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<ul class="summary-list"><li><keyword id="4461698" type="PERSON" weightage="60" keywordseo="ryan-tolkin">Ryan Tolkin</keyword> transformed Schonfeld from a family office to an $8.8 billion hedge-fund heavyweight.</li><li>The 34-year-old Duke grad has been driven to lead his entire life, friends and colleagues said.</li></ul>In high school, Ryan Tolkin was trading securities at a billionaire's family office. In college, he was presenting his volatility research to a global asset manager. Now, at 34, the Long Island native is running the $8.8 billion hedge fund <keyword id="4461697" type="PERSON" weightage="60" keywordseo="schonfeld-strategic-advisors">Schonfeld Strategic Advisors</keyword> as its chief executive and chief investment officer.How he got to his lofty perch is a combination of natural ability and extreme focus and discipline, said those who know him best. Professors described him as both intelligent and prepared, while fraternity brothers remember a driven friend who wouldn't let anything get in the way of his ultimate goals.Schonfeld has grown into one of the industry's more prominent multi-managers thanks to years of solid performance, fundraising, and aggressive hiring. Tolkin is known for being plugged-in but not overbearing - someone portfolio managers and analysts can approach without feeling intimidated.Now, after being appointed CEO at the beginning of the year and launching a new macro division more recently, Tolkin is riding as high as ever.<h2><a href="https://www.businessinsider.com/ryan-tolkin-schonfeld-strategic-partners-rise-profile-ceo-bio-performance-2021-7?r=ryantolkinteaser">Subscribe to read our full story: Inside the rise of Ryan Tolkin, the 34-year-old investing mastermind behind Schonfeld's transformation from family office to 600-employee hedge fund heavyweight</a></h2>

Meet Ryan Tolkin, the 34-year-old behind Schonfeld's transformation from family office to hedge fund heavyweight

Good morning and welcome to Insider <keyword id="25455" type="ORGANIZATION" weightage="100" keywordseo="finance">Finance</keyword>. I'm Dan DeFrancesco, and here's what's on the agenda today:<ul><li>The inside scoop on <a href="https://www.businessinsider.com/schonfeld-investor-letter-growth-since-2016-first-ceo-training-program-2021-2">what Steven Schonfeld's plans</a> are for his $6.4 billion hedge fund.</li><li>Experts from Goldman Sachs, Latham &amp; Watkins, and Lead Edge Capital <a href="https://www.businessinsider.com/panel-experts-debate-ipos-direct-listings-spac-outlook-2021-2">discuss the wild IPO market</a>. </li><li>Meet 10 former Robinhood employees working on a variety of <a href="https://www.businessinsider.com/companies-started-by-former-robinhood-employees-2021-2">venture-backed projects</a>.</li></ul>We are also looking for nominations for upcoming list of top equity research analysts under 35. <a href="https://www.businessinsider.com/seeking-nominations-rising-stars-equity-research-wall-street-analysts-2021-1">Find out more about the list, and how to nominate someone here. </a><a style="font-weight: bold;" href="http://newsletter.businessinsider.com/join/4np/insider-finance">If you're not yet a subscriber, you can sign up here to get your daily dose of the stories dominating banking, business, and big deals.</a>Like the newsletter? Hate the newsletter? Feel free to drop me a line at <a href="mailto:ddefrancesco@businessinsider.com">ddefrancesco@businessinsider.com</a> or on Twitter <a href="https://twitter.com/dandefrancesco">@DanDeFrancesco</a>. <h3><a href="https://www.businessinsider.com/schonfeld-investor-letter-growth-since-2016-first-ceo-training-program-2021-2">A new investor letter maps out $6 billion Schonfeld Strategic Advisors' growth, its first-ever CEO, and new training program, highlighting its transition since it started accepting outside money 5 years ago</a></h3><div type="image" title="Steven Schonfeld, Ryan Tolkin, Andrew Fishman" height="671" width="894" msid="80707477" hostid="261"></div>From a first-ever CEO to a training program for investors, big changers are afoot at Schonfeld Strategic Advisors.We've got the newest letter to investors that details the plans for the $6 billion hedge fund that has grown a lot since opening to outside capital five years ago. <a href="https://www.businessinsider.com/schonfeld-investor-letter-growth-since-2016-first-ceo-training-program-2021-2">Click here to read the entire story.</a><h3><a href="https://www.businessinsider.com/panel-experts-debate-ipos-direct-listings-spac-outlook-2021-2">WATCH: Three of the world's foremost IPO experts break down the current boom in tech offerings and explain why the bull market still has legs</a></h3><div type="image" title="forescout IPO" height="2190" width="2920" msid="80707479" hostid="261"></div>Check out our recent webinar on the IPO market that featured Goldman Sachs' Kim Posnett, Latham &amp; Watkins' Greg Rodgers, and Lead Edge Capital's Mitchell Green. <a href="https://www.businessinsider.com/panel-experts-debate-ipos-direct-listings-spac-outlook-2021-2">Read more here</a>.<h3><a href="https://www.businessinsider.com/companies-started-by-former-robinhood-employees-2021-2">Meet the Robinhood mafia: These 10 former employees are raising millions of dollars for their own startups</a></h3><div type="image" title="robinhood cofounders" height="1365" width="1820" msid="80707480" hostid="261"></div>We mapped out the venture-backed projects 10 former Robinhood employees are working on that span from a capital-as-a-service lender to a social-gaming startup. <a href="https://www.businessinsider.com/companies-started-by-former-robinhood-employees-2021-2">See more here</a>. <h2>Odd lots:</h2><a href="https://www.businessinsider.com/knotel-bankruptcy-amol-sarva-coworking-commercial-real-estate-2021-2">Behind Knotel's meltdown: A dozen insiders trace the coworking firm's turbulent fall into bankruptcy after losing $400 million in 2 years (BI)</a><a href="https://markets.businessinsider.com/news/stocks/sec-hunting-fraud-misinformation-social-media-reddit-driven-trading-frenzy-2021-2-1030042965">The SEC is hunting down possible misinformation on social media posts for signs of fraud in Reddit-driven trading frenzy, report says (BI)</a><a href="https://www.wsj.com/articles/this-hedge-fund-made-700-million-on-gamestop-11612390687">This Hedge Fund Made $700 Million on GameStop (WSJ)</a><a href="https://www.businessinsider.com/rich-poor-covid-vaccine-disparity-2021-2">The rich are gaming the system to get COVID-19 vaccines using hefty donations and cozy relationships with CEOs (BI)</a><a href="https://www.businessinsider.com/ribbit-capital-fintech-investor-robinhood-coinbase-affirm-2021-2">Meet Ribbit, the dark-horse VC firm that saved Robinhood's hide by leading a $2.4 billion emergency funding round (BI)</a><a href="https://www.businessinsider.com/talkspace-stock-ipo-analysis-factors-that-could-determine-success-2021-2">$1.4 billion mental health startup Talkspace is going public. We pored over its 276-page filing and spoke with its founders to find 4 key takeaways that could determine its success. (BI)</a><a href="https://www.wsj.com/articles/klobuchar-to-introduce-antitrust-bill-raising-bar-for-technology-deals-11612432800?mod=hp_lista_pos3">Klobuchar to Introduce Antitrust Bill Raising Bar for Technology Deals (WSJ)</a><a href="https://www.ft.com/join/licence/8a2da4d4-3315-4846-a013-029e04237cd6/details?ft-content-uuid=c5082aee-6b81-4e3b-ab05-18b0e0509525"></a><a href="https://www.ft.com/join/licence/8a2da4d4-3315-4846-a013-029e04237cd6/details?ft-content-uuid=c5082aee-6b81-4e3b-ab05-18b0e0509525">McKinsey fires investment bank researchers after policy breaches (FT)</a><a href="https://www.wsj.com/articles/credit-suisse-was-alerted-to-private-bankers-misconduct-years-before-criminal-charges-11612462705?mod=hp_lead_pos3">Credit Suisse Was Alerted to Private Banker's Misconduct Years Before Criminal Charges (WSJ)</a>

Robinhood mafia - Scoop on Schonfeld's growth plans - Inside $1.4 billion Talkspace's IPO

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Sean Zanni/GettyBillionaire Steven Schonfeld recruited a top quant from Glenn Dubin's new hedge fund.</div></div></div><ul class="summary-list"><li>Steven Schonfeld's hedge fund Schonfeld Strategic Advisors recruited a top quant from Engineers Gate, Ricky Shi, to run a new quant fund, sources tell Business Insider.</li><li>Schonfeld's fund has expanded into Asia and Europe recently, primarily through its acquisition of hedge fund Folger Hill in 2018.</li><li>Quants like Shi are in high demand as traditional stock-picking funds and computer-driven managers are <a href="https://www.businessinsider.com/hedge-funds-competing-with-startups-for-talent-2019-4">fighting Silicon Valley for this talent</a>. </li></ul>Ricky Shi is going from working for one billionaire to another. Shi, the head of supported portfolio managers and a quant trader at Glenn Dubin's Engineers Gate, has been tapped by Steven Schonfeld to run a new quant fund under Schonfeld Strategic Advisors' umbrella, sources tell Business Insider.Shi joined Engineers Gate, which was founded by Dubin in 2014, as one of the firm's first employees, according to his LinkedIn profile, working as a quant trader and analyst at first. Dubin, who made his fortune off Highbridge Capital which he co-founded with Henry Swieca and eventually sold to JPMorgan. Engineers Gate currently runs more than $2 billion in assets, according to regulatory filings.See more: <a href="https://www.businessinsider.com/balyasny-loses-one-of-its-top-quants-as-the-manager-gets-its-footing-after-a-disappointing-2018-2019-4">Balyasny loses a quant portfolio manager as the manager gets its footing after a disappointing 2018</a>Schonfeld has been looking to grow his eponymous fund recently, after deciding in 2015 to start taking outside capital again. The firm has opened an office in London this year, and purchased rival fund Folger Hill with the hopes of getting more exposure to Asia. Schonfeld, Engineers Gate, and Shi all declined to comment. Shi's LinkedIn currently states that he is under a non-compete and is no longer working at Engineers Gate. Shi, who previously worked at Morgan Stanley and received a Ph.D. in machine learning from the University of Chicago, is <a href="https://www.businessinsider.com/hedge-funds-competing-with-startups-for-talent-2019-4">the type of talent hedge funds are currently fighting each other and Silicon Valley for</a>. Both fundamental and quant funds have been trying to bring in more people that have historically been attracted to Silicon Valley as the computer-driven funds are in high demand. Even <a href="https://www.businessinsider.com/new-hedge-fund-launches-slowed-2019-2019-1">in a poor environment for hedge fund launches</a>, several new quants are slated to launch this year, including Michael Graves, <a href="https://www.businessinsider.com/point-72s-michael-graves-starting-own-hedge-fund-2019-1">a former top PM at Point72's Cubist</a>, and Jonathan Graham, who ran Citadel's quant unit. <div class="KonaFilter image-container display-table"><div><div class="image on-image">Shayanne Gal/Business Insider</div></div></div> <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/lawsuit-captain-marvel-shazam-superman-comics-dc-superheroes-2019-4">How a $4 million lawsuit created 'Shazam!' and 'Captain Marvel' as we know them today</a></h3> <div> </div> </div>

Billionaire Steven Schonfeld poaches a top quant from Glenn Dubin's Engineers Gate to run a new fund

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Michael Nagle/GettySteven Schonfeld and his senior management continue to grow their team.</div></div></div><ul class="summary-list"><li>Billionaire Steven Schonfeld's hedge fund was quick to adopt algo-trading strategies and now has 75 portfolio managers across the world. </li><li>Schonfeld Strategic Advisors has been open to outside capital for just over three years and has bold aspirations - its chief investment officer says the goal is to be the premier equities hedge fund in the world.</li><li>The firm keeps to its roots, though, with 50 old-school traders still working in Long Island, roughly half of whom have been with the firm for more than 15 years. </li><li><a href="https://www.businessinsider.com/prime">Click here for more BI Prime stories.</a></li></ul>Schonfeld Strategic Advisors - the hedge fund that grew out of the fortune of billionaire trader Steven Schonfeld - has seemingly bold aspirations given it has been open to outside investors for just three years."Our goal is to be the premier equities hedge fund globally," said Ryan Tolkin, Schonfeld's chief investment officer, in an interview with Business Insider at the firm's midtown Manhattan office. A lofty target, but the firm's ambitions might not be as much of a reach as they sound - it has been steadily adding strategies over the years, enjoys stable financial backing from its founder, and has demonstrated an ability to navigate change in the past. Schonfeld, known in the 1980s for using legions of Long Island-based traders to essentially do quant trading by hand, now has 75 hedge fund portfolio managers across the world that employ event-driven equity, quant, and discretionary long-short strategies, with $2.6 billion in outside assets. See more: <a href="https://www.businessinsider.com/steven-schonfeld-poaches-a-top-quant-from-glenn-dubins-engineers-gate-2019-4">Billionaire Steven Schonfeld poaches a top quant from Glenn Dubin's Engineers Gate to run a new fund</a>And the firm once said to be a part of "<a href="https://www.wsj.com/articles/SB124992646701020111">Wall Street's B-list</a>" by a Wall Street Journal article in 2009 is outperforming many of its better-known peers in Chicago, Greenwich, and Stamford, posting 16% return last year when many funds lost money. With solid performance and consistent backing from its namesake, Schonfeld might be one of the most stable hedge funds in the game right now. This year, sources say, the firm's flagship is up nearly 10% through July, besting the average hedge fund. The firm declined to comment about its performance. <h2>The right moves at the right time</h2>Schonfeld started trading more than 30 years ago, and he personally got rich with short-term trades that he'd often get out of in a day or so. He built his own wealth to the point where he was able to hire as many as 1,100 traders at Schonfeld Group's then-headquarters in Long Island to work the same kind of strategy. That labor-intensive approach made him a billionaire, but Schonfeld was also quick to adapt to the sea change that many stock-picking hedge fund managers are still struggling with: the move to quantitative, computer-driven strategies. Andrew Fishman, the firm's president since 2000, called Schonfeld "one of the great natural statisticians," and said that helped him be more flexible with his approach. "Math has always been one of the elements that has defined us, and Steve kept up with what was the lastest and greatest coming down the pipe," Fishman said. See more: <a href="https://www.businessinsider.com/the-best-and-worst-performing-hedge-funds-this-year-2019-7">Humans are beating machines, and Pershing Square and Greenlight are crushing it. Here's how hedge funds performed in the first half.</a>The result was a statistical arbitrage fund launch in 2007, which is now the biggest product at the firm and has 22 portfolio manager teams in the US, Europe, and Asia. While the firm had made its name by executing trades relatively quickly, stat arb funds took Schonfeld and others' human-run strategies and super-charged them, with positions sometimes bought into and sold out of in the matter of seconds. The financial crisis helped the firm grow its nascent strategy quicker than expected as Wall Street and other hedge funds hit hard pushed talented people to the street, Fishman said. Regulations on banks' ability to trade on their own accounts created a surplus of investors in the job market. "In some ways, we were able to get a jump-start on the talent scene," he said. The stat arb fund now makes up between 50% to 60% of the risk the firm takes. A discretionary stock-picking fund, which was launched in 2012 and has 37 portfolio managers, assumes 25% to 35% of the firm's risk. An event-driven equity strategy assumes the rest of the firm's risk, except for roughly 3% still being run by a group of 50 traders in Long Island. The goal of the collection of strategies is to cover every part of the stock on every time horizon, Tolkin said. "Try to make as many different bets across stocks as possible," he said. "You make an overall portfolio that combines different market environments."This build-up led to the opening of the multi-strategy hedge fund to outside investors under the name Schonfeld Strategic Advisors right as investors were moving away from single-manager, single-strategy funds. Schonfeld himself had stepped away from running the day-to-day operations of the firm before the funds opened to outside investors. Fishman said the firm benefitted from the movement away of large institutions away from fund-of-funds and into managers that blend several different strategies. <h2>A patient short-term trader</h2>The reality is that while the timing of many of Schonfeld's moves might have been right, the firm still needed to add quality people to execute the vision. The firm "became a place people want to come," said Tolkin, because of several factors. The first is the stability offered by the capital invested in the funds and business by Steven Schonfeld. But another big one is the "patient approach that has always been a part of our DNA" when dealing with investment staff, Fishman said. "It's one of the things that has really separated us then and now," Fishman said. The reality, Tolkin said, is that not every portfolio manager is going to crank out returns all the time. But the firm believes in catering to its portfolio managers' needs - whether it's for data, technology, additional analysts, or more - is a better approach than firing. "Some of our most successful PMs would have been fired by our competitors because they initially struggled," Tolkin said. See more: <a href="https://www.businessinsider.com/new-hedge-fund-launched-by-former-private-equity-executives-2019-7">Former Bain &amp; Co. and Sagard Capital partners are launching a small-cap-focused hedge fund</a>The patience can be seen with the remaining traders still working on Long Island, roughly half of whom have been with the firm for more than 15 years and are now personally invested in the hedge fund, Fishman said. "It's a differentiator, this history and this culture," Fishman said. Last year, the firm hired 38 investment professionals, and has added some big names this year, including two <a href="https://www.reuters.com/article/us-hedgefunds-schonfeld/investor-schonfeld-opens-london-office-aims-to-boost-foreign-bets-idUSKCN1P528G">former BlueCrest Capital PMs, </a><a href="https://www.reuters.com/article/us-hedgefunds-schonfeld/investor-schonfeld-opens-london-office-aims-to-boost-foreign-bets-idUSKCN1P528G">Alex Codrington and Russell Hartley</a>, and one of Glenn Dubin's top quants <a href="https://www.businessinsider.com/steven-schonfeld-poaches-a-top-quant-from-glenn-dubins-engineers-gate-2019-4">Ricky Shi</a>. Codrington and Hartley started up the London office, and the firm's plans to expand internationally include the decision to <a href="https://www.reuters.com/article/us-hedgefunds-schonfeld/investor-schonfeld-opens-london-office-aims-to-boost-foreign-bets-idUSKCN1P528G">merge with Folger Hil</a>l, retaining a majority of the manager's investment teams in Europe and Asia. The firm's success in building a business has also attracted competitors to come after some the architects of the young hedge fund. Schonfeld sued Michael Gelband's ExodusPoint last year for poaching Alessandra Sassun, head of human capital, Valmiki Prasad, head of execution research, and Gregoire Vidal, head of business development for quantitative strategies. ExodusPoint countersued Schonfeld, saying the hedge fund "systematically under-compensated employees," and in April, a judge denied an injunction request from Schonfeld that would have stopped Sassun and Prasad from contacting people they worked with at Schonfeld.Schonfeld and ExodusPoint declined to comment on the lawsuit. <h2>A focus abroad</h2>The next step in the firm's ambitions for global domination is its expansion into overseas markets, where it hopes 30% to 35% of its risk will be soon.The belief is that there's alpha to be mined from international markets, especially compared to the US, said Tolkin. But the firm does not want to grow for growth's sake alone, Fishman said."I don't think you have to continue to scale to get the advantages of scale, at a certain point there is diminishing returns," he said. "We're not going to hire a US consumer group that's doing the same thing our current US consumer group is doing just for the sake of growing."See more: <a href="https://www.businessinsider.com/cfas-new-hedge-fund-performance-guidelines-try-stop-cherry-picking-2019-7">The hedge fund industry has a problem with managers cherry-picking performance. 1 group wants to stop that.</a>The expansion will be into areas and equities the firm doesn't have exposure to right now, but without a huge rush to get there. Fishman knows the manager has a good base to work off, with decades of proprietary trading data, technology infrastructure, and Schonfeld's capital and reputation, as well as the current "luxury of good performance" that makes it easier to be selective with expansion plans and additional investors. "We want people that understand our business, " he said of potential investors."You can be consistent with your objectives." <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/most-dangerous-deadly-animal-2017-6">Sharks aren't the deadliest creatures on Earth. Here are the top 10.</a></h3> <div> </div> </div>

From an army of traders in Long Island to quants around the world: What's coming next for hedge fund powerhouse Schonfeld Strategic Advisors

Karjean Levine/Getty ImagesSteven Schonfeld in 2004.<ul class="summary-list"><li>Hedge fund billionaire <a href="https://www.cnbc.com/2019/12/03/billionaire-steven-schonfeld-buys-florida-mansion-for-111-million.html">Steven Schonfeld</a> and his wife bought an estate in Florida for <a href="https://www.cnbc.com/2019/12/03/billionaire-steven-schonfeld-buys-florida-mansion-for-111-million.html">$111 million</a>. </li><li>According to a <a href="https://www.cnbc.com/2019/12/03/billionaire-steven-schonfeld-buys-florida-mansion-for-111-million.html">report</a> by <a href="https://www.cnbc.com/">CNBC</a>, it's the most expensive home ever sold in the state.</li><li>The estate is also one of the most expensive real-estate transactions in the country. It ranked No. 8 on Business Insider's list of the <a href="https://www.businessinsider.com/most-expensive-homes-sold-in-us-over-past-decade-2019-11">most expensive homes sold in the US over the past decade</a>.</li><li>According to CNBC, the property's amenities include a bowling alley, a spa, an ice cream stand, and a candy parlor.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul>In early December, hedge fund billionaire <a href="https://www.cnbc.com/2019/12/03/billionaire-steven-schonfeld-buys-florida-mansion-for-111-million.html">Steven Schonfeld</a> and his wife bought an estate in Florida for <a href="https://www.cnbc.com/2019/12/03/billionaire-steven-schonfeld-buys-florida-mansion-for-111-million.html">$111 million</a>.The property boasts over <a href="https://www.cnbc.com/2019/12/03/billionaire-steven-schonfeld-buys-florida-mansion-for-111-million.html">70,000 square feet of living space,</a> <a href="https://www.cnbc.com/2019/12/03/billionaire-steven-schonfeld-buys-florida-mansion-for-111-million.html">350 feet of beachfront</a>, and<a href="https://www.cnbc.com/2019/12/03/billionaire-steven-schonfeld-buys-florida-mansion-for-111-million.html"> 233 feet</a> on the Intracoastal Waterway. According to a <a href="https://www.cnbc.com/2019/12/03/billionaire-steven-schonfeld-buys-florida-mansion-for-111-million.html">report</a> by <a href="https://www.cnbc.com/">CNBC</a>, it's the most expensive home ever sold in the state.<a href="https://www.google.com/earth/">Google Earth</a>The $111 million estate in Palm Beach, Florida.A spokesperson for the couple told <a href="https://www.foxbusiness.com/real-estate/billionaire-set-to-buy-americas-most-expensive-mansion-for-nearly-200m">Fox Business</a> that the 11-bedroom, 22-bathroom home went into contract over the summer and will serve as a vacation home for the family; the Schonfelds primarily reside in New York. According to CNBC, the new property's amenities include a bowling alley, a spa, an ice cream stand, and a candy parlor.The estate sits on a stretch known as the area's <a href="https://www.businessinsider.com/mansion-for-sale-florida-miami-mar-a-lago-billionaires-row-2019-2">Billionaires Row</a>, which is home to a number of ultra-rich people, including hedge-fund managers <a href="https://www.cnbc.com/2019/12/03/billionaire-steven-schonfeld-buys-florida-mansion-for-111-million.html">Paul Tudor Jones</a> and <a href="https://www.businessinsider.com/ken-griffin-real-estate-nyc-apartment-record-chicago-london-miami-2019-1#but-griffins-interest-in-palm-beach-doesnt-end-there-the-palm-beach-daily-news-reported-in-september-that-according-to-sources-the-billionaire-dropped-9913-million-on-the-house-next-door-to-his-17-acre-property-22">Ken Griffin</a>. In fact, Griffin has accumulated nearly $250 million of real estate on Billionaires Row. His most recent Palm Beach purchase was a <a href="https://www.businessinsider.com/ken-griffin-real-estate-nyc-apartment-record-chicago-london-miami-2019-1#according-to-the-palm-beach-daily-news-the-99-million-home-on-60-blossom-way-spans-37-acres-and-adds-about-320-feet-of-beach-frontage-to-griffins-real-estate-portfolio-23">$99 million 3.7-acre property</a> located<a href="https://www.businessinsider.com/ken-griffin-real-estate-nyc-apartment-record-chicago-london-miami-2019-1#according-to-the-palm-beach-daily-news-the-99-million-home-on-60-blossom-way-spans-37-acres-and-adds-about-320-feet-of-beach-frontage-to-griffins-real-estate-portfolio-23"> next door to another property he owns</a>. But Griffin is no stranger in the world of expensive real estate. Earlier this year, he bought a <a href="https://www.businessinsider.com/ken-griffin-real-estate-nyc-apartment-record-chicago-london-miami-2019-1">$238 million penthouse in New York City</a> - the most expensive real-estate transaction ever recorded in the US.The $111 million Florida estate is also among the most expensive real-estate transactions in the country. In fact, it ranked No. 8 on Business Insider's list of <a href="https://www.businessinsider.com/most-expensive-homes-sold-in-us-over-past-decade-2019-11">the most expensive homes sold in the US</a> over the past decade.Other homes on the list include the Chartwell Estate in <a href="https://www.businessinsider.com/category/los-angeles">Los Angeles, California</a>, which sold for a jaw-dropping $150 million in 2019, and the <a href="https://www.businessinsider.com/most-expensive-homes-sold-in-us-over-past-decade-2019-11#t16-this-25000-square-foot-mansion-in-los-altos-hills-california-sold-in-2011-for-100-million-1">Playboy Mansion</a> in Holmby Hills, which sold for $100 million in 2016.<ul class="read-more-links"><li>Read more:</li><li><a href="https://www.businessinsider.com/most-expensive-homes-sold-in-us-over-past-decade-2019-11">A $111 million estate with a bowling alley just broke Florida's real-estate record. Here are the 16 most expensive homes sold in the US over the past decade.</a></li></ul> <h3>NOW WATCH: <a href="https://www.businessinsider.com/heres-why-rich-new-yorkers-created-santa-claus-2019-12">Why rich New Yorkers created Santa Claus</a></h3>

A billionaire just scooped up the most expensive home ever sold in Florida: a $111 million estate that has its own bowling alley

<ul class="summary-list"><li>A <keyword id="89445" type="COMPANY" weightage="60" keywordseo="Palm-Beach">Palm Beach</keyword> mansion sitting on <a href="https://www.palmbeachdailynews.com/story/business/real-estate/2021/01/11/palm-beach-spec-house-priced-140-m-setting-mls-record/6618482002/">land once owned by President Trump</a> is in contract to sell for $140 million, <a href="https://www.wsj.com/articles/a-palm-beach-property-once-owned-by-donald-trump-sells-for-close-to-140-million-11612802955">WSJ reported</a>.</li><li>If the deal closes, it would shatter the area's <a href="https://www.businessinsider.com/billionaire-buys-most-expensive-home-ever-sold-in-florida-2019-12">$111 million</a> real-estate record.</li><li>The beachside mansion is a 10-minute drive from Trump's Mar-a-Lago Club and has 9 bedrooms.</li></ul>A sprawling mansion on a two-acre plot of land that once belonged to President <keyword id="6354484" type="PERSON" weightage="60" keywordseo="Donald-Trump">Donald Trump</keyword> is in contract to sell for nearly $140 million, <a href="https://www.wsj.com/articles/a-palm-beach-property-once-owned-by-donald-trump-sells-for-close-to-140-million-11612802955?adobe_mc=MCMID%3D30408382369942974840013750193902053345%7CMCORGID%3DCB68E4BA55144CAA0A4C98A5%2540AdobeOrg%7CTS%3D1612815329">The Wall Street Journal's Katherine Clarke reported</a>.The property had only been on the market for a month, listed on January 8 at <a href="https://www.palmbeachdailynews.com/story/business/real-estate/2021/01/11/palm-beach-spec-house-priced-140-m-setting-mls-record/6618482002/">$140 million</a>, the Palm Beach Daily News had reported. The buyer went into contract on the <keyword id="6363870" type="UNKNOWN" weightage="100" keywordseo="home">home</keyword> less than 24 hours after seeing it, according to Ryan Serhant, the broker representing the buyer.If the property sale goes through, it would shatter Palm Beach's real-estate record, which is currently held by a 70,000-square-foot estate on Palm Beach's Billionaires' Row <a href="https://www.businessinsider.com/billionaire-buys-most-expensive-home-ever-sold-in-florida-2019-12">that sold for $111 million</a> in 2019 to hedge-fund billionaire <a href="https://www.cnbc.com/2019/12/03/billionaire-steven-schonfeld-buys-florida-mansion-for-111-million.html">Steven Schonfeld</a> and his wife. It would also be one of the most expensive single-family homes ever sold in the US (the <a href="https://www.businessinsider.com/amazon-jeff-bezos-breaks-california-record-most-expensive-home-sale-2020-2">$165 million Beverly Hills mansion</a> Jeff Bezos purchased in 2020 holds that title), Clarke reported. The newly built home is right on the beach, about a 10-minute drive from <a href="https://www.businessinsider.com/inside-trump-mar-a-lago-club-photos-2018-1">Trump's Mar-a-Lago Club.</a> The nine-bedroom residence has more than 21,000 square feet of living space, a separate guest house, and a massive oceanfront swimming pool, according to the <a href="https://listings.moensrealestate.com/idx/details/listing/a294/21-51/535-N-County-Road-Palm-Beach-FL-33480">listing</a>. Trump bought the land where the current home sits <a href="https://www.palmbeachdailynews.com/article/20041116/BUSINESS/311169999">at a bankruptcy auction in 2004 for $41 million</a>, when it was part of a larger six-acre plot. Two years later, he put all six acres <a href="https://www.nytimes.com/2016/08/28/business/only-in-palm-beach-the-95-million-tear-down.html">on the market for $125 million</a>. In 2008, he found a buyer in Russian billionaire <keyword id="478201" type="PERSON" weightage="60" keywordseo="Dmitry-Rybolovlev">Dmitry Rybolovlev</keyword>, <a href="https://www.palmbeachdailynews.com/business/real-estate/trump-former-estate-the-story-behind-the-million-mansion-tear-down/5qgtlikl46SX7KXGdtDPUI/">who paid $95 million for the land</a>, breaking Palm Beach's real-estate record at the time.Rybolovlev, who made <a href="https://www.forbes.com/profile/dmitry-rybolovlev/?sh=14381ed33bec">his estimated $6.7 billion fortune</a> in Russia's fertilizer industry, reportedly never lived on the property, instead demolishing the house that was there, chopping the land into three separate lots, and selling them off.He offloaded the last parcel - where the $140 million mansion sits - <a href="https://therealdeal.com/miami/2019/07/08/russian-oligarch-sells-last-piece-of-former-trump-estate-in-palm-beach-for-37m/">for $37 million to developer Mark Pulte in 2019</a>, who then built today's lavish contemporary residence, according to the Real Deal. <div type="image" title="Dmitry Rybolovlev" height="1680" width="2240" msid="80229569" hostid="261"></div>The sale of the three lots - as well as the 2008 sale - were all brokered by the same agent: Lawrence Moens of Lawrence A. Moens Associates. Moens did not immediately respond to Insider's request for comment. Trump's sale of the land to Rybolovlev in 2008 became a source of interest in 2016, when Christopher Steele, the former British intelligence officer who wrote an explosive <a href="https://www.insider.com/christopher-steele-trump-hotel-land-deals-russia-dossier-2017-11">dossier alleging ties between Trump and Russia</a>, said that Trump's land and hotel deals should be investigated. Both Trump and Rybolovlev <a href="https://www.insider.com/white-house-trump-rybolovlev-russia-conspiracy-2017-3">have said that they never met</a> during the transaction or at any other time. The White House and Rybolovlev's spokesperson did not respond to requests for comment for this story. <h2>Rumors of a Palm Beach post-presidency life</h2>The property he sold to Rybolovlev is not, of course, even Trump's most famous piece of Palm Beach real estate.That would be his <a href="https://www.businessinsider.com/inside-trump-mar-a-lago-club-photos-2018-1">exclusive Mar-a-Lago Club,</a> where the president is rumored to be moving after his term ends. The White House has not commented on the president's official plans after he leaves office later this month, but in 2019 Trump <a href="https://www.businessinsider.com/trump-declared-himself-florida-resident-palm-beach-domicile-declaration-2019-11?r=US&amp;IR=TIR=T">switched his primary residence</a> from Trump Tower in New York to Mar-a-Lago.<div type="image" title="Mar A Lago" height="2800" width="3733" msid="80229572" hostid="261"></div>In December, People reported that <a href="https://people.com/politics/mar-a-lago-trump-residences-being-renovated-while-melania-looks-at-schools/">Trump had ordered renovations</a> to be made to his Mar-a-Lago residence and Melania Trump was reportedly <a href="https://pagesix.com/2020/12/13/melania-trump-fuels-rumors-of-mar-a-lago-move-after-florida-school-tour/">looking at schools in the area</a> for the couple's 14-year-old son, Barron Trump.Trump also owns <a href="https://www.businessinsider.com/donald-trump-mike-bloomberg-real-estate-homes-houses-portfolios-photos-2020-3#trump-also-owns-three-homes-in-palm-beach-florida-that-are-worth-a-collective-36-million-according-to-forbes-5">three other homes near Mar-a-Lago</a> that are worth a collective $36 million, according to Forbes.Palm Beach's real-estate market has been on fire during the pandemic. Many <a href="https://www.bloomberg.com/news/articles/2021-01-11/former-trump-property-aims-to-be-palm-beach-s-most-expensive-ever?sref=BLKWHazc">affluent buyers have relocated to the area</a> as hedge funds and <a href="https://www.businessinsider.com/pandemic-prompts-wall-street-to-look-south-for-floridas-life-and-work-benefits-2020-12">Wall Street firm move their offices from New York</a> to Florida, Bloomberg reported.More than 20 homes sold for above $20 million in 2020 - more than double the number sold in 2019, per the report. Some of those were high-profile transactions like private equity billionaire <a href="https://www.wsj.com/articles/billionaire-robert-f-smith-buys-two-north-palm-beach-homes-for-48-19-million-11604524829">Robert F. Smith's purchase of two North Palm Beach homes</a> for $48 million in October 2020.

A Palm Beach mansion on a plot of land that Trump once owned is about to sell for $140 million, and it could shatter the area's real-estate record

Hey, everyone.Love it or hate it, WeWork was no doubt the story of the week.The $47 billion coworking company filed to go public Wednesday, providing the first in-depth look at its financials and <a href="https://www.businessinsider.com/wework-s-1-prospectus-ipo-revenue-cash-flow-2019-8">starting the countdown to one of the most highly anticipated - and possibly most scrutinized - market debuts of the year.</a>In the filing, WeWork revealed billions in losses, a sprawling collection of leases, and plans to continue spending aggressively to go after a market that could be worth as much as $1.6 trillion.<a href="http://newsletter.businessinsider.com/join/4np/wall-st-insider&amp;hash=f4e91136c13f3c40c496d77bc7347502">If you aren't yet a subscriber to Wall Street Insider, you can sign up here</a>.At the center of WeWork's vision is <a href="https://www.businessinsider.com/wework-ceo-adam-neumann-didnt-take-a-salary-in-2018-2019-8">CEO and cofounder Adam Neumann</a>, the charismatic and controversial 40-year-old Israeli businessman who will control a majority stake of WeWork's voting power as a public company.Here are some of the WeWork stories from the Business Insider team this week:<ul><li>WeWork is the most valuable startup to head for the public markets since Uber earlier this year. But as it does so, it's facing some big questions that could dampen investors' enthusiasm for its shares and dog its stock. <a href="https://newsletter.businessinsider.com/click/17784623.70130/aHR0cHM6Ly93d3cuYnVzaW5lc3NpbnNpZGVyLmNvbS93ZXdvcmstZmFjZXMtdGhlc2UtZml2ZS1iaWctcXVlc3Rpb25zLWFzLXByZXBhcmVzLWZvci1pcG8tMjAxOS04/5cf96fe13f92a4520829381bBe2bdb9a1" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url?q=https://newsletter.businessinsider.com/click/17784623.70130/aHR0cHM6Ly93d3cuYnVzaW5lc3NpbnNpZGVyLmNvbS93ZXdvcmstZmFjZXMtdGhlc2UtZml2ZS1iaWctcXVlc3Rpb25zLWFzLXByZXBhcmVzLWZvci1pcG8tMjAxOS04/5cf96fe13f92a4520829381bBe2bdb9a1&amp;source=gmail&amp;ust=1566059438453000&amp;usg=AFQjCNF52h1rmFaO7cGiWroeA-FVjV2O_g">Here are the five biggest questions facing WeWork as it prepares for its IPO</a>.</li><li>WeWork's S-1 shows how big the company thinks it can get and gives a sense of the high costs of getting there. In the filing, WeWork lays out a path to profitability, <a href="https://newsletter.businessinsider.com/click/17784623.70130/aHR0cHM6Ly93d3cuYnVzaW5lc3NpbnNpZGVyLmNvbS93ZXdvcmstZmlsaW5nLXJldmVhbHMtaG93LW11Y2gtd29yay1iZWNvbWluZy1wcm9maXRhYmxlLXdpbGwtdGFrZS0yMDE5LTg/5cf96fe13f92a4520829381bBd1d4079d" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url?q=https://newsletter.businessinsider.com/click/17784623.70130/aHR0cHM6Ly93d3cuYnVzaW5lc3NpbnNpZGVyLmNvbS93ZXdvcmstZmlsaW5nLXJldmVhbHMtaG93LW11Y2gtd29yay1iZWNvbWluZy1wcm9maXRhYmxlLXdpbGwtdGFrZS0yMDE5LTg/5cf96fe13f92a4520829381bBd1d4079d&amp;source=gmail&amp;ust=1566059438453000&amp;usg=AFQjCNF3khvGnDQnCXbAbx4ZaeXfqC7rxQ">but most of its options involve slowing its breakneck growth</a>.</li><li>WeWork CEO Adam Neumann has been criticized for perceived conflicts of interest between his investments and WeWork. <a href="https://newsletter.businessinsider.com/click/17784623.70130/aHR0cHM6Ly93d3cuYnVzaW5lc3NpbnNpZGVyLmNvbS93ZXdvcmtzLWlwby1maWxpbmdzLXNob3ctZm91bmRlci1uZXVtYW5ucy1yZWFsLWVzdGF0ZS1mYW1pbHktdGllcy0yMDE5LTg/5cf96fe13f92a4520829381bB954685ca" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url?q=https://newsletter.businessinsider.com/click/17784623.70130/aHR0cHM6Ly93d3cuYnVzaW5lc3NpbnNpZGVyLmNvbS93ZXdvcmtzLWlwby1maWxpbmdzLXNob3ctZm91bmRlci1uZXVtYW5ucy1yZWFsLWVzdGF0ZS1mYW1pbHktdGllcy0yMDE5LTg/5cf96fe13f92a4520829381bB954685ca&amp;source=gmail&amp;ust=1566059438453000&amp;usg=AFQjCNF5DvQiDm-2qvXoB_m_Y-TWM87fIQ">Now prospective investors are getting a closer look at Neumann's web of loans, real-estate deals, and family involvement with the company</a>.</li></ul>Separately, I'm excited to announce that in several weeks Business Insider will be hosting its first-ever cannabis webinar with marijuana-analytics company Headset.Earlier this year, <a href="https://www.businessinsider.com/marijuana-analytics-firm-headset-raises-12-million-2019-1">Headset raised $12 million and signed deals</a> with market-research firm Nielsen and the accounting firm Deloitte.<a href="http://newsletter.businessinsider.com/join/cannabissignup">You can join Headset CEO Cy Scott for a BI Prime webinar on September 5 at 2 p.m. ET</a> as he <a href="https://www.businessinsider.com/marijuana-tech-startup-headsets-series-a-pitch-deck-2019-4">takes readers through his pitch deck</a> and explains how he convinced VCs, including early Juul investor Poseidon Asset Management, to buy in.<a href="https://www.businessinsider.com/poseidon-asset-management-raising-75-million-for-marijuana-focusd-fund-ii-2018-12">Poseidon partner Emily Paxhia will also weigh in on the unique challenges</a> of investing in cannabis - and how she picks winners in a crowded market. <a href="http://newsletter.businessinsider.com/join/cannabissignup">You can sign up here</a>.Have a good weekend!Olivia<div class="KonaFilter image-container display-table"><div><div class="image"></div></div></div><div data-sticky="subnav" data-ad-subnav=""><div data-bi-ad="" id="gpt-post-clusterstock-subnav-desktop-5d2f990b8dc5c3.01944711" data-force="" data-type="ad" data-adunit="business-insider/finance/post" data-secvert="prime" data-pagetype="post" data-tag="goldman-sachs,bi-prime,private-equity" data-authors="dakin-campbell" data-views="" data-region="Subnav" data-responsive="[{" browserLimit:00slotSize:300250browserLimit:7280slotSize:72890browserLimit:9700slotSize:9702509709072890location:window="" data-tile-order="false" data-url="theres-drama-with-goldman-sachs-private-investing-unit-plan-2019-7" data-amazontamsizes="[[300,250],[728,90],[970,250],[970,90]]" data-google-query-id="CPCnosn4vOMCFdREcgodwrAF2w">A top Citigroup executive is departing as the bank winds down a secretive $1 billion business amid competition from private equity<a href="https://www.businessinsider.com/citi-is-closing-a-1-billion-credit-opportunities-direct-lending-team-2019-8">A little-known principal-investing team at Citigroup is being wound down</a>, and the executive who led the group has left the firm, according to people familiar with the matter.What remains of Citi Credit Opportunities, a vestige of pre-financial-crisis banking that had $1 billion in its balance sheet to make loans to small and midsize companies, is being absorbed into the bank's broader financing operation.The boom in buy-side private-lending shops, combined with a prolonged run of low interest rates, has made this type of business more difficult and less lucrative for banks than in years past.<a href="https://www.businessinsider.com/citi-is-closing-a-1-billion-credit-opportunities-direct-lending-team-2019-8">READ MORE HERE »</a>From an army of traders in Long Island to quants around the world: What's coming next for hedge-fund powerhouse Schonfeld Strategic AdvisorsThe billionaire Steven Schonfeld's hedge fund was quick to adopt algo-trading strategies and now has 75 portfolio managers around the world.Schonfeld Strategic Advisors has been open to outside capital for just over three years and has bold aspirations. Its chief investment officer says the goal is to be the world's premier equities hedge fund.The firm keeps to its roots, though, <a href="https://www.businessinsider.com/steven-schonfelds-hedge-fund-wants-to-go-global-2019-8">with 50 old-school traders still working in Long Island,</a> about half of whom have been with the firm for more than 15 years.<a href="https://www.businessinsider.com/steven-schonfelds-hedge-fund-wants-to-go-global-2019-8">READ MORE HERE »</a>'We see everything that happens': Real-estate data is changing the game, and execs at Cresa, Niido, and other firms explain whyWhile other industries are <a href="https://www.businessinsider.com/how-ai-is-changing-everything-2019-7">jumping into machine learning and artificial intelligence</a>, and <a href="https://www.businessinsider.com/data-scientist-best-job-in-us-right-now-2018-2">data scientist has been dubbed the best job in America</a>, real estate still has a reputation for handshake deals and decisions made on gut instinct.But companies that revolve around real estate are quickly finding ways to adapt to a digital world. Documents that used to live in a file cabinet are being digitized. Zillow, Redfin, and <a href="https://www.businessinsider.com/zillow-opendoor-buy-house-sell-house-quick-2018-12">other "i-buyers" are closing on homes within a week</a> of the application. <a href="https://www.businessinsider.com/three-proptech-vcs-talk-investing-opportunities-and-challenges-2019-7">Venture-capital money is flooding</a> into "proptech" startups that marry real estate and technology.<a href="https://www.businessinsider.com/how-real-estate-data-will-change-how-you-live-2019-8">Business Insider spoke with executives at companies</a> ranging from short-term-rental firms to commercial real-estate brokerages about the ways data will change how we work and live and the way that real-estate pros do their jobs.<a href="https://www.businessinsider.com/how-real-estate-data-will-change-how-you-live-2019-8">READ MORE HERE »</a>Big Wall Street banks are quietly forming a group to explore the hidden risks in AI, and it shows how much the finance industry still has to learn about the technologyWall Street is as competitive as it gets, but sometimes everyone benefits from working together. And when it comes to understanding the intricacies of artificial intelligence, some of Wall Street's largest financial firms have recognized the benefit of putting their heads together.Citi and Morgan Stanley are <a href="https://www.businessinsider.com/banks-creating-ai-working-group-2019-8">among a group of large global banks banding together to create a working group examining</a> the risks they may face when using artificial intelligence, according to three sources involved in the project.While it's still early days, and specific goals for the group haven't been established, the hope is that by working together Wall Street will develop a better understanding of how best to use the innovative technology appropriately.<a href="https://www.businessinsider.com/banks-creating-ai-working-group-2019-8">READ MORE HERE »</a><div data-sticky="subnav" data-ad-subnav="">What it's like to launch a hedge fund when even the biggest managers are struggling and long-short equity is a 'dirty word'Launching a hedge fund in 2019 hasn't been easy, and several people who are either raising capital or have recently launched <a href="https://www.businessinsider.com/hedge-fund-managers-tell-what-its-like-launching-right-now-2019-8">gave us an inside look at the process</a>.More funds have been liquidated instead of launching, and even the biggest funds are struggling to keep assets right now."General long-short equity can kind of be almost a dirty word," one person told Business Insider, and new launches are better off with differentiated strategies that can help them stand out.<a href="https://www.businessinsider.com/hedge-fund-managers-tell-what-its-like-launching-right-now-2019-8">READ MORE HERE »</a>Wall Street move of the week:<a href="https://www.businessinsider.com/balyasny-cut-a-10-person-team-many-who-joined-less-than-two-years-ago-2019-8">Balyasny cut 10 people running a $2 billion book. The hedge fund axed the year-old team because of poor performance, sources say.</a>In markets:<div data-bi-ad="" id="gpt-post-moneygame-subnav-desktop-5d38bceb32dac3.75700463" data-force="" data-type="ad" data-adunit="business-insider/finance/post" data-secvert="prime,clusterstock" data-pagetype="post" data-tag="investing,bi-prime,recession,recession-watch" data-authors="akin-oyedele" data-views="" data-region="Subnav" data-responsive="[{" browserLimit:00slotSize:300250browserLimit:7280slotSize:72890browserLimit:9700slotSize:9702509709072890location:window="" data-tile-order="false" data-url="next-recession-investing-advice-for-avoiding-losses-morgan-stanley-2019-7" data-amazontamsizes="[[300,250],[728,90],[970,250],[970,90]]" data-google-query-id="CLTHuIawzuMCFZKWyAodywkHKw"><ul><li><a href="https://www.businessinsider.com/ray-dalio-10-charts-showing-diversification-most-important-investing-tool-2019-8">10 charts from Ray Dalio show the value of finding the perfect portfolio mix</a></li><li><a href="https://www.businessinsider.com/yield-curve-inversion-how-to-invest-stocks-to-buy-goldman-2019-8">The dreaded yield-curve inversion has created the perfect opportunity to profit from a group of stocks that Goldman Sachs says the market is ignoring'</a></li><li><a href="https://www.businessinsider.com/investment-themes-and-opportunities-from-170-billion-us-bank-cio-2019-8">A chief wealth adviser overseeing $170 billion told us where he's putting client money as a turbulent environment rocks markets</a></li></ul></div>In tech news:<ul><li><a href="https://www.businessinsider.com/andreesen-horowitz-backed-flyhomes-snags-141-million-in-debt-and-equity-2019-8">Andreessen Horowitz-backed Flyhomes snagged $141 million to expand its next-gen brokerage</a><a href="https://www.businessinsider.com/andreesen-horowitz-backed-flyhomes-snags-141-million-in-debt-and-equity-2019-8"></a></li><li><a href="https://www.businessinsider.com/eaze-is-raising-50-million-for-cannabis-delivery-2019-8">Buzzy cannabis-delivery startup Eaze is looking to raise a new round that could value it at $400 million</a></li><li><a href="https://www.businessinsider.com/uber-ceo-talks-cost-cutting-employees-2019-8">Uber spent over $200,000 on balloons, and now its CEO is getting rid of them to cut costs as nervous engineers worry about layoffs</a></li><li><a href="https://www.businessinsider.com/lime-looking-to-softbank-for-next-mega-funding-round-2019-8">$2.4 billion scooter startup Lime is raising more money, and its next check could come from SoftBank</a></li></ul>Other good stories from around the newsroom:<ul><li><a href="https://www.businessinsider.com/viacom-employees-say-good-spot-after-cbs-deal-2019-8">INSIDE VIACOM: What employees are saying about the blockbuster CBS merger and think will happen next</a></li><li><a href="https://www.businessinsider.com/viacom-employees-say-good-spot-after-cbs-deal-2019-8"></a><a href="https://www.businessinsider.com/pill-club-fight-with-cvs-caremark-over-reimbursement-for-birth-control-2019-8">The strange tale of how a battle between two healthcare companies morphed into a viral Twitter backlash against CVS</a></li></ul></div></div></div>

WeWork mania, Citigroup winds down a secretive $1 billion business, real-estate data changing the game

<div class="KonaFilter image-container display-table"><div><div class="image on-image"><a href="http://www.gettyimages.com/photos/jamie-dimon?family=editorial&amp;phrase=jamie%20dimon&amp;excludenudity=true&amp;sort=best#license">Getty/Mark Wilson</a>JPMorgan's global alternatives business has $150 billion in assets.</div></div></div><ul class="summary-list"><li>JPMorgan's Highbridge Capital believes investors want more specialized hedge funds so it is shutting down its $2 billion multi-strategy flagship fund.</li><li>Three of the four lead portfolio managers will stay on to the run the new multi-strategy credit fund.</li><li>More hedge funds were liquidated than launched last year as new funds were at their lowest levels in 18 years, according to Hedge Fund Research.</li><li><a href="https://www.businessinsider.com/prime?module=article&amp;area=summary">Click here for more BI Prime stories.</a></li></ul>JPMorgan's Highbridge Capital is winding down its long-running $2 billion multi-strategy fund and will now focus on its credit business. The fund, which invests across fixed income, equity, macro, credit and other asset classes, will give investors the opportunity to invest in Highbridge's new multi-strategy credit offering or get their money back by the end of the third quarter, a JPMorgan spokesperson confirmed. Three of the fund's four lead portfolio managers will run the new credit fund, including the multi-strategy fund's CIO Mark Vanacore. The portfolio manager leaving the firm, Arjun Menon, will start his own Asia-focused fund that Highbridge and JPMorgan supports, a source familiar with the firm told Business Insider. The two portfolio managers that led the credit arm within the multi-strategy fund, Jason Hempel and Jon Segal, will stay on with no changes to their team. See more: <a href="https://www.businessinsider.com/canyon-partners-realization-value-fund-has-loaded-up-on-cash-2019-6">A $10.5 billion fund at Canyon Partners has loaded up on cash amid a shaky stock market</a>The change was forced by investors' preference for more specialized strategies over its broad multi-strategy offering, a JPMorgan spokesperson said. "As markets and clients evolve, we continue to innovate and examine our alternatives offering to ensure we deliver the solutions clients want and need today and into the future," the spokesman said.Highbridge isn't the only major fund to shut down in the last several months. More hedge funds were liquidated than launched last year as new funds were at their lowest levels in 18 years, according to Hedge Fund Research.Billionaires Leon Cooperman and David Tepper <a href="https://www.businessinsider.com/david-tepper-turning-appaloosa-into-a-family-office-2019-5">have both announced plans</a> to turn their long-running hedge funds into family offices in the last eight months. BlueMountain Capital Management has responded to investors' <a href="https://www.businessinsider.com/21-billion-hedge-fund-blue-mountain-winds-down-long-short-fund-2019-1">demand for more specialized funds</a> by axing its long-short equity and systematic stock-picking funds to focus on the credit strategies the firm made its name in. Highbridge Capital was founded more than 25 years ago by billionaires and childhood friends Glenn Dubin and Henry Swieca. JPMorgan bought a majority stake in the manager in 2004, and <a href="https://www.reuters.com/article/us-jpmorganchase-highbridge/jpmorgan-buys-rest-of-highbridge-idUSTRE55A3PX20090611">then bought the rest of the firm in 2009</a>. See more: <a href="https://www.businessinsider.com/steven-schonfeld-poaches-a-top-quant-from-glenn-dubins-engineers-gate-2019-4">Billionaire Steven Schonfeld poaches a top quant from Glenn Dubin's Engineers Gate to run a new fund</a>Get the latest JPM stock price<a href="http://markets.businessinsider.com/stock/JPM-Quote"> here.</a> <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/executives-from-jpmorgan-and-bnymellon-discuss-keys-to-partnership">WATCH: Executives from JPMorgan and BNY Mellon tell fintech founders the best ways to partner with large banks</a></h3> <div> </div> </div>

JPMorgan's Highbridge Capital is unwinding a $2 billion fund and is now turning to investor demand for credit

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Mike Blake/ReutersTwo Sigma's chief technology officer Alfred Spector runs a team of hundreds of engineers.</div></div></div><ul class="summary-list"><li>Alfred Spector, Two Sigma's chief technology officer for the past three years, said computer security is a harder problem to solve than artificial intelligence. </li><li>In an interview with Business Insider, he said that he thinks about the subject constantly, including "nation-state attacks" on US infrastructure.</li><li>Despite ever present concerns about security, Spector is excited to find "the safe limits" of what machine-learning can do in the financial industry and how efficient the quant fund can become with the vast amounts of data it brings in. </li><li>To see more stories like this, visit <a href="https://www.businessinsider.com/">Business Insider's homepage</a>. </li></ul>A big part of Alfred Spector's job is to think about the future.Spector, the chief technology officer at Two Sigma and head of engineering, runs a team of 600 engineers at the $60 billion hedge fund and has to balance expanding into the latest and greatest tech innovations with protecting the precious algorithms and data that has made Two Sigma one of the biggest hedge funds in the world.While the firm has moved massive amounts of its operations into Google's cloud computing system, Spector said in an interview with Business Insider that he still spends a lot of time thinking about security - including the biggest of threats: cybersecurity attacks by "nation-states." "I think there needs to be an understood security risk model, just as citizens, that explains what are acts of war and how it applies to these type of attacks," Spector said. "That's something people like me worry about, we are clearly a network-based business."See more: <a href="https://www.businessinsider.com/hedge-fund-investors-are-getting-excited-about-the-possibilities-of-machine-learning-theres-a-good-chance-they-dont-understand-it-2019-5">Hedge-fund investors are getting excited about the possibilities of machine learning. There's a good chance they don't understand it.</a>A one-time academic and senior executive at IBM and Google, Spector says clients are not yet worried about this potential risk to the business but that it's a part of his role to do so."If there were an outright attack on US infrastructure, I don't think I could resist that," he said."Whether anyone can resist those attacks, whether it's Google or anyone else, I think it's an interesting question."Chief technology and chief information officers in any industry are always thinking about security. A study by CIO magazine at the beginning of the year found that CIOs are spending roughly half of their time on security management, and 40% said it was the reason IT spending has increased at their organization. Google, which provides the cloud services TwoSigma uses, has several sub-oceanic cables connecting their global data centers powering the cloud technology, and Spector said he almost asked if the company had a submarine fleet to protect them."It would be very hard to believe that a nation-state that wanted to look at the US financial system doesn't know where all those cables are," he said. Google's head of financials services for its cloud business Ulku Rowe told Business Insider that the underwater cables, which are clad in armor, are occasionally attacked by sharks. See more: <a href="https://www.businessinsider.com/steven-schonfeld-poaches-a-top-quant-from-glenn-dubins-engineers-gate-2019-4">Billionaire Steven Schonfeld poaches a top quant from Glenn Dubin's Engineers Gate to run a new fund</a>Two Sigma, run by billionaires and D.E. Shaw alums John Overdeck and David Siegel, invests a third or more of its tech budget into future developments, with the rest going to day-to-day operations."We are way more on the invest-in-the-future side than probably the very large financial institutions, which somehow seem to not be able to do that," Spector says.Still, while he thinks financial firms are being "very, very careful," Spector called security a harder problem to solve than artificial intelligence."It's a cat-and-mouse game." Get the latest Google stock price<a href="http://markets.businessinsider.com/stock/GOOG-Quote"> here.</a> <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/gary-shilling-legendary-economist-trade-war-outlook-says-us-will-win-2018-10">WATCH: The legendary economist who predicted the housing crisis says the US will win the trade war</a></h3> <div> </div> </div>

You Searched For "Steven Schonfeld" and got 9 results

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