Hedge funds’ cash-rich cubs

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Sept. 18, 2024

Clockwise, from top left: Ken Griffin, Izzy Englander, Diego Megia, Bobby Jain. Photographers: Bryan van der Beek/Bloomberg; Patrick McMullan/Getty; Patrick T. Fallon/Bloomberg; Oscar J. Barroso/Europa Press

Read the story With hedge fund titans Citadel and Millennium closed to outside cash amid a dearth of talent able to manage their money, some of the firms' traders are seizing the chance to go it alone. Investors are piling in: Startups run by alumni have raised some $14 billion in cash this year—a record according to research firm PivotalPath. Top multistrategy funds are becoming the "victims of their own success," says PivotalPath CEO Jon Caplis. The choice for founders like Ken Griffin and Izzy Englander is whether to fight the migration—or embrace it. Read The Big Take.

Listen to the podcast The swift unwinding of yen-funded carry trades was a rude awakening for global markets and raised serious questions about just how much money was at stake. On today's Big Take Asia podcast, Bloomberg's Shuli Ren explains how carry trades work, why they became so popular and why it all went wrong in August. Subscribe and listen on iHeart, Apple and Spotify.

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