculpture known as the Bean. Under an intense sun and 70-degree air temperatures, water slowly trickled out of the empty rink, flooding the surrounding concrete. Winter in Chicago — or the lack of it — reached an unnerving peak on Tuesday, when meteorologists predicted that the city could break a 48-year-old high-temperature record. Around the city, it looked like summer: Apartment windows were pushed open to catch the warm breeze. Restaurants set up tables and chairs on sidewalks for al fresco lunch service, a rare sight in a Chicago February.

Persons: Bean, — Locations: Chicago

☆ Hot hedge fund trends collide at a new AI-powered multi-strategy fund
▼ + stars: | 2024-02-26 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +3 min

Ascendance Asset Management, founded by former AllianceBernstein investor Bob Kim, will be a multi-strategy hedge fund that plans to integrate artificial intelligence across the investing and risk management process, several sources familiar with the matter told Business Insider. Kim was the director of research at Visium and a portfolio manager for Izzy Englander's Millennium before working as the chief investment officer for AB's Arya fund, the multi-billion multi-strategy fund within the asset manager's alternatives business. AdvertisementThe firm also brought on a former executive from billionaire Stan Druckenmiller's hedge fund Duquesne, John Kovitch, to be its head of trading. The goal, sources told BI, is for each portfolio manager to have their own personalized AI agent helping them trade. These firms need people, especially investing talent, pushing up compensation and guaranteed payouts across the industry.

Persons: Bob Kim, Ascendance, Kim, Izzy Englander's, AB's Arya, Josh Adam, Adam, Steve, Goldman Sachs, Stan Druckenmiller's, John Kovitch, Bobby Jain's Jain Organizations: Service, Management, Industry, Business, SAC, Duquesne, Citadel Locations: New York, London, Asia, GLG

☆ Gwen Stefani says she has to relearn No Doubt songs ahead of ‘amazing’ Coachella reunion
▼ + stars: | 2024-02-15 | by ( Alli Rosenbloom | ) edition.cnn.com time to read: +2 min

CNN —Gwen Stefani has some studying to do ahead of the hotly anticipated No Doubt reunion at the Coachella music festival in April. She told host Jimmy Kimmel this week that she and the band haven’t started rehearsing yet, and that she has to relearn “eight or nine” No Doubt songs ahead of the big show. But Stefani isn’t letting nerves get the best of her, as she also gushed to Kimmel that playing Coachella is “going to be amazing. I’m so excited.”In their heyday, No Doubt became known for their classic hits “Don’t Speak,” “Just a Girl” and “Spiderwebs,” among many others. The live music festival will return to Indio’s Empire Polo Field for two consecutive weekends on April 12-14 and April 19-21.

Persons: Gwen Stefani, Jimmy Kimmel, ” Stefani, haven’t, relearn, Stefani, she’ll “, ” gesturing, Kimmel, “, – Stefani, Tony Kanal, Tom Dumont, Adrian Young –, Lana Del Rey, Doja, Tyler, Balvin Organizations: CNN, Coachella, Field Locations: Coachella

☆ How Vince McMahon built an empire on fakery and taught Donald Trump to control a crowd
▼ + stars: | 2024-02-13 | by ( Allison Morrow | ) edition.cnn.com time to read: +9 min

New York CNN —Netflix recently bet $5 billion on the idea that pro wrestling is due for a renaissance. The potential liability for Netflix, though, lies with World Wrestling Entertainment’s longtime puppet master and promoter, Vince McMahon. CNN: Vince McMahon has been a powerful force in American culture over the last 40 years, but I think that’s hard to convey to non-wrestling fans. Riesman: For about 40 years, Vince McMahon was the central actor and gravitational point for the American and Canadian professional wrestling industry. There’s kayfabe, and then there’s what Vince really pioneered, which is neokayfabe, a term I made up.

Persons: CNN Business ’, ”, Hulk Hogan, That’s, Wrestling Entertainment’s, Vince McMahon, McMahon, didn’t, Abraham Josephine Riesman, “, ” Riesman, Dwayne “, ” Johnson, Steve Austin, Donald Trump, Riesman, Vince, Donald Trump’s, Vince’s, Donny Trump, Trump, Linda, I’m, It’s, There’s, You’re, you’re, Vince McMahon’s, Mr, McMahon ”, Sammy Stein — Organizations: CNN Business, New York CNN, Netflix, Wrestling, WWE, Wall Street, CNN, American, Trump, Trump . CNN, Endeavor Locations: New York, America, Canadian, Queens, United States

☆ Billy Dee Williams told Donald Glover to 'just be charming' as Lando Calrissian in 'Star Wars': 'In my mind there was and ever will be only one Lando, and that's me.'
▼ + stars: | 2024-02-13 | by ( Eammon Jacobs | ) www.businessinsider.com time to read: +3 min

Portraits of a Life," Billy Dee Williams recalled the advice he gave to Donald Glover before he played the young Lando Calrissian in "Solo: A Star Wars Story." Glover is, however, developing a future "Lando" movie to star in himself. Advertisement"In the spirit of full disclosure, I wished that I had been able to jump back in time to play young Lando, because in my mind there was and ever will be only one Lando, and that's me," he said. The pair discussed why Lando was so iconic in the first place, as Williams wrote: "I didn't play Lando as a Black man," I explained. In 2017, Glover told The Hollywood Reporter that he dissected a number of ideas about Lando to Williams.

Persons: —, Billy Dee Williams, Donald Glover, Lando Calrissian, Williams, didn't, Lando, Glover, scoundrels, Mrs Smith, I've Organizations: Service, Business, Lucasfilm, Disney, Hollywood

☆ Growing quant giant Qube just added a fundraiser focused on Asian investors
▼ + stars: | 2024-02-12 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +2 min

This story is available exclusively to Business Insider subscribers. Sources familiar with the firm's plans told Business Insider that it hopes Hirazumi will help bring in assets to the firm’s China strategy. The manager has four Asian offices listed on its website, including one in mainland China in Shanghai, plus others in Hong Kong, Singapore, and Mumbai. It helps that performance has been stellar: The manager is already up roughly 10% through January this year, Business Insider previously reported . Another Millennium spin-out, Kurt Baker’s 30th Century Partners, is planning to start trading this year with $3 billion out of Hong Kong, according to a Bloomberg report.

Persons: Noriaki Hirazumi, Qube, Hirazumi, Ray Dalio, Blackstone, Jonathan Xiong, Kurt Baker’s Organizations: Research, Technologies, General Investment, London, Winton Group, Business, Credit Suisse, Public, Tiger, Investment Partners, Century Partners, Bloomberg Locations: Asia, London, Japan, China, Shanghai, Hong Kong, Singapore, Mumbai, Qube, Bridgewater

☆ The Vision Pro's scary side effect
▼ + stars: | 2024-02-11 | by ( Adam Rogers | ) www.businessinsider.com time to read: +11 min

The reviews are in, and the tech press is lauding the Apple Vision Pro headset for delivering on the company's promises. Apple and Meta are hoping that this virtual world will be so compelling that you won't just visit. Apple Vision Pro AppleThese are all, as the IT people say, known issues. When people adapt to a perceptual change for long enough, the real world starts to look wrong in the opposite direction. In the meantime, while he's doing his work, maybe don't forget to take that Vision Pro off once in a while.

Persons: It's, They're, you'll, Jeremy Bailenson, You've, That's, they're, techies, Bailenson's, passthrough, Bailenson, doesn't, I've, William Gibson, We've, he's, Adam Rogers Organizations: Apple, Meta, Stanford, Honda, Business

☆ No PMs, no extra fees: Here's a look at former Point72 president's new 'alpha-capture' fund hoping to raise $1 billion
▼ + stars: | 2024-02-08 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +3 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewFormer Point72 president Doug Haynes is looking to revive a strategy he previously ran for billionaire Steve Cohen for his new fund launch. This story is available exclusively to Business Insider subscribers. Last year, billionaire Millennium founder Izzy Englander described it as a "talent bubble" while speaking at the Robin Hood conference. Business Insider previously reported that Haynes had hired people such as D1 Capital's former director of research Michael Lean to be a part of the new venture.

Persons: —, Doug Haynes, Steve Cohen, Haynes, Latitude's, Chris Coward, Izzy Englander, Robin Hood, Michael Lean, Cohen, Lauren Bonner, Bonner Organizations: Service, Business, Robin Locations: shuttering, Palm, Point72

☆ Millennium Has Hired a Top Jane Street Trader
▼ + stars: | 2024-02-08 | by ( Alex Morrell | Bradley Saacks | ) www.businessinsider.com time to read: +3 min

But the spotlight came for Jane Street anyway. Representatives for Jane Street and Millennium declined to comment. Millennium is in many ways the inverse of Jane Street. Six years ago, Schadewald joining Jane Street raised some eyebrows — a testament to the once barely-known firm's ascendance. Today, leaving a juggernaut like Jane Street for the intensity of a high-risk, high-reward hedge fund seat is viewed as the surprise.

Persons: Jane Street, Jane, It's, Sam Bankman, doesn't, Doug Schadewald, Izzy Englander's, Jane Street's, he's, Schadewald Organizations: Bloomberg, Business, Wall Street, Financial Times, Jane Street, Barclays, Management, Star Millennium, Citadel

☆ Jet lag: What Taylor Swift — and the average traveler — is up against
▼ + stars: | 2024-02-07 | by ( Marnie Hunter | ) edition.cnn.com time to read: +8 min

And what about the jet lag? Here’s how jet lag works and what the average traveler can do to lessen its effects. What is jet lag? There are behavioral adjustments and remedies that can help a traveler deal with jet lag. But choosing flights that are less disruptive to getting a decent amount of sleep helps prevent a sleep deficit that can make jet lag worse.

Persons: CNN —, you’re Taylor Swift, Swift, “, Travis Kelce, Taylor Swift, Matt Winkelmeyer, ”, David Schulman, Fariha Abbasi, Feinberg, there’s, Richard Dawood, ” Dawood, Schulman, ” Schulman, you’re, Abbasi, ” Abbasi, Skip, Dawood, Don’t Organizations: CNN, Super Bowl, football’s, CBS, Super, Emory University School of Medicine, Emory Sleep Center, Vegas, Fleet Street Clinic, American Academy of Sleep Medicine, American Academy of Sleep, Millennium Physician Locations: Tokyo, Las Vegas, Pacific, Australia, Embassy, Japan, United States, Vegas, Melbourne, Atlanta, London, Fort Myers , Florida

☆ 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

☆ The latest way workers want to upend the workplace is a blast from the past
▼ + stars: | 2024-02-05 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

What's on deck:This story is available exclusively to Business Insider subscribers. Long considered the bane of white-collar workers' existence, people now view cubicles as a sanctuary instead of a jail cell. AdvertisementCalling for a return to the cubes might seem odd when so many are pushing to evolve the workplace. Experts told Business Insider that a wave of retiring Boomers means the generation will soon be at "peak burden" to the economy. Get in touchAdvertisementinsidertoday@insider.comTo read unlimited articles, subscribe to Business Insider.

Persons: —, It's, Rebecca Zisser, Long, Kelli María Korducki, haven't, Korducki, cubicles, Ken Griffin, Vernon Yuen, Jerome Powell, Donald Trump, buybacks, Tammi Jantzen, Joe Rogan, Both Rogan, BI's Peter Kafka, Jenny Chang, Rodriguez, Dan DeFrancesco, Hallam Bullock, Jordan Parker Erb Organizations: Service, Business, Corporate, Citadel, Getty, Federal Reserve, Deutsche Bank, Spotify, Bureau of Labor Statistics, Boomers, Caterpillar Inc Locations: Silicon Valley, Wellington, Astarte, China, New York, London

☆ Citadel is on top, and Schonfeld is picking up steam. Here's how hedge funds kicked off the new year.
▼ + stars: | 2024-02-02 | by ( Alex Morrell | Bradley Saacks | ) www.businessinsider.com time to read: +1 min

Hedge funds are off to a good start in 2024 after mediocre performance last year. January returns were strong at multi-strategy managers like Citadel, Point72, and Millennium. A leaner Schonfeld closed out a rough 2023 on high note, and it's kept the momentum going in 2024. In 2023, even the best multi-strategy hedge funds trailed the broader stock market. Citadel led its peers with a 15.3% gain last year, but the S&P 500 notched a total return of 26.3%.

Persons: it's, Ari Glass Organizations: Citadel, Business Locations: Point72, Wellington

☆ Meta used copyright to protect its AI model, but argues against the law for everyone else
▼ + stars: | 2024-01-30 | by ( Kali Hays | ) www.businessinsider.com time to read: +6 min

Meta tried to use copyright law to get a version of its Llama AI model removed from GitHub. AdvertisementMeta argues strongly that copyright law shouldn't apply when online content is being used for free to build AI models. The takedown notice was submitted through the Digital Millennium Copyright Act, or DMCA, a law that extended the reach of copyright law for the internet age. A failed attemptMeta's attempt to get the early Llama model removed from the developer platform failed in the end. (Meta and Google have so far not weighed in on whether AI model outputs should be protected or not).

Persons: Meta, —, Franklin Graves, Graves, GitHub Organizations: US, Service, Facebook, Big Tech, Microsoft, US Copyright Office, Copyright, Meta, US Copyright, Apple, Google Locations: GitHub

☆ 33-year-old makes over $100,000 and works from home without a bachelor’s degree—here’s how
▼ + stars: | 2024-01-25 | by ( Morgan Smith | ) www.cnbc.com time to read: +6 min

This story is part of CNBC Make It's Ditching the Degree series, where women who have built six-figure careers without a bachelor's degree reveal the secrets of their success. "At that point, I was like, 'Well, how far can I go without a bachelor's degree?'" Ansley says this proactive approach to her professional growth and networking helped her transition from marketing to product management. While some companies prefer product managers to have a bachelor's degree in business management, supply chain management or a related field, it isn't always required. Why product management is a 'great career' for someone without a degree

Persons: Ansley, Kami Smith, isn't, Smith Organizations: CNBC, Tillotson University, University of Texas, Texas Windstorm Insurance Locations: AskMakeIt@cnbc.com, Austin , Texas, San Antonio, Texas, Houston, BMF, Austin, South, Austin .

UNITED NATIONS (AP) — Russia’s top diplomat accused the United States, South Korea and Japan on Wednesday of preparing for war with North Korea. The Russian minister said the U.S., South Korea and Japan have also been talking about developing their cooperation. Political Cartoons View All 253 ImagesLast week, the three countries conducted combined naval exercises involving an American aircraft carrier in their latest show of strength against nuclear-armed North Korea. Lavrov compared Kim’s recent announcement that North Korea would not reunify with South Korea to Israeli Prime Minister Benjamin Netanyahu’s statement saying there will be no Palestinian state after the ongoing Israel-Hamas war. “It’s terrible when, instead of unity, we have trends which divide us,” the Russian minister said.

Persons: — Russia’s, Sergey Lavrov, “, ”, Lavrov, North Korea's Kim, Kim Jong, Vladimir Putin’s, Kim, Putin, Benjamin Netanyahu’s Organizations: UNITED NATIONS, DPRK, Democratic People’s, Kremlin, Israeli, West, United Arab Locations: United States, South Korea, Japan, North Korea, Pyongyang, Democratic People’s Republic of Korea, U.S, North, Seoul, Ukraine, Russia, Washington, Tokyo, Russia’s Far, Korea, Israel, Brazil, India, China, South Africa, Iran, Saudi Arabia, United Arab Emirates, Egypt, Ethiopia

☆ Netflix is the king of streaming. But can it last?
▼ + stars: | 2024-01-23 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +8 min

In today's big story, we're looking at what to expect ahead of Netflix's big earnings report. This story is available exclusively to Business Insider subscribers. And as other streamers scramble to figure out long-term business plans, Netflix has been crowned the winner of the streaming wars thus far. Netflix is so big it even has shows from other streamers, a sign of how ubiquitous it has become. AdvertisementGet in touchinsidertoday@insider.comTo read unlimited articles, subscribe to Business Insider.

Persons: —, It's, Scott Stuber, Stuber, Insider's Lucia Moses, That'll, dealmaking, isn't, Insider's Peter Kafka, Peter, it's, James Leynse, Griffin's, Shaw, Griffin, Gary Weathers, Morgan Stanley, Tesla, Stellantis, Tommy Parker, They're, Oscar, Zazie Beetz, Jack Quaid, They'll, Tim Spector's, Dan DeFrancesco, Diamond Naga Siu, Hallam Bullock, Jordan Parker Erb, Hayley Hudson, Lisa Ryan Organizations: Service, IRS, Business, Netflix, Netflix Films, Traders, Computer Terminals, Goldman, Getty, UBS, Griffin's Citadel, LCH Investments, BlackRock, Los, Peugeot, Chrysler, Dodge, BI, Balyasny, Management, National Baseball Hall of Fame, MLB Network, Procter, Gamble, Electric, Verizon Locations: Goldman Sachs, Los Angeles, Boston, Suez, Panama, New York, San Diego, London, Edinburgh

☆ Meet CenterBook Partners, the hedge fund powered by intel from dozens of other managers
▼ + stars: | 2024-01-22 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +5 min

That dozens of funds — the firm currently has 28 different partner funds that feed data into the strategy plus a waitlist of five other managers — would share their holdings is novel. The average hedge fund was up 7.5%, according to Hedge Fund Research. The managers who have partnered with CenterBook, Stemerman said, have a long time horizon — think months instead of days — on their trades, so the edge isn't lost if CenterBook also makes the same trade in its book. CenterBook, if assets grow as expected, aims to bring on another 10 partner funds this year, the source close to management tells Business Insider. While the manager has only 18 full-time employees, its partner funds have more than 100 investment analysts working at them.

Persons: David Stemerman, Steve Mandel's Lone, Conatus, CenterBook, Stemerman, —, tearsheet, hadn't Organizations: Business, Connecticut's, Alpha, CenterBook, Global Alpha, Fund, Citadel, Apple Locations: Charlotte, Lone

☆ Ken Griffin is on top of the hedge fund world. Read his memo to the Citadel team.
▼ + stars: | 2024-01-22 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +2 min

Read previewAnother big year for billionaire Ken Griffin and Citadel has extended the lead the Miami-based money manager has over its peers. It brought the firm's all-time gains to $74 billion, close to $20 billion more than the two firms tied for second all-time, D.E. The two firms have generated $56.1 billion in profits since they launched, according to the rankings. In an internal memo titled "Citadel Widens Lead as Most Profitable Hedge Fund of All Time," Griffin wrote, "We not only retained the #1 ranking, but we also more than doubled our lead over our closest competitors in the past year." Citadel confirmed the contents of the memo but declined to comment further.

Persons: —, Ken Griffin, Shaw, Ray Dalio's Bridgewater, Edmond de Rothschild, Griffin Organizations: Service, Citadel, Business, LCH Investments, Millennium, Bloomberg, LCH, Fund Locations: Miami, Connecticut, Wellington

☆ Inside $9 billion WorldQuant's 15-year anniversary celebration in the Bahamas, with talks from Arnold Schwarzenegger, performances by David Blaine, and a $100,000 chess tournament
▼ + stars: | 2024-01-19 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +2 min

The Baha Mar resort in Nassau was full of quants, engineers, and data scientists the week before Christmas. One session featured Boston Dynamics founder Marc Raibert speaking on robotics and artificial intelligence with the firm's robot dog, Spot, next to him. Chess champion Magnus Carlsen came to play with teams from 12 different countries playing to win a $100,000 grand prize. But for those at WorldQuant looking forward to relaxing, the resort has plenty of options. Entertainment during the week also included a performance from David Blaine, the well-known illusionist.

Persons: Izzy Englander's, Igor Tulchinsky, Arnold Schwarzenegger, Malcolm Gladwell, Stan McChrystal, Marc Raibert, Magnus Carlsen, Baha, David Blaine Organizations: Baha, Business, US Army, Boston Dynamics, Hyatt, Entertainment Locations: Nassau, Bahamas, Connecticut

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