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<ul class="summary-list"><li>The post-election rally has led stock exposure to jump to its highest level in 11 years, BofA says.</li><li>The bank's fund manager survey says US stocks will continue to rally, and are set up to be the best performing asset in 2025.</li></ul>Donald Trump's election win has sparked a <a target="_blank" href="https://markets.businessinsider.com/news/stocks/trump-election-win-stock-market-today-record-high-sp500-dow-2024-11?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">rally in US stocks</a>, pushing investors' equities exposure to jump to its highest level in 11 years.That bullishness is set to continue, too, according to a Bank of America survey of fund managers. The survey showed fund managers predict US equities will be the best-performing asset next year, fueled by the promise of pro-business policies under Trump.The survey showed a marked "surge in bulls," strategist Michael Hartnett said.Now, a net 28% of those investors expect the US economy to grow at a stronger pace in the next year. That's a stark shift from last month's survey, when 22% expected weaker growth.The survey participants, who manage a combined $503 billion in assets, say that apart from US stocks, global equities and gold will also perform well next year.Those who made their calls after the election also pointed overwhelmingly to the Russell 2000 index of smaller stocks as the best-performing index for next year.Small-cap stocks are expected to do well in a second Trump presidency due to their lack of international exposure, which will minimize risk from Trump's proposals for sweeping tariffs on imports. Those stocks have also seen inflows since the election, with the Russell 2000 surging almost 6% since Election Day. US stocks have extended their postelection rally into this week. Investors expect that Trump's proposed policies, like corporate tax cuts and less regulation, will be more business-friendly and boost earnings.The widespread rally has sparked massive inflows into Trump trades like <a target="_blank" href="https://markets.businessinsider.com/news/currencies/bitcoin-record-price-outlook-crypto-trump-election-digital-assets-altcoins-2024-11?_gl=1*3p5vvo*_ga*MTY3OTgyNjg0MS4xNzIxMDE2MDM2*_ga_E21CV80ZCZ*MTczMTQxOTczNy4zOTIuMS4xNzMxNDE5NzQ0LjUzLjAuMA..">bitcoin</a> and <a target="_blank" href="https://markets.businessinsider.com/news/stocks/tesla-stock-price-trillion-valuation-donald-trump-election-win-tsla-2024-11?_gl=1*jyqhh7*_ga*MTY3OTgyNjg0MS4xNzIxMDE2MDM2*_ga_E21CV80ZCZ*MTczMTQxOTczNy4zOTIuMS4xNzMxNDE5NzcxLjI2LjAuMA..">Tesla</a>, as well as shares of banks that are expected to benefit from his policies.The S&amp;P 500 and the Dow Jones Industrial Average have hit record highs since the election.

Stock exposure hits 11-year high as investors expect US equities to be the top-performing asset in 2025, BofA survey says

Focused <keyword id="19929240" type="General" weightage="20" keywordseo="mutual-funds" source="keywords">mutual funds</keyword>, which invest in a concentrated portfolio of <keyword id="19905382" type="General" weightage="20" keywordseo="stocks" source="keywords">stocks</keyword>, are gaining traction among investors with the <keyword id="22748135" type="General" weightage="20" keywordseo="asset-base" source="keywords">asset base</keyword> of the category growing to Rs 1.43 lakh crore in three months ended June 2024, marking an increase of 31% from a year ago. Interestingly, some of the focused funds offered by the mutual fund houses such as <keyword id="22748136" type="General" weightage="20" keywordseo="Invesco-India-Focused-Fund" source="keywords" meta.keywordsubtype="org" meta.entityname="Invesco India Focused Fund" meta.hostid="261" meta.entityid="Invesco India Focused Fund">Invesco India Focused Fund</keyword>, Mahindra Manulife Focused Fund, JM Focused Fund, and <keyword id="19896378" type="General" weightage="20" keywordseo="hdfc" source="keywords">HDFC</keyword> Focused 30 Fund delivered a remarkable return of 40-60% in the past year, industry data showed. Focused funds are a type of mutual fund where the fund manager selects a concentrated portfolio of stocks, typically limited to a maximum of 30 due to regulatory constraints. This requires the fund manager to be highly skilled in stock selection, as they need to identify the best investment opportunities across the market without bias toward any specific market cap or sector. According to data from the <keyword id="20090034" type="General" weightage="20" keywordseo="association-of-mutual-funds" source="keywords">Association of Mutual Funds</keyword> in India (Amfi), the assets under management (AUM) of the focused funds were at Rs 1.43 lakh crore in the June quarter 2024-25 as compared to Rs 1.09 lakh crore in April-June FY24. This growth highlights the appeal of focused funds as an alternative to portfolio management services (<keyword id="19950020" type="General" weightage="20" keywordseo="pms" source="keywords">PMS</keyword>), especially with recent tax changes that make PMS less attractive due to higher costs and tax implications, Feroze Azeez, Deputy CEO, of Anand Rathi Wealth Ltd, said. "With the increase in taxation on both small-term capital gain tax and long-term capital gain tax, PMS portfolios are expected to see a drop in post-tax returns. For example, a PMS portfolio generating a pre-tax return of 14 % could see post-tax returns drop from 11.73 % to 11.29 %. This shift could lead to fund managers churning portfolios less frequently, which in turn will be affecting returns for investors," he added. Focused funds follow a similar concentrated portfolio strategy where the fund manager picks the top stocks and offers flexibility across market caps. Thus, becoming a more attractive option for investors looking to optimize their returns. Industry experts recommend investing in focused funds through systematic investment plans (SIPs) as a smart strategy in the current market environment of sector rotation and high valuations. Since these funds invest in a small number of stocks, SIPs can help reduce risk by spreading out investments over time. Overall, there are 31 focused schemes offered by different mutual fund houses in the category. These schemes have given returns of 19-60% in the last one year. In terms of returns, smaller funds have performed exceptionally well. The Invesco India Focused Fund delivered a remarkable return of over 60% in the past year, while Mahindra Manulife Focused Fund provided around 50% returns and JM Focused Fund offered a return of 45% during the period. With a corpus of Rs 1,552 crore as of June 2024, Mahindra Manulife Focused Fund has consistently performed well, securing the second rank for 1, 2, and 3-year periods. The fund delivered returns of 50%, 32%, and 26% over these periods, respectively. HDFC Focused 30 Fund achieved the top rank over the 3 years with a return of 28.63 %, while JM Focused Fund secured the third rank with a 25 % return during the same period. "The success of focused funds underscores the importance of skilled fund management and strategic stock selection," an industry expert said. Focused funds opt for a more targeted strategy rather than the broad diversification typical of traditional mutual funds. This approach helps fund managers make investments in a carefully selected group of stocks, reflecting their strongest investment beliefs. The concentrated nature of these portfolios requires careful selection of each stock, as the fund's performance heavily depends on these choices. Although these funds hold a limited number of stocks, they are structured to be sufficiently diversified to effectively manage risk. Overall, the assets of the equity mutual funds rose to Rs 27.6 lakh crore in June 2024 from Rs 17.43 lakh crore in June 2023.

Focused MFs' asset base rises 31% to Rs 1.43 lakh cr in June qtr; up to 60% returns last year

<ul class="summary-list"><li>The stock market looks poised to fall from its extreme heights, legendary investor John Hussman said. </li><li>Hussman said the stock market is mirroring the extremes leading up the 1929 crash. </li></ul>The stock market's extreme bull run is about to come to an end, as overly optimistic investors have driven equities to the most extreme valuations in nearly a century, according to legendary investor John Hussman.The Hussman Investment Trust president sounded another bearish warning on stocks this week, pushing back against the strength in equities so far in 2024. The S&amp;P 500 has <a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-sp500-record-highs-investors-finance-wall-street-2024-2">broken a series of record highs this year</a>, and has regained momentum in recent days after a lackluster month in April. But the rally has largely been driven by a "certain impatience and fear of missing out" among investors — and market internals are looking "unfavorable,", Hussman said in a <a href="https://www.hussmanfunds.com/comment/mc240506/" target="_blank" rel="noopener">note.</a>His firm's most trusted valuation measure for stocks, which is the ratio of nonfinancial market capitalization to corporate gross value-added, is showing that the S&amp;P 500 is priced at its most <a href="https://markets.businessinsider.com/news/stocks/stock-market-crash-1929-prediction-sp500-outlook-overvalued-john-hussman-2024-3">extreme levels since 1929</a>, right before the market collapsed 89% peak-to-trough.Hussman's firm is expecting the S&amp;P 500 to underperform Treasury bonds by 9.3% a year for the next 12 years, based on his firm's internal metrics. That's the worst 12-year performance the metric ever predicted — even worse than in 1929 when market internals suggested that the S&amp;P 500 would underperform Treasury bonds by 6% annually over the following 12 years."Statistically, the current set of market conditions looks more 'like' a major bull market peak than any other point in the past century, with the possible exception of the 1929 peak," Hussman said. "That's no assurance that the market will plunge, nor that it can't advance further. Still, given the combination of extreme valuations, unfavorable market internals, and dozens of other factors that cluster among the most 'top-like' in history, we're just fine with a risk-averse, even bearish outlook."Hussman, who was among the investors who <a href="https://www.businessinsider.com/stock-market-crash-sp500-outlook-bubble-risks-valuations-indicators-hussman-2024-3#:~:text=Hussman's%20track%20record,persisted%20with%20his%20doomsday%20calls.">called the 2000 and 2008 market crashes</a>, has refrained from making an official forecast on stocks. Still, he's cast an extremely bearish tone on the outlook for equities going forward.Previously, he said that stocks looked like they were in the "<a href="https://markets.businessinsider.com/news/stocks/stock-market-crash-1929-prediction-sp500-outlook-overvalued-john-hussman-2024-3">most extreme speculative bubble in US financial history</a>," adding that a <a href="https://markets.businessinsider.com/news/stocks/stock-market-crash-sp500-2008-recession-bubble-risk-john-hussman-2024-2?utm_medium=ingest&amp;utm_source=markets">crash as steep as 65%</a> wouldn't surprise him. Individual investors are also starting to sour on stocks as they weigh hotter-than-expected inflation and dial back their expectations for <a href="https://www.businessinsider.com/fed-powell-pump-money-us-economy-delayed-cut-interest-rate-2024-4">Fed rate cuts this year</a>. Just 39% of investors said they were bullish on stocks over the next 6 months, according to the AAII's latest <a href="https://www.aaii.com/sentimentsurvey">Investor Sentiment Survey</a>.

Stocks are primed to tumble into a bear market as bullish investors have driven equities to 1929 extremes, famed fund manager says

<ul class="summary-list"><li>Gaurav Singh founded a fund to buy software companies after his Harvard MBA.</li><li>He shifted to search funds after struggling to gain traction with startups.</li></ul>During his MBA at Harvard Business School, Gaurav Singh pursued a tennis coaching app that didn't gain much traction with venture capitalists.The app ultimately failed, and after graduation, he worked for a year and a half at an artificial intelligence startup in Toronto before exploring other avenues. He landed on an option that's becoming increasingly popular with top MBAs and entrepreneurs: launching his own search fund.In February, Singh, 31, founded Guddi Growth. The Toronto-based search fund focuses on buying software-as-a-service companies with annual recurring revenue of at least $5 million.<h2 id="a04e0ee0-c77f-4845-9cff-fb8684d52c52">Lower salary — but a big potential payday</h2>A search fund founder like Singh raises money from investors to buy and operate a privately held business, like manufacturing, home improvement, and transportation companies.Investors put $2.3 billion in search funds between 1986 and 2021, according to a <a target="_blank" href="https://www.gsb.stanford.edu/gsb-box/route-download/618926">2022 report from the Stanford Graduate School of Business</a> — a small sliver of the money that's gone to private equity firms. They have generated about $9.8 billion for investors and $2.4 billion for entrepreneurs, per Stanford.And they're becoming an increasingly popular career choice: Until 2013, fewer than 10 funds were launched per year, on average, according to Stanford's report. But by 2020, 66 such funds hit the market. A third of "searchers," as Stanford termed the fund founders, took a recent business school class about entrepreneurship through acquisition.In some ways, search funds are like a mini version of private equity: They target small companies, often with a handful of employees that serve regional markets, and can own several businesses. Investors typically mentor the searcher in their day-to-day operations.Singh said he raised $530,000 from investors for the next two years — an amount he can spend at his discretion to pay his salary, business travel, and company expenses. That's above the median of $425,000 per person raised in Stanford's survey of searchers in 2021.His fund is backed by a dozen investors, including search fund-specific investors and private equity firms he pitched. He's in talks to buy two companies.Exit strategies can include selling the revamped company to a bigger private equity firm, going public, or buying out the initial investors and continuing to run the business.For Singh, running a search fund means making less money in the short-term than his HBS classmates who work in consulting or private equity."Why you do this job is that when you make a sale, you probably get $5 million at the end of it," he said about selling one of his acquisitions down the line.Here are three reasons why he decided on a search fund:<h2 id="782dc869-23ea-4dea-951d-8c082a8b64f7">Shift in the search fund business</h2><div type="image" title="Gaurav Singh outside Harvard Business School" height="1682" width="2243" msid="110649671" hostid="261"></div>Search funds stereotypically pick up small HVAC companies in the Midwest, not tech businesses."Historically, tech people have stayed away from search funds because it's not exciting to them," he said. "In the last couple of years, people have started to love software within the search fund space because it makes a lot of money for everyone."There is "massive opportunity" to find legacy software businesses that could benefit from a new or more efficient business model, he said. These could be projects that convert on-premise software companies to cloud companies or projects that change one-time software purchases to yearly subscriptions.<h2 id="93404864-09aa-4b63-a532-bf3d50a1060b">Generational transfer opportunities</h2>Many small companies do not have <a target="_blank" href="https://www.businessinsider.com/how-to-create-business-succession-plan-step-down-ceo-2022-1">succession plans</a> and may fold if they are not acquired, giving search funds a good pitch for buying them, Singh said."<a target="_blank" href="https://www.businessinsider.com/boomer-retiring-soon-ready-to-do-all-the-things-2024-5">Baby boomers are retiring</a>," he said. "They have had profitable companies with long-term sticky customer bases, and these customer bases are not going to go away."Singh said he is particularly excited about companies that could benefit from AI overhauls by automating sales and marketing or widening customer bases without increasing the number of employees.<h2 id="b3ac87ea-abe9-46a8-b7ef-d61000a353ab">Driver's seat</h2>Search funds are also an opportunity for Singh to work for himself. If he'd started in VC or PE, he wouldn't get as much hands-on expertise or immediate leadership experience."For me, it was the fastest way to get into the driver's seat," he said.He can work from anywhere in the world, which gives him flexibility to spend time with his friends and family, including his toddler daughter."As an entrepreneur, you work even harder, but how you work and where you work from is totally different," he said.Singh said he knew of about 20 MBAs from his Harvard cohort who started search funds, out of about 800 in his class.

Top MBAs are flocking to search funds. One Harvard grad explained why he founded a $530,000 fund to buy tech companies.

<ul class="summary-list"><li>Job titles in the $4.3 trillion hedge-fund industry vary greatly from firm to firm.</li><li>The lack of uniformity allows both firms and employees to present themselves in the best light.</li></ul>The well-publicized battle between David Einhorn's Greenlight Capital and its former employee James Fishback can seem, to industry outsiders especially, a bit trivial.While Fishback's <a target="_blank" href="https://www.businessinsider.com/greenlight-former-macro-analyst-sues-david-einhorn-2024-10">most recent legal filing claims age discrimination</a> and asks for at least $5 million from his old firm, the genesis of the messy dispute involves Fishback's title during the two-plus years he spent at Greenlight.He said he was the firm's head of macro. The firm said he was just an analyst — and an <a target="_blank" href="https://www.businessinsider.com/david-einhorns-files-lawsuit-against-james-fishback-2024-6">unproductive one at that</a>. Lawsuits, spiteful tweets, and plenty of memes <a target="_blank" href="https://www.businessinsider.com/david-einhorn-greenlight-lawsuit-james-fishback-2024-5">ensued</a>.While the disagreement is on the extreme end of the spectrum, hedge-fund industry veterans say title confusion, inflation, and misalignment are rampant.Titles within banks and private equity firms follow a de facto industry standard. A managing director at Morgan Stanley does more or less the same thing an MD at Goldman Sachs does.This is not the case in the hedge-fund world.While the biggest managers <a target="_blank" href="https://www.businessinsider.com/morgan-stanley-prime-brokerage-novick-shaw-startup-hedge-fund-mistakes-2024-9">have become more institutional</a>, the $4.3 trillion industry is more opaque and founder-led than other sections of finance.Hedge funds are a disparate group spanning firms with thousands of people worldwide and new launches with a pair of analysts and a Bloomberg terminal. This lack of uniformity and the relentless war for talent has firms and employees alike taking advantage of the ambiguity.Fishback, for example, references not an offer letter or an internal HR system to prove his title in his legal filings but an email sent to a third party by Greenlight's chief operating officer offhandedly referring to Fishback as the firm's "head of macro."Recruiters and hiring managers at big-name funds say candidates constantly give themselves more prestigious-sounding titles on LinkedIn. A dozen headhunters, fund executives, consultants, and others who spoke with Business Insider argued that as firms build out the non-investment sides of their businesses to support their growth, titles will only get more inflated."It's extremely tough to know who's real and who isn't," said one longtime recruiter who mostly focuses on quant firms and large multistrategy managers."An MD title at the banks, that means something. An MD title at a hedge fund doesn't mean anything."<h2 id="731f7cfe-0e1f-42aa-921c-ef631afc0183">Global heads, chairmen, investment officers, and more</h2>As one person who works in a hiring position at a large multistrategy firm told BI, "titles are free" — and firms use them. Industry insiders said a title could be a carrot for recruiting or retention, especially as the biggest funds become more institutional and add more non-investment roles to their firms.More than 200 people who work at the $64 billion firm Citadel have a title on LinkedIn that deems them the "head" of some part of the business, for example. That's roughly one out of every 14 people within the hedge fund — and doesn't include its founder, Ken Griffin; its chief operating officer, Gerald Beeson; and others on the leadership team.A person close to the Miami-based firm said Citadel's flat structure means that no matter an individual's title, the internal expectations to produce are very high.This person added that Citadel's pursuit of top external talent — the firm just hired Apple's top recruiter, Sjoerd Gehring, to be its chief people officer, and it poached Google's Paul Darrah this year to be its chief workplace officer — means some accomplished employees receive big titles to match their experience.Jose Gamez, for example, spent nearly 20 years working as a chef at several Four Seasons hotels, including five years leading the kitchen at <a target="_blank" href="https://www.nytimes.com/2020/04/07/us/coronavirus-citadel-securities-four-seasons-florida.html">the one in Palm Beach that Citadel Securities took over</a> during the pandemic. He's now the global head of culinary and executive chef for Citadel and Citadel Securities.Even for investing talent, titles can be tricky to understand from the outside, in many cases, because of the differing internal structures across the industry that obscure who actually makes trading decisions.Rokos has two dozen employees with the title "investment officer" in their LinkedIn profiles. A person familiar with the London-based firm said that while these employees sit somewhere between an analyst and a portfolio manager, the fact that its billionaire founder, Chris Rokos, makes all investment calls for the fund complicates titles. The manager declined to comment.At the <a target="_blank" href="https://www.businessinsider.com/who-bobby-jain-has-hired-jain-capital-hedge-fund-launch-2023-12">newly launched Jain Global</a>, there is a chairman of fundamental equities, Paul Enright, and a chief investment officer of fundamental equities, Townie Wells. Wells, a person familiar with the matter said, manages a portfolio on top of running the business, while Enright is more focused on mentorship and talent development.The chairman title is uncommon in hedge funds, especially for an individual business within a multistrategy manager, but the person close to Jain said it was what made the most sense for Enright, a former Viking Global portfolio manager who had been running his own money for years and decided to come back to the industry to work at the new fund.Firms can also tweak common industry titles internally.Millennium, for example, has ditched the sub-PM title, elevating those who once held that role to PM. These individuals, though, report to a senior PM, who can oversee several PMs within a pod.A person close to the firm said that as Millennium has grown, individual investing teams have become broader, necessitating more structure. All the teams at Millennium — there are more than 300 — are led by a senior PM, and it's not uncommon for PMs working under a senior PM to own part of the book and take risk themselves.In some cases, however, a PM's responsibilities can be more akin to those of a senior analyst or a sub-PM — but a PM title sounds better to external candidates."People will join because they want to be a PM," one recruiter said. "They know the power in that title."<h2 id="80e6436b-e9f6-4264-9dc3-db69994eef27">Keeping it under wraps</h2>Plenty of funds intentionally keep roles vague and closely monitor what their team members are publicly sharing about themselves.At Coatue, executives sign off on what employees put as their title on LinkedIn, people familiar with the firm's operations said. Members of Tiger Global's front-office team use "investor" as their title on LinkedIn instead of a more specific role.Quants like Marshall Wace, D.E. Shaw, and Two Sigma are famously guarded about their internal workings. At each firm, dozens of employees use catchall titles like "quantitative researcher" that can span experience levels.Both sides can be frustrating, especially for headhunters and business development pros at large firms trying to grow their teams.Oversharing or exaggerating titles can lead to inflated salaries and outside offers that aren't commensurate with a prospect's actual experience. Vague titles, on the other hand, can leave allocators struggling to understand what exactly their fees are paying for. Internally, employees who lack ownership of a specific sector or business find that their end-of-year bonuses are left to the whim of the founder.Fund executives and recruiters alike believe that the industry's institutionalization will eventually codify titles across firms. <a target="_blank" href="https://www.businessinsider.com/how-to-get-a-hedge-fund-job-point72-academy-applicants-2022-1">Talent-development programs at firms like Point72</a> and more structured <a target="_blank" href="https://www.businessinsider.com/why-elliott-alums-are-launching-their-own-funds-2024-8">career-development paths at managers like Elliott</a> already feel more like private equity or banking than the Wild West hedge-fund days of yore.Don Steinbrugge, the CEO of the hedge-fund consultancy Agecroft Partners, said lofty-sounding roles without equivalent responsibilities — like a vice president of a bank — would have their match in hedge funds."Titles are something that's very important to people. It's something that impacts their reputation in the industry," Steinbrugge said."Over time, people will have titles that sound more important."

What's in a title? How hedge funds and their employees use the industry's lack of consistency to their advantage

<ul class="summary-list"><li>Quant giant D.E. Shaw has hired people from non-traditional finance backgrounds for decades.</li><li>The firm's head of recruiting told BI he looks for certain traits when hiring, including "learning agility."</li></ul>It was 2011, and Tim Willenken had just spent the past 12 years — four as an undergrad and eight in a doctoral program — preparing to be a philosophy professor.There was just one problem: He didn't want to be in academia anymore.He "had no idea where to start" looking for a job, knowing just about the professions he had been exposed to in graduate school — doctors, lawyers, and professors, he told Business Insider.To learn about what else was out there, he went through his Facebook friends list and called people working at companies in roles he hadn't heard of before. He eventually spoke to an old college friend he knew through debate club who had previously worked at D.E. Shaw."That was the first time I'd heard of the firm," said Willenken, a senior vice president in the D.E. Shaw's corporate development unit. "I think I'd had one conversation about what a hedge fund was when I applied." D.E. Shaw, started in 1988 by now-billionaire computer scientist David Shaw in New York, is remarkably secretive even for the guarded world of hedge funds, but what little has leaked paints the manager as being on the <a target="_blank" class="" href="https://www.businessinsider.com/first-half-quant-returns-from-de-shaw-two-sigma-renaissance-2024-7">cutting edge</a> of quant finance.While working at the $60 billion fund is now the goal for many finance-focused students at <a target="_blank" class="" href="https://www.businessinsider.com/de-shaws-summer-internship-recruitment-interview-tips-2023-4">top universities</a> and a destination for quants, the manager has also maintained its long history of hiring non-traditional talent. Early hires included crime fiction writer Charles Ardai and Amazon founder Jeff Bezos, and the manager now boasts on its website that employees come "by way of academia, Silicon Valley, or an NGO."Other hedge funds are also hoping to convince academics, technologists, and others to join their ranks instead of staying in their field or working in Big Tech as they grow and compete to have best-in-class talent rosters. These offers are not just down to compensation, which is handsome at hedge funds.The firm's head of recruiting, Jeremy Reff, a former English major at Harvard who has worked at the fund for nearly two decades, is in charge of continuing and improving on this tradition of non-traditional hires. While some who join D.E. Shaw may require additional training or a longer runway to get up to speed, he said, the return on these hires outstrips the costs."There are benefits to having a beginner's mindset," he said, and the firm's expansion into different investment strategy types, such as <a target="_blank" class="" href="https://www.prnewswire.com/news-releases/the-d-e-shaw-group-raises-combined-1-1-billion-for-two-new-funds-focused-on-private-market-opportunities-301746589.html">private investing</a> and discretionary global macro, can be attributed to the curious nature of these hires.  The reality, though, is that a lot of roles don't have exact equivalents to other parts of the industry, so people from outside finance are not on that much different footing as those with more traditional finance backgrounds, he said. "We are looking for traits and attributes more than one particular skill," he said.<h2 id="1ec22262-b503-4604-bafe-92fe9e0ecb78">Mentorship, prerequisites, and 'learning agility'</h2>While the firm is happy to invest ample time in training talented recruits, certain roles still require certain skills. For example, knowing how to program is a must if you're applying to be a <a target="_blank" class="" href="https://www.businessinsider.com/wall-street-top-technology-projects-goldman-blackstone-morgan-stanley-2024-8#d-e-shaw-s-generative-ai-approach-encourages-programmers-to-build-their-own-tools-4">software engineer</a>, Reff said.The firm's learning and development team is structured to get people up to speed on financial markets and where the firm sits within them. The rotational associates program lets new hires work for different teams in different roles so new employees can get a sense of where they fit best.The real learning happens on the job though."The only real way to learn is to get your hands dirty," Willenken said.Reff's job is to find people who can keep up. The interview process is designed to test potential at the firm, including creativity and "learning agility.""There are thousands of indicators for success that we use," he said. "No one is hired solely based on their résumé."   The firm used to consider <a target="_blank" class="" href="https://nymag.com/intelligencer/2019/09/david-e-shaw-college-donations.html">standardized test scores</a> as part of its hiring process but has phased them out over the last few years. "They aren't predictive of success," Reff said.The résumés are generally reviewed blindly, meaning names are not attached to the qualifications and experience.   The process has changed significantly since Reff was hired in 2006, two years after graduating from undergrad; he recalled speaking to his interviewer for a while about the Spanish novel "Don Quixote." Now, it's a more structured process, incorporating industry best practices with the firm's internal metrics and "secret sauce."  "We don't get it 100% correct, of course, and are always tinkering with it," he said.<h2 id="067dcf50-7ee4-431a-b455-7435b3922f71">Academics, doctors, and veterans</h2>The end result is that driven people find their place in the firm, one way or another. Ana Díaz Rivero, a quantitative researcher, "never had an interest in finance," but wanted to leave academia after getting her doctorate in physics.Her role allowed her to "continue pursuing academic research without being in academia," she said."A lot of the skills and tools we use are very similar. The principles behind how we do research are very similar," she said.For those who have joined the firm after working in a non-finance field, incorporating past abilities and skills into their current roles was a big selling point.For some, the biggest carryover from their former careers is habits they learned, like Lindsay Temes's military-trained punctuality and organizational skills. For others, like Dr. Omar Ali, a healthcare specialist on the fundamental equities team, there's more overlap.<div type="image" title="Lindsey Temes sits at a table, writing on a notepad" height="2667" width="4000" msid="114980202" hostid="261" sizebytes="1074078"></div>Temes, a vice president in the COO Group, spent more than a decade in the Air Force before leaving in 2018 to attend graduate programs at Harvard and MIT.As a Pat Tillman Foundation scholar, a program named for the late former football player-turned-soldier that covers veterans' education expenses, she was introduced to D.E. Shaw and found it was a place where she "would be valued and heard."  She overcame some initial hesitancy about financial services thanks to employees from non-traditional backgrounds who stressed that her role wasn't going to be "static."  A former doctor for the UK's National Health Service, Ali said that "the day-to-day is certainly different than working in medicine," but the jump to finance wasn't as daunting as it can seem from the outside.<div type="image" title="Dr. Omar Ali smiles while sitting in a conference room" height="1525" width="2000" msid="114980199" hostid="261" sizebytes="230880"></div>He said firms that focus on their employees' talents and not on fitting people into specific boxes make the transition easy."My real value is not my ability to navigate a balance sheet, it's my practical expertise in the field and my background," he said.<h2 id="900d026f-556a-4784-8b67-9629236daaba">Don't want to 'win' on compensation</h2>Hedge funds are known for paying their employees well, especially compared to fields like academia or government work.Job postings show positions such as a software developer making $200,000 a year, and a summer internship on the fundamental research team for college students is offering $18,000 a month in salary, plus overtime, along with a $10,000 signing bonus, a $10,000 housing allowance, and thousands of dollars in stipends for "self-study" materials and technology equipment.But Reff said, "I never want to win on solely compensation," and those who have joined from outside finance say they were drawn to the firm for a number of reasons beyond pay.Díaz Rivero and Ali knew of D.E. Shaw Research, a computational drug discovery company led by Shaw, which put the hedge fund on their radar. Willenken, the doctor of philosophy, appreciated that his role included the parts of academia he enjoyed most without the siloed approach academic research roles typically require.Timelines are tighter and there's more collaboration on the corporate development team, he said, and "the questions are a little more concrete than in philosophy." But he is using the same muscles to search for answers to questions that don't have easy answers.   "There's not a lot of low-hanging fruit. If there was an obvious answer, someone would have thought of it by now," he said.Reff has a shorthand he uses with potential recruits to describe the firm: "These are a bunch of people who really want to get things right."  "I think that's very attractive to people in a lot of different fields," he said.

Why quant giant D.E. Shaw seeks out academics, doctors, and veterans to work at the $60 billion hedge fund

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Hello! Vice President Kamala Harris has secured the support of enough Democratic delegates to become the party's <a target="_blank" href="https://www.businessinsider.com/kamala-harris-secured-enough-delegates-to-win-democratic-presidential-nomination-2024-7">nominee for president</a>. Harris said she was looking forward to formally accepting the nomination at the Democratic Party Convention next month.But for now, we're examining how <a target="_blank" href="https://www.businessinsider.com/death-hedge-fund-superstars-wall-street-stock-market-titans-gone-2024-7">the hedge fund superstar has gone extinct</a>.What's on deck:<ul><li>Markets: What Wall Street is expecting <a target="_blank" href="https://markets.businessinsider.com/news/stocks/tesla-q2-earnings-report-preview-expectations-tsla-stock-price-robotaxi-2024-7">ahead of Tesla's earnings</a>.</li><li>Tech: Google u-turns on its plans to <a target="_blank" href="https://www.businessinsider.com/google-ditches-plan-to-kill-third-party-cookies-after-pushback-2024-7">kill the third-party cookie</a>.</li><li>Business: Duolingo's trick for teaching you a language? <a target="_blank" href="https://www.businessinsider.com/duolingo-meanest-app-nagging-notifications-melting-icon-gen-z-marketing-2024-7">Being mean</a>.</li></ul>But first, the stars aren't shining as bright anymore.If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h3 id="7f7b11e5-16f3-49fc-92f8-20a90c248b07">The big story</h3><h2 id="a974392f-73c2-4c4e-b1ec-1a6bea702ebf">So long, superstar</h2><div type="image" title="The Wall Street Bull crying over a funeral casket surrounded by white carnations" height="900" width="1200" msid="111965401" hostid="261" sizebytes="100002"></div>Where have all the hedge fund superstars gone?An industry built on big names drawing even bigger money has faced a marked shift. The days of <a target="_blank" href="https://www.businessinsider.com/death-hedge-fund-superstars-wall-street-stock-market-titans-gone-2024-7">investors trusting a star hedge-fund manager with their cash</a> are in the rearview mirror, writes Business Insider's Linette Lopez.In years past, even rubbing shoulders with a legendary hedge fund manager was enough for aspiring fund managers to raise capital. The late Julian Robertson and <a target="_blank" href="https://www.businessinsider.com/billionaire-julian-robertsons-tiger-network-spans-hundreds-of-funds-2019-11">his empire of so-called "Tiger Cubs"</a> prove that.But, unlike years ago, hedge funds are no longer the only game in town for institutions or the ultra-wealthy looking to park their cash somewhere. Venture capital, private credit, and private equity have grown considerably over the past decade.Meanwhile, the hedge fund industry has also evolved. The number of quantitative funds, where the stars are the models rather than an individual's mind, has grown.And the big names that remain in the industry are starting to resemble Wall Street banks in their size and complexity. Ken Griffin's Citadel and Izzy Englander's Millennium Management have filled their ranks with Goldman Sachs alumni <a target="_blank" href="https://www.businessinsider.com/goldman-sachs-alumni-being-hired-by-top-hedge-funds-2023-3">to help oversee their ever-growing operations</a>.<div type="image" title="Bobby Jain" height="1500" width="2000" msid="111965403" hostid="261" sizebytes="260932"></div>Megafunds like Citadel and Millennium <a target="_blank" href="https://www.businessinsider.com/hedge-fund-allocators-due-diligence-multi-strategy-firms-2024-2">sucking up all the oxygen</a> are also making it harder for new funds to raise money.Bobby Jain had two decades of experience at Credit Suisse and was the co-chief investment officer of Millennium when he decided to set up his own shop.His fund, Jain Global, <a target="_blank" href="https://www.businessinsider.com/who-bobby-jain-has-hired-jain-capital-hedge-fund-launch-2023-12">went live this month</a> with a reported $5.3 billion in assets. As eye-popping as that number is, it's well short of his initial target of $8 billion to $10 billion.Jain's high hopes were motivated by being the largest hedge fund launch in history, a title held by ExodusPoint, which launched with more than $8 billion in capital. But ExodusPoint, which also counts two Millennium alums as its cofounders, <a target="_blank" href="https://www.businessinsider.com/exoduspoint-2022-performance-vs-millennium-as-assets-headcount-decline-2023-1">has had its own struggles</a> in <a target="_blank" href="https://www.businessinsider.com/exoduspoint-closes-paris-office-following-expansion-effort-2024-2">recent years</a>.But as the old saying goes, it's always darkest before dawn. All Wall Street needs is a couple of breakout stars to flip the script, and the potential is out there.Aaron Weiner, a 31-year-old from Coatue, got a multibillion-dollar check from Millennium <a target="_blank" href="https://www.businessinsider.com/coatue-star-gets-multibillion-dollar-commitment-from-millennium-2024-6">for his to-be-launched hedge fund</a>. And Jonathan Xiong's Arrowpoint Investment Partners <a target="_blank" href="https://www.businessinsider.com/asia-based-arrowpoint-investment-partners-launches-with-1-billion-2024-6">launched with $1 billion</a> thanks to backing from Blackstone and Canada's largest pension fund.<h2 id="58db3aa0-c214-454b-a45c-e67393aaa840">3 things in markets</h2><div type="image" title="Collage featuring Elon Musk, Tesla Motors dealership facade with logo, and a downward trending arrow" height="600" width="1200" msid="111965407" hostid="261" sizebytes="100990"></div><ol><li>Tesla's time to shine. The EV maker reports earnings after the bell today. Wall Street is bullish on Elon Musk's company after a rough start to the year, and is excited for updates on <a target="_blank" href="https://markets.businessinsider.com/news/stocks/tesla-q2-earnings-report-preview-expectations-tsla-stock-price-robotaxi-2024-7">Tesla's plans for Robotaxi and full self-driving</a>.</li><li>Are mega-cap tech stocks' best days behind them? Smaller stocks have been on an incredible run this month. But Big Tech has a chance to remind investors why it's been the market's top pick for years <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-mega-cap-tech-rally-hinges-q2-earnings-2024-7">with a slew of earnings reports</a>.</li><li>Small-cap stocks may not stay high forever, though. Wall Street is split on whether small-cap stocks will continue their recent winning streak. Bank of America identified <a target="_blank" href="https://markets.businessinsider.com/news/stocks/small-caps-tech-stock-rotation-russell-sp500-treasury-yields-pmi-2024-7">two key metrics to watch</a> to determine if the wins will continue.</li></ol><h2 id="146bcf05-3865-452c-9d9a-a30b4e904a14">3 things in tech</h2><div type="image" title="An hourglass timer connected to a rocket" height="1500" width="2000" msid="111965404" hostid="261" sizebytes="58762"></div><ol><li>Founders claim a startup incubator left a trail of broken promises. AI Forge promised participants in Miami and London cash up front and help with launching their startups. But several founders told BI they <a target="_blank" href="http://www.businessinsider.com/ai-forge-startup-incubator-founders-funding-2024-7">had trouble getting paid and were underwhelmed</a> with what they got. AI Forge's cofounder said participants expected too much.</li><li>Apple aims to slim streaming service. AppleTV+ has a reputation for spending a lot on its movies and shows. The problem is that not a lot of people watch them. Now, Apple wants to cut back, but it's not clear how it plans to do that — or <a target="_blank" href="https://www.businessinsider.com/apple-tv-plus-streaming-cutbacks-eddy-cue-2024-7/">why it's running a streaming service in the first place</a>.</li><li>Google is scrapping its plan to kill off third-party cookies. After spending years preparing for their demise, Google announced <a target="_blank" href="https://www.businessinsider.com/google-ditches-plan-to-kill-third-party-cookies-after-pushback-2024-7">it won't be killing cookies in Chrome</a>. Instead, it will let users opt into having the trackers in their browser.</li></ol><h2 id="e2544a9f-17ed-428e-801f-0b3a167fa796">3 things in business</h2><div type="image" title="Store clerk handing over a luxury golden shopping bag to a shopper" height="1500" width="2000" msid="111965400" hostid="261" sizebytes="286294"></div><ol><li>E-commerce eats everything, except luxury goods. Though e-commerce has revolutionized retail, we still like to buy the nicest, most expensive items IRL. That's because part of buying luxury is the experience of being pampered, and <a target="_blank" href="https://www.businessinsider.com/luxury-retail-ecommerce-online-sales-stores-wealth-the-realreal-2024-7">we like to feel fancy when we buy fancy</a>.</li><li>Meanness and meme-ness are Duolingo's bread and butter. The bratty green Duolingo owl is something of a social media influencer, with a sassy personality that users can't get enough of. Its online presence and relentless nagging have <a target="_blank" href="https://www.businessinsider.com/duolingo-meanest-app-nagging-notifications-melting-icon-gen-z-marketing-2024-7">driven the company to record profits and growth</a>.</li><li>The results of Sam Altman's basic-income study are in. For three years, low-income participants received $1,000 a month, no strings attached. They put the bulk of their extra money towards basic needs like rent and food, but researchers found it didn't directly improve their mental or physical health. <a target="_blank" href="https://www.businessinsider.com/sam-altman-basic-income-study-results-2024-7">Here's everything the study found</a>.</li></ol><h2 id="acda8db7-985b-464a-9752-f9d16b6dd6e3">In other news</h2><ul><li><a target="_blank" href="https://www.businessinsider.com/joe-biden-boosts-elon-musk-x-digital-town-square-2024-7">Joe Biden's bombshell revives Elon Musk's ambitions to make X the world's digital town square</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/secret-service-director-admits-trump-shooting-worst-failure-decades-2024-7">Secret Service director admits Trump shooting was agency's 'most significant failure' in decades</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/quit-jobs-to-become-social-media-influencer-survey-income-brands-2024-7">The appeal of being an influencer is so strong that half of US adults would quit their jobs if they could make a living from social media</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/ai-chatbots-bad-customer-service-botshit-inaccurate-information-airlines-accountability-2024-7">'Botshit' is an example of how AI is making customer service worse</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/andy-beshear-kamala-harris-vice-president-jd-vance-audition-2024-7">The race is already on to be Kamala Harris' VP</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/mark-zuckerberg-glasses-photo-2024-7">Mark Zuckerberg posted this pic in February. Someone just spotted an interesting object in the background</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/moviepass-cofounder-hamet-watt-share-ventures-studio-longevity-2024-7">The cofounder of MoviePass is raising $20 million from Amazon and Alphabet for a longevity-focused venture studio</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/startup-job-listing-catches-ai-applications-with-prompt-injection-2024-7">I'm a tech startup founder. We weed out job applications written with ChatGPT by hiding a prompt just for AI in our listings</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/kamala-harris-coconut-pilled-brat-memes-charli-xcx-cringe-2024-7">The one thing Kamala Harris must not do is embrace the memes</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/joe-biden-twitter-ezra-klein-elon-musk-2024-7/">Twitter's not back. But it's not going anywhere, either. Ask Ezra Klein</a>.</li></ul><h2 id="b648cd67-11f4-4e57-9f3f-4ab9ae6dd53b">What's happening today</h2><ul><li>Tesla, Alphabet, Capital One, Visa, Coca-Cola, General Motors, and <a target="_blank" href="https://markets.businessinsider.com/earnings-calendar">other companies</a> are reporting.</li></ul>The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Jordan Parker Erb, editor, in New York. Hallam Bullock, senior editor, in London. Annie Smith, associate producer, in London. Amanda Yen, fellow, in New York.

How the hedge fund superstar went extinct

Climate Action 15: 2024's top global innovators powering green solutions

<ul class="summary-list"><li>The Biden administration appears to be exploring the possibility of a sovereign wealth fund.</li><li>Last week, Donald Trump proposed a similar idea.</li></ul>Bipartisanship in the United States is unusual, especially during election time.So it is noteworthy that Democratic and Republican leaders both appear to want to establish a <a target="_blank" class="" href="https://www.businessinsider.com/sovereign-wealth-funds-buying-up-the-world-2012-10">sovereign wealth fund</a> to help the United States pay for stuff.Top aides to President Joe Biden, including National Security Advisor Jake Sullivan and his deputy, Daleep Singh, have been quietly developing plans for a sovereign wealth fund over the past several months, <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-09-06/biden-aides-working-on-proposal-for-us-sovereign-wealth-fund?embedded-checkout=true">Bloomberg</a> reported.The details, including the structure, funding, and investment strategy, remain unclear, but planning documents are making the rounds through the White House and Biden hopes to make it happen before he leaves office.News of Biden's effort came not long after <a target="_blank" class="" href="https://www.businessinsider.com/who-is-donald-trump-bio-age-family-key-positions-2019-4">former president Donald Trump</a> called for a similar state-owned investment fund to finance "great national endeavors" during a campaign stop at the Economic Club of New York last week.Sovereign wealth funds are an old idea that many other countries — particularly ones that generate vast wealth from their natural resources, like Saudi Arabia or Norway — have long used to pay for big things. Countries park their cash reserves in the state-owned fund so it can grow.Norway's $1.6 trillion <a target="_blank" class="" href="https://www.businessinsider.com/norways-wealth-fund-vote-against-elon-musks-55bn-tesla-paycheck-2024-6">Government Pension Fund Global</a>, the largest sovereign wealth fund in the world, for instance, reported in January that it made $213 billion in profit last year driven by returns on investments in tech stocks, Reuters reported. The Norges Bank Investment Management, the branch of Norway's central bank that oversees the fund, said the fund is supported by investment returns on equities, fixed income, real estate, renewable energy infrastructure, and revenue from oil and gas production.Saudi Arabia's <a target="_blank" class="" href="https://www.businessinsider.com/saudi-arabia-public-investment-fund-global-investment-spree-2024-8">Public Investment Fund</a>, which manages about $925 billion in assets, reported a $36.8 billion profit for 2023, according to Reuters. The PIF says it is funded through four avenues — capital injections from the government, government assets transferred to PIF, loans and debt instruments, and retained earnings from investments. That money is being used to invest in everything from Uber and Blackstone to Heathrow and LIV Golf. It's also using it to <a target="_blank" class="" href="https://www.businessinsider.com/neom-vision2030-saudi-arabia-mbs-crown-prince-tough-conversations-2024-5#:~:text=Vision%202030%20aims%20to%20transform,revenues%20and%20pivoting%20toward%20tech.">finance Vision 2030</a>, a huge initiative to transform the country's economy and reduce its reliance on oil.It is unclear how an American fund would be, well, funded, or how it would operate. But people familiar with the Biden administration's plans told Bloomberg that if the United States launched a fund, it could invest in national security interests like technology, energy, and supply chain initiatives.This isn't the first time Washington has toyed with the idea of a sovereign wealth fund. Last March, a group of bipartisan lawmakers led by Sen. Angus King and Sen. Bill Cassidy began <a target="_blank" href="https://www.businessinsider.com/sovereign-wealth-fund-biden-sanders-romney-warren-social-security-medicare-2023-3">discussing a sovereign wealth fund</a> to pay for Social Security. At the time, Sen. Mitt Romney, who attended the talks, said the fund would allow the United States "to be able to borrow at low interest rates and invest in the growth of our economy, and perhaps economies of other nations as well."The number of potential uses for the fund, if — again — it can ever be funded, is nearly unlimited, which excites lawmakers.The White House's interest in a sovereign wealth fund stems partly from its desire to compete with China, which has multiple state-owned funds itself. White House aides suggested an American fund could bolster national interests through things like "bridge financing" for companies competing with China, according to Bloomberg.Others have suggested the fund could support technologies with high entry barriers, like geothermal and nuclear fusion projects or quantum cryptography. Or it could create synthetic reserves of critical minerals by purchasing futures contracts.Or, hey, maybe it could even be used to pay down the national debt."It would great to see America join this party and instead of having debt, have savings," billionaire John Paulson said last week in an interview with Bloomberg Television. "It would be, over time, larger than any of the existing funds."It sounds nice, but it all hinges on government cash to fund it and sound investments to grow it.Former Treasury Secretary <a target="_blank" class="" href="https://www.businessinsider.com/federal-reserves-rate-cuts-itchy-fingers-rush-inflation-larry-summers-2024-3">Larry Summers</a> said in an interview with Bloomberg Television last week that it was "hard to believe that setting aside lots of funds for unspecified investments made in unspecified ways, where you don't even know what it's going to be called, is a particularly responsible, kind of proposal."

Trump and Biden agree: The US should finally start a sovereign wealth fund

The <keyword id="19956320" type="General" weightage="20" keywordseo="United-Kingdom" source="keywords">United Kingdom</keyword> hosts a diverse group of individuals and families who have accumulated substantial wealth through various sectors, including industry, finance, retail, and technology. Below is a look at the 25 <keyword id="23033805" type="General" weightage="20" keywordseo="richest-people-in-Britain" source="keywords">richest people in Britain</keyword>, each with their own unique journey to wealth, according to The Sunday Times Rich List 2024. <h2> </h2><h2>25. Tom Morris and family</h2>Net Worth: £6.673bn Tom Morris, the founder of Home Bargains, has quietly built a discount retail empire in the UK. Home Bargains has grown to over 500 stores, and Morris’s approach to low-cost, high-volume retailing has earned him and his family a spot among Britain’s wealthiest. <h2>24. Anders Holch Povlsen</h2>Net Worth: £6.73bn Anders Holch Povlsen, a Danish fashion retailer, owns Bestseller, a company with brands such as Vero Moda and Jack &amp; Jones. Povlsen has also become Scotland’s largest landowner. <h2>23. <keyword id="6354819" type="General" weightage="20" keywordseo="Anil-Agarwal" source="Orion">Anil Agarwal</keyword></h2><div type="image" title="Anil Agarwal" agency="BCCL" msid="113051472" hostid="261" sizebytes="1024664"></div>Net Worth: £7bn Anil Agarwal is the founder and chairman of Vedanta Resources, a mining and metals company with operations in India, Africa, and Australia. Agarwal’s rise from a scrap metal trader to a mining tycoon is marked by his aggressive business strategies and expansion into global markets. <h2>22. John Reece</h2><div type="image" title="John Reece" msid="113051663" hostid="261" sizebytes="456630"></div>Net Worth: £7.224bn John Reece is a significant figure in Ineos and is the chief financial officer of the company. Reece's expertise is in finance and management, owing to his Chartered Accountancy background. <h2>21. Andy Currie</h2><div type="image" title="Andy Currie" msid="113051609" hostid="261" sizebytes="455580"></div>Net Worth: £7.257bn Andy Currie is a director of Ineos, the chemicals company founded by Sir Jim Ratcliffe. Currie’s wealth is closely tied to the success of Ineos, where he has played a key role in its strategic direction and expansion into new markets. <h2>20. Denise, John, and Peter Coates</h2>Net Worth: £7.467bn The Coates family founded Bet365, one of the largest online gambling companies in the world. Denise Coates, the driving force behind the company, has built Bet365 into a dominant player in the industry, with significant revenues generated from its online platform. <h2>19. Lord Bamford and family</h2><div type="image" title="Lord Bamford" msid="113051678" hostid="261" sizebytes="1568515"></div>Net Worth: £7.65bn The Bamford family owns <keyword id="107342" type="General" weightage="20" keywordseo="JCB" source="Orion">JCB</keyword>, a leading manufacturer of construction equipment known for its distinctive yellow machines. Under Lord Bamford’s leadership, JCB has grown into a global brand, exporting to over 150 countries and maintaining a strong market presence in the UK. <h2>18. <keyword id="469673" type="General" weightage="20" keywordseo="nicky-oppenheimer" source="Orion">Nicky Oppenheimer</keyword> and family</h2>Net Worth: £7.937bn Nicky Oppenheimer, ex-chairman and once the controlling shareholder of De Beers, sold his family’s stake in the diamond company to Anglo American for $5.1 billion. Since then, Oppenheimer has diversified his investments, focusing on conservation, private equity, and venture capital. <h2>17. Carrie and François Perrodo and family</h2>Net Worth: £9.168bn The Perrodo family’s wealth comes from their privately-held energy company, Perenco, which operates oil and gas fields around the world. François Perrodo, who took over the company after his father’s death, has continued to expand its global footprint, solidifying their position among Britain’s richest. <h2>16. Marit, Lisbet, Sigrid, and Hans Rausing</h2>Net Worth: £9.188bn The Rausing siblings, part of the Tetra Pak dynasty, have expanded their wealth through diverse investments and philanthropy. While their fortune originates from the packaging industry, they have also made significant contributions to charitable causes, particularly in the arts and education. <h2>15. Barnaby and Merlin Swire and family</h2>Net Worth: £9.986bn The Swire family has deep roots in shipping and aviation, with their conglomerate, Swire Group, operating in industries ranging from property to beverages. Barnaby and Merlin Swire oversee a global empire that includes Cathay Pacific Airways and significant property holdings in Hong Kong. <h2>14. The Duke of Westminster and the Grosvenor family</h2>Net Worth: £10.127bn The Duke of Westminster, Hugh Grosvenor, inherited a vast real estate empire that includes prime properties in London's Mayfair and Belgravia. The Grosvenor family’s wealth is tied to their vast land holdings and investments, managed through the Grosvenor Group. <h2>13. Charlene de Carvalho-Heineken and Michel de Carvalho</h2>Net Worth: £11.751bn Charlene de Carvalho-Heineken, the controlling shareholder of Heineken, along with her husband Michel de Carvalho, manages one of the world’s largest brewing companies. Their wealth is underpinned by the global reach of Heineken, which operates in over 70 countries. <h2>12. Michael Platt</h2>Net Worth: £12bn Michael Platt is a hedge fund manager and the co-founder of BlueCrest Capital Management. Once one of the world’s largest hedge funds, BlueCrest now operates as a private investment firm, with Platt’s fortune growing from his successful investment strategies and management fees. <h2>11. Alex Gerko</h2>Net Worth: £12.055bn Alex Gerko, a mathematician turned financier, made his fortune through algorithmic trading. He is the founder of XTX Markets, one of the world’s largest electronic trading firms. Gerko's innovative approach to trading has positioned him as a significant figure in the finance industry, with a rapidly growing net worth. <h2>10. Kirsten and Jorn Rausing</h2>Net Worth: £12.634bn The Rausing family, heirs to the Tetra Pak fortune, continue to benefit from the global success of the packaging company. Kirsten and Jorn Rausing have also ventured into philanthropy and have stakes in various other businesses, maintaining their status among the wealthiest in the UK. <h2>9. John Fredriksen and family</h2>Net Worth: £12.867bn Norwegian-born shipping magnate John Fredriksen has a net worth built on his dominance in oil tanker shipping. He owns the world’s largest oil tanker fleet through his company Frontline and has substantial stakes in offshore drilling, fish farming, and other maritime sectors. <h2>8. Guy, George, Alannah, and Galen Weston Jr and family</h2>Net Worth: £14.493bn The Weston family has long been involved in retail, owning well-known brands such as Selfridges, Primark, and Fortnum &amp; Mason. Their wealth is not only tied to these retail ventures but also to their vast land holdings and investments in the food industry. <h2>7. <keyword id="29201" type="General" weightage="20" keywordseo="Lakshmi-Mittal" source="Orion">Lakshmi Mittal</keyword> and family</h2> <div type="image" title="Lakshmi Mittal" agency="BCCL" msid="113051708" hostid="261" sizebytes="1017200"></div>Net Worth: £14.921bn Lakshmi Mittal, a steel tycoon, transformed a small family steel business into ArcelorMittal, the world’s largest steel producer. Despite facing challenges in the steel industry, Mittal remains one of Britain's wealthiest individuals, with his family holding extensive investments in real estate, including properties in London’s prestigious Kensington Palace Gardens. <h2>6. Idan Ofer</h2>Net Worth: £14.96bn Israeli billionaire Idan Ofer made his wealth through holdings in shipping and energy. His company, Quantum Pacific Group, owns significant stakes in the shipping firm ZIM and the energy company Pacific Drilling. Ofer’s influence extends to football, with ownership stakes in the Spanish club Atlético Madrid. <h2>5. Sir James Dyson and family</h2> Net Worth: £20.8bn Sir James Dyson revolutionized the home appliance market with his innovative vacuum cleaners, hand dryers, and bladeless fans. His company, Dyson Ltd, continues to expand into new areas such as electric vehicles and robotics, reflecting Dyson's relentless pursuit of innovation. <h2>4. Sir Jim Ratcliffe</h2><div type="image" title="Sir Jim Ratcliffe" msid="113051750" hostid="261" sizebytes="459440"></div>Net Worth: £23.519bn Sir Jim Ratcliffe, the founder and chairman of the chemical company Ineos, is one of the most prominent industrialists in Britain. Starting as a chemical engineer, Ratcliffe built Ineos into a global giant with operations in chemicals, oil and gas, and automotive, including the recent acquisition of the British brand, Grenadier. <h2>3. David and Simon Reuben and family</h2>Net Worth: £24.977bn The Reuben brothers, David and Simon, have amassed their wealth through real estate, particularly in London's lucrative property market. Originally making their fortunes in metals and commodities, the Reubens have since transitioned into property, owning prime real estate across London, including iconic locations like Millbank Tower and the Burlington Arcade. <h2>2. Sir Leonard Blavatnik</h2>Net Worth: £29.246bn Sir Leonard Blavatnik, a Ukraine-born American-British billionaire, built his fortune through diversified investments in industries such as oil, gas, and media. A major shareholder in Warner Music Group, Blavatnik's wealth also stems from his private equity firm, Access Industries, which has stakes in a wide array of sectors including chemicals, technology, and real estate. <h2>1. <keyword id="675132" type="General" weightage="20" keywordseo="Gopi-Hinduja" source="Orion">Gopi Hinduja</keyword> &amp; family</h2><div type="image" title="PP Hinduja and Ashok P. Hinduja" agency="BCCL" msid="113051799" hostid="261" sizebytes="944901"></div>Net Worth:£37.196bn Leading the wealth rankings, the Hinduja family, under Gopi Hinduja's leadership, has a vast empire spanning banking, energy, automotive, and more. The Hinduja Group’s origins trace back to India, and today, the family's business interests are spread across 38 countries, with significant assets in the UK.

These are the top 25 richest people in Britain

<ul class="summary-list"><li>ExodusPoint led multimanager hedge funds with a 1.5% gain last month and is up 6.5% in 2024.</li><li>The firm faces a new cash hurdle next month, requiring outperformance for performance fees.</li></ul>In the last month before <a target="_blank" href="https://www.businessinsider.com/exoduspoint-multistrategy-hedge-funds-lower-fees-adopt-cash-hurdle-2024-9">a new cash hurdle</a> forces the firm to outperform for performance fees, ExodusPoint led the way among multistrategy hedge funds.The $11 billion manager was up 1.5% last month, bringing its 2024 numbers to 6.5%, a person close to Michael Gelband's fund said.The firm's new share class, which will only yield performance fees for the manager if it outperforms short-term Treasury bonds, goes into effect next month. It comes on the heels of redemptions and poor relative performance at the New York-based manager but also <a target="_blank" href="https://www.pionline.com/hedge-funds/texas-teachers-pushes-hedge-funds-use-cash-hurdles">a broader concerted push</a> by institutional investors to demand more accountability from funds on their soaring costs.Other top performers last month include Gelband's old employer, Millennium, which made 1.1% in September and is up 9.5% through the third quarter. Schonfeld continued its bounce-back year, returning 1.1% in its flagship fund, which is up 13.1% for the year, a person close to the manager told Business Insider. Its fundamental equities fund is up 12% year-to-date after gaining 0.2% in September.Ken Griffin's Citadel, meanwhile, trailed most of its peers, finishing September flat in its flagship Wellington fund but it is up nearly 10% on the year, a person close to the firm said. The Miami-based firm's Tactical Trading fund, which trades equities and quant strategies, gained 0.9% last month and is up 15.6% on the year.Last month's <a target="_blank" href="https://www.businessinsider.com/august-hedge-fund-performance-walleye-citadel-millennium-2024-9">star</a>, $5 billion Walleye Capital, lost money in September. The firm was down 0.2% last month, though it is still up 11.1% on the year, a person close to the firm said.For more returns on multi-strategy managers, see the table below.<table style="minWidth: 75px"></colgroup></colgroup><tbody><tr><td>Fund</td><td>September performance</td><td>2024 performance</td></tr><tr><td colspan="1" rowspan="1">Schonfeld Partners</td><td colspan="1" rowspan="1">1.1%</td><td colspan="1" rowspan="1">13.1%</td></tr><tr><td colspan="1" rowspan="1">Walleye</td><td colspan="1" rowspan="1">-0.2%</td><td colspan="1" rowspan="1">11.1%</td></tr><tr><td colspan="1" rowspan="1">Point72</td><td colspan="1" rowspan="1">0.9%</td><td colspan="1" rowspan="1">11%</td></tr><tr><td colspan="1" rowspan="1">Citadel Wellington</td><td colspan="1" rowspan="1">0%</td><td colspan="1" rowspan="1">9.9%</td></tr><tr><td colspan="1" rowspan="1">Millennium</td><td colspan="1" rowspan="1">1.1%</td><td colspan="1" rowspan="1">9.5%</td></tr><tr><td colspan="1" rowspan="1">Verition</td><td colspan="1" rowspan="1">0.5%</td><td colspan="1" rowspan="1">7%</td></tr><tr><td colspan="1" rowspan="1">ExodusPoint</td><td colspan="1" rowspan="1">1.5%</td><td colspan="1" rowspan="1">6.5%</td></tr><tr><td colspan="1" rowspan="1">Balyasny</td><td colspan="1" rowspan="1">0.1%</td><td colspan="1" rowspan="1">6.1%</td></tr></tbody></table>

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