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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><p>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.</p><p>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.</p><p>Schonfeld has grown into one of the industry's more prominent multi-managers thanks to years of solid performance, fundraising, and aggressive hiring. </p><p>Tolkin is known for being plugged-in but not overbearing - someone portfolio managers and analysts can approach without feeling intimidated.</p><p>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.</p><h2><a href="https://www.businessinsider.com/ryan-tolkin-schonfeld-strategic-partners-rise-profile-ceo-bio-performance-2021-7?r=ryantolkinteaser"><strong>Subscribe to read our full story</strong>: 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

<p>Happy Saturday, and welcome to Insider <keyword id="25455" type="ORGANIZATION" weightage="100" keywordseo="finance">Finance</keyword>. Here's a rundown of our top stories from the past week:</p><ul><li>Bill Ackman <a href="https://www.businessinsider.com/ill-ackman-spac-psth-why-universal-deal-failed-sec-2021-7">pulled the plug</a> on a complex deal for his huge SPAC</li><li>JPMorgan is <a href="https://www.businessinsider.com/jpmorgan-financial-advisors-crypto-bitcoin-products-retail-wealth-management-2021-7">opening up crypto funds</a> to wealth clients who want them </li><li>We took a look <a href="https://www.businessinsider.com/ryan-tolkin-schonfeld-strategic-partners-rise-profile-ceo-bio-performance-2021-7">inside the rise</a> of Schonfeld's Ryan Tolkin </li><li>It's been a wild year for Wall Street's <a href="https://www.businessinsider.com/wall-street-deal-toy-makers-sales-demand-prices-mergers-volumes-2021-7">deal toy</a> makers</li><li><a href="https://www.businessinsider.com/ubs-raising-junior-investment-banker-salaries-starting-analyst-associate-director-2021-7">UBS</a> and Deutsche Bank <a href="https://www.businessinsider.com/wall-street-responds-with-cash-bonuses-as-banker-burnout-mounts-2021-3">were the latest</a> to bump pay for junior investment bankers </li></ul><p>If this email was forwarded to you, <a href="https://newsletter.businessinsider.com/click/22653302.34602/aHR0cDovL25ld3NsZXR0ZXIuYnVzaW5lc3NpbnNpZGVyLmNvbS9qb2luLzRucC9pbnNpZGVyLWZpbmFuY2U_bnJfZW1haWxfcmVmZXJlcj0xJnV0bV9zb3VyY2U9U2FpbHRocnUmdXRtX21lZGl1bT1lbWFpbCZ1dG1fY29udGVudD1JbnNpZGVyJTIwRmluYW5jZQ/5cf970723f92a452082ea752B3f5606f6">sign up here </a>to get your daily dose of the stories dominating banking, business, and big deals.</p><p><strong><a href="https://www.businessinsider.com/ill-ackman-spac-psth-why-universal-deal-failed-sec-2021-7">Bill Ackman's SPAC deal implosion stunned investors and infuriated his Reddit fans. Lawyers say they saw it all coming.</a></strong></p><p>SPAC investors thought Bill Ackman was "magic." But his Universal Music Group plan always had its skeptics. Despite a rabid online fan base, the Pershing Square SPAC's stock traded down as wrinkles arose.</p><p>Ackman's claim that the SEC wouldn't let it buy into UMG was no surprise to some lawyers.</p><p><a href="https://www.businessinsider.com/ill-ackman-spac-psth-why-universal-deal-failed-sec-2021-7">Read more here. </a></p><p><strong><a href="https://www.businessinsider.com/wall-street-deal-toy-makers-sales-demand-prices-mergers-volumes-2021-7">Inside a wild year for Wall Street's 'deal toy' makers: Business is rebounding as M&amp;A jumps but raw materials like crystal are tough to find</a></strong></p><p><strong><div type="image" title="finance firms leave new york for florida 2x1" height="548" width="1097" msid="84705318" hostid="261"></div></strong></p><p>Business is booming for deal toy makers, who create awards for Wall Street transactions. But these companies have also had to figure out how to navigate supply-chain issues and shipping to people working at home. </p><p><a href="https://www.businessinsider.com/wall-street-deal-toy-makers-sales-demand-prices-mergers-volumes-2021-7">Get the inside look here. </a></p><p><a href="https://www.businessinsider.com/jpmorgan-financial-advisors-crypto-bitcoin-products-retail-wealth-management-2021-7"><strong>JPMorgan just became the first big bank to give retail wealth clients access to cryptocurrency funds</strong></a></p><div type="image" title="Bitcoin logo mural" height="2769" width="5539" msid="84705323" hostid="261"></div><p>Banks, hesitant to enter the crypto space, have been pushed to respond to growing client demand.</p><p>Now, JPMorgan is giving its financial advisors the green light to allow all its wealth-management clients access to cryptocurrency funds.</p><p><a href="https://www.businessinsider.com/jpmorgan-financial-advisors-crypto-bitcoin-products-retail-wealth-management-2021-7">Read the full story here.</a></p><p><a href="https://www.businessinsider.com/ryan-tolkin-schonfeld-strategic-partners-rise-profile-ceo-bio-performance-2021-7"><strong>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</strong></a></p><div type="image" title="headshot of ryan tolkin against a green background with faded images of duke university, steven schonfeld, and the schonfeld logo" height="1200" width="2400" msid="84705326" hostid="261"></div><p>Under Ryan Tolkin's leadership, Schonfeld transformed from a small operation into a $8.8 billion hedge fund. </p><p>Insider spoke to people who know him best. They shared how he got here and insights into his leadership style, as well as where he plans to take the hedge fund next. </p><p><a href="https://www.businessinsider.com/ryan-tolkin-schonfeld-strategic-partners-rise-profile-ceo-bio-performance-2021-7">More on who Ryan Tolkin really is.</a></p><p><a href="https://www.businessinsider.com/fintech-b2b-best-promising-startups-finance-wall-street-payments-crypto-2021-7"><strong>57 promising fintechs building the behind-the-scenes tech revolutionizing Wall Street</strong></a></p><div type="image" title="5 vcs on a blue background lined up left to right talking about business fintech" height="1000" width="2000" msid="84705329" hostid="261"></div><p>Insider asked more than 40 top <keyword id="2461546" type="PERSON" weightage="60" keywordseo="FinTech">fintech</keyword> investors to nominate the most promising fintechs. Of the 70 nominations received, 57 were fintechs selling directly to businesses. </p><p><a href="https://www.businessinsider.com/fintech-b2b-best-promising-startups-finance-wall-street-payments-crypto-2021-7">Here are the B2B fintechs to watch in 2021.</a></p><p><a href="https://www.businessinsider.com/millennium-management-public-cloud-tech-aws-war-talent-portfolio-managers-2021-7"><strong>Millennium is using its AWS-hosted cloud tech as a key weapon to attract and retain top portfolio managers</strong></a></p><div type="image" title="thunderstorm clouds" height="2455" width="4911" msid="84705331" hostid="261"></div><p>As the war for talent rages among hedge funds, one firm is using technology as a key value prop for recruitment and retention.</p><p>Millennium Management, the New York-based hedge fund founded by billionaire Israel Englander with $52.3 billion of assets under management, says it is investing in cloud technology to stand out.</p><p><a href="https://www.businessinsider.com/millennium-management-public-cloud-tech-aws-war-talent-portfolio-managers-2021-7">Read the full story here.</a></p><p><a href="https://www.businessinsider.com/wall-street-responds-with-cash-bonuses-as-banker-burnout-mounts-2021-3"><strong>A slew of Wall Street firms are raising pay - here's our running list</strong></a></p><div type="image" title="The Wall Street bull tempting suited hands with a one hundred dollar bill on a blue background" height="1200" width="2400" msid="84705332" hostid="261"></div><p>Investment banks have been raising base pay for junior and mid-level bankers, and UBS and Deutsche Bank made moves this week. </p><p><a href="https://www.businessinsider.com/wall-street-responds-with-cash-bonuses-as-banker-burnout-mounts-2021-3">Keep track of all the Wall Street pay moves here.</a></p><h3><strong>Other stories readers loved this week </strong></h3><ul><li>Here's the<a href="https://www.businessinsider.com/securitize-series-b-pitch-deck-blockchain-private-markets-morgan-stanley-2021-7"> 11-page pitch deck </a>a blockchain startup looking to revolutionize private-markets investing used to nab $48 million from investors like Morgan Stanley</li><li>Jefferies CEO Richard Handler <a href="https://www.businessinsider.com/jefferies-ceo-richard-handler-10-questions-insider-books-banking-recruiting-2021-7">dishes on</a> M&amp;A outlook, talent wars, and the book every young banker should read right now</li><li>Challenger bank HMBradley grew too fast. Now it's looking for <a href="https://www.businessinsider.com/hmbradley-fintech-invite-only-banking-partners-mortgages-auto-lending-2021-7">new bank partners</a> as it pushes into mortgages and auto loans.</li><li>Big Law associate salaries are skyrocketing, but not nearly as much as partner profits. <a href="https://www.businessinsider.com/biglaw-associates-partner-profits-law-firm-salary-pay-compensation-raise-2021-7">These 2 charts</a> break down the growing divide.</li></ul>

JPMorgan OKs crypto for rich - Ackman axes SPAC deal - Deal toy gold rush

<p>Good morning and welcome to <keyword id="11420569" type="UNKNOWN" weightage="60" keywordseo="insider-finance">Insider Finance</keyword>. I'm Dan DeFrancesco, and here's what's on the agenda today:</p><ul><li>Jamie Dimon just got a glitzy new offer <a href="https://www.businessinsider.com/heres-the-latest-jpmorgan-news-2019-6">to keep him around another five years.</a></li><li>UBS is raising salaries for <a href="https://www.businessinsider.com/ubs-raising-junior-investment-banker-salaries-starting-analyst-associate-director-2021-7">investment banking analysts, associates, and directors</a> and we have all the details. </li><li>Ryan Tolkin's professors, colleagues, and friends give us some insight <a href="https://www.businessinsider.com/ryan-tolkin-schonfeld-strategic-partners-rise-profile-ceo-bio-performance-2021-7">into the 34-year-old's rise at Schonfeld Strategic Advisors.</a></li><li>We rounded up the top fintechs you should look out for this year, including some <a href="https://www.businessinsider.com/fintech-b2c-best-promising-consumer-startups-investing-trading-banking-crypto-2021-7">that could be the next household names</a>, and others <a href="https://www.businessinsider.com/fintech-b2b-best-promising-startups-finance-wall-street-payments-crypto-2021-7">that are building behind-the-scenes tech that will revolutionize Wall Street.</a></li></ul><p><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></p><p>Like the <keyword id="621414" type="PERSON" weightage="60" keywordseo="Newsletter">newsletter</keyword>? 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>. </p><p><strong><a href="https://www.businessinsider.com/heres-the-latest-jpmorgan-news-2019-6">JPMorgan CEO Jamie Dimon just got a big new incentive to stay on for 5 more years. Here's everything you need to know.</a></strong></p><p><a href="https://www.businessinsider.com/heres-the-latest-jpmorgan-news-2019-6"><div type="image" title="GettyImages 1171045636" height="2288" width="3050" msid="84642096" hostid="261"></div></a></p><p>The bank has granted Dimon a major stock award - but he'll have to stick around another five years to collect it.</p><p><a href="https://www.businessinsider.com/heres-the-latest-jpmorgan-news-2019-6">A look at what we know so far.</a></p><p><strong><a href="https://www.businessinsider.com/ubs-raising-junior-investment-banker-salaries-starting-analyst-associate-director-2021-7">UBS is raising salaries for investment bank analysts, associates, and directors. We have all the details for each level.</a></strong></p><p><a href="https://www.businessinsider.com/ubs-raising-junior-investment-banker-salaries-starting-analyst-associate-director-2021-7"><div type="image" title="UBS" height="1080" width="1440" msid="84642097" hostid="261"></div></a></p><p>UBS has joined the ranks of banks bumping compensation for junior and mid-level bankers. <a href="https://www.businessinsider.com/ubs-raising-junior-investment-banker-salaries-starting-analyst-associate-director-2021-7">Get the details for each level.</a></p><p><strong><a href="https://www.businessinsider.com/ryan-tolkin-schonfeld-strategic-partners-rise-profile-ceo-bio-performance-2021-7">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></strong></p><p><a href="https://www.businessinsider.com/ryan-tolkin-schonfeld-strategic-partners-rise-profile-ceo-bio-performance-2021-7"><div type="image" title="headshot of ryan tolkin against a green background with faded images of duke university, steven schonfeld, and the schonfeld logo" height="1200" width="1600" msid="84642099" hostid="261"></div></a></p><p>How Tolkin got to his lofty perch is a combination of natural ability and extreme focus and discipline, said those who know him best. We spoke with Tolkin's professors, colleagues, and friends to understand how he turned Schonfeld into an $8.8 billion hedge-fund heavyweight - and what comes next. <a href="https://www.businessinsider.com/ryan-tolkin-schonfeld-strategic-partners-rise-profile-ceo-bio-performance-2021-7">Here's what we learned.</a></p><p><strong><a href="https://www.businessinsider.com/fintech-b2c-best-promising-consumer-startups-investing-trading-banking-crypto-2021-7">13 promising consumer fintechs aiming to be the next household names like Robinhood, Chime, and Coinbase</a></strong></p><a href="https://www.businessinsider.com/fintech-b2c-best-promising-consumer-startups-investing-trading-banking-crypto-2021-7"><div type="image" title="Headshots of Billie Simmons, Donald Hawkins, Asya Bradley, and Rob Curtis against a green background with yellow pixelated dollar signs." height="1200" width="2400" msid="84642102" hostid="261"></div></a><p>From Daylight, which provides a digital bank account designed for the LGBTQ+ community, to Vinovest, an app for investing in wine, these are the top fintechs that you should be keeping an eye on. <a href="https://www.businessinsider.com/fintech-b2c-best-promising-consumer-startups-investing-trading-banking-crypto-2021-7">See the full list here.</a></p><p><strong><a href="https://www.businessinsider.com/fintech-b2b-best-promising-startups-finance-wall-street-payments-crypto-2021-7">57 promising fintechs building the behind-the-scenes tech revolutionizing Wall Street </a></strong></p><p><a href="https://www.businessinsider.com/fintech-b2b-best-promising-startups-finance-wall-street-payments-crypto-2021-7"><div type="image" title="From left: Karim Atiyeh and Eric Glyman, founders of Ramp, Shuo Wang, cofounder of Deel, Stephany Kirkpatrick, founder and CEO of Orum, and Richie Serna, founder and CEO of Finix with orange pixellated dollar signs patterned out on a light blue background" height="1800" width="2400" msid="84642106" hostid="261"></div></a></p><p>We asked more than 40 investors to nominate the most promising fintechs, and of the 70 nominations received, 57 were fintechs selling directly to businesses (B2B). <a href="https://www.businessinsider.com/fintech-b2b-best-promising-startups-finance-wall-street-payments-crypto-2021-7">Check out the 57 most promising B2B fintechs of 2021.</a></p><p><strong><a href="https://www.businessinsider.com/wells-fargo-strategic-capital-hiring-lead-investor-capital-markets-tech-2021-7">Wells Fargo is looking to hire a lead investor focused on trading-tech startups to keep pace with a surging market</a></strong></p><p><a href="https://www.businessinsider.com/wells-fargo-strategic-capital-hiring-lead-investor-capital-markets-tech-2021-7"><div type="image" title="Wells Fargo" height="1467" width="1956" msid="84642108" hostid="261"></div></a></p><p>Wells Fargo Strategic Capital is on the lookout for a new lead investor who will run a team focused on trading tech. An MD told Insider about the hiring plans, <a href="https://www.businessinsider.com/wells-fargo-strategic-capital-hiring-lead-investor-capital-markets-tech-2021-7">which you can read up on here.</a></p><p><strong><a href="https://www.businessinsider.com/chief-investment-officer-angela-miller-may-career-advice-black-professionals-2021-7">Angela Miller-May was just tapped to run a $54 billion investment portfolio. She shares her advice for young, Black professionals looking for workplaces where they can thrive.</a></strong></p><p><a href="https://www.businessinsider.com/chief-investment-officer-angela-miller-may-career-advice-black-professionals-2021-7"><div type="image" title="Angela Miller-May, CIO of Chicago Teachers' Pension Fund." height="2047" width="2730" msid="84642110" hostid="261"></div></a></p><p>Miller-May shared advice for young Black professionals seeking inclusive workplaces. <a href="https://www.businessinsider.com/chief-investment-officer-angela-miller-may-career-advice-black-professionals-2021-7">Here's what she said</a>.</p><h2><strong style="color: #222222; font-size: 15px;">Odd lots:</strong></h2><p><a href="https://www.businessinsider.com/y-combinator-backed-startup-onetool-up-for-sale-as-nft-2021-7">With bids starting at $96,000, a Y Combinator founder is selling his shuttered startup as an NFT to 'embrace failing' (Insider)</a></p><p><a href="https://www.theinformation.com/articles/robinhoods-biggest-ipo-winners?utm_campaign=%5Brtsu%5D+Automated+RTS&amp;utm_content=1003249&amp;utm_medium=email&amp;utm_source=cio&amp;utm_term=1000266utm_term=1000266">Robinhood's Biggest IPO Winners (The Information)</a></p><p><a href="https://www.bloomberg.com/news/articles/2021-07-21/zero-down-mortgages-stoke-u-s-subprime-like-fears-in-canada?sref=5xrDvJna">Zero-Down Mortgages Stoke U.S. Subprime-Like Fears in Canada (Bloomberg)</a></p><p><a href="https://www.wsj.com/articles/carlyle-launches-renewable-energy-infrastructure-unit-11626859803">Carlyle Launches Renewable-Energy Infrastructure Unit (WSJ)</a></p><p><a href="https://www.bloomberg.com/news/articles/2021-07-20/credit-suisse-exodus-in-full-swing-as-more-senior-bankers-leave?sref=5xrDvJna">Credit Suisse Exodus in Full Swing as More Senior Bankers Leave (Bloomberg)</a></p><p><a href="https://www.businessinsider.com/livecontrol-coatue-arielle-zuckerberg-funding-round-2021-7">How Coatue's Arielle Zuckerberg convinced a hot pandemic startup to quit fundraising and sign a deal with a hedge fund (Insider)</a></p>

Jamie Dimon's $50 million surprise

<p><em>Hello!</em></p><p><em>Welcome to this weekly roundup of stories from Insider. I'm Olivia Oran, filling in this week for Matt Turner. </em><a href="http://newsletter.businessinsider.com/join/4np/insider-weekly"><strong><em>Subscribe here to get this newsletter in your inbox every Sunday.</em></strong></a></p><p><strong><em>What we're going over today:</em></strong></p><ul><li>Compare pay from over 250 companies <strong><a href="https://www.businessinsider.com/salary-comparison-tool-database-companies-2021-7">with our new salary database</a>.</strong></li><li>Uber execs had to address the <strong><a href="https://www.businessinsider.com/uber-losing-employees-high-turnover-attrition-rate-hr-chief-problem-2021-7">massive employee turnover</a>. </strong></li><li>The <strong><a href="https://www.businessinsider.com/fintech-b2b-best-promising-startups-finance-wall-street-payments-crypto-2021-7">57 promising fintechs</a></strong> that are revolutionizing Wall Street.</li><li>Ryan Tolkin built Schonfeld into an <strong><a href="https://www.businessinsider.com/ryan-tolkin-schonfeld-strategic-partners-rise-profile-ceo-bio-performance-2021-7">$8.8 billion hedge fund.</a></strong></li></ul><p><a href="https://www.businessinsider.com/salary-comparison-tool-database-companies-2021-7"></a></p><p><strong><em>What's trending this morning:</em></strong></p><ul><li>Reclusive billionaire and Google cofounder Larry Page has been off the grid for over a year.<strong> <a href="https://www.businessinsider.com/larry-page-google-bought-fiji-island-pandemic-hiding-tavarua-namotu-2021-7">We tracked him down in Fiji</a>. </strong></li><li>Ritzy day camps cater to wealthy families who have been <strong><a href="https://www.businessinsider.com/sleepaway-camp-photo-drama-tyler-hill-2021-7">driving some staffers crazy over photo ops</a>. </strong></li><li>Tension is rising at Disney - Bob Iger's stalled exit has frustrated CEO Bob Chapek, and the executives are <strong><a href="https://www.businessinsider.com/tension-between-disneys-bob-iger-and-bob-chapek-2021-7">no longer as friendly as they once were</a>.</strong></li><li>The crypto wave continues to surge -<strong> <a href="https://www.businessinsider.com/jpmorgan-financial-advisors-crypto-bitcoin-products-retail-wealth-management-2021-7">JPMorgan became the first big bank to give retail wealth clients access to cryptocurrency funds. </a></strong></li><li>From extravagant off-sites to a $7,000 'perks allowance,' <strong><a href="https://www.businessinsider.com/hot-new-perks-for-wfh-remote-hybrid-employees-work">companies are launching new initiatives to make WFH less remote.</a></strong></li></ul><h3><a href="https://www.businessinsider.com/salary-database-google-goldman-amazon-how-much-top-jobs-pay-2021-7">See how much Google, Netflix, and others pay</a> </h3><p>Insider compiled more than 250,000 salaries across more than 250 major companies, including Facebook, Amazon, Google and Lyft. <a href="https://www.businessinsider.com/salary-database-google-goldman-amazon-how-much-top-jobs-pay-2021-7">Our new database is searchable</a> by company and job title:</p><p><em>For a long time, sharing salary information has been a major taboo in America, which makes it difficult to know how much you should be getting paid. </em></p><p><em>To help prepare you for your next salary negotiation, Insider has created a searchable database of the last three years of salary disclosures, collected from the USCIS website, curated to a range of more than 250 companies that Insider reporters regularly cover. </em></p><p><em>The data is filterable by employer name, type of job, and job location, catching the differences between software engineers in Silicon Valley and Miami.</em></p><p><strong>See the database here:</strong></p><ul><li><strong><a href="https://www.businessinsider.com/salary-database-google-goldman-amazon-how-much-top-jobs-pay-2021-7">Compare more than 250,000 salaries from over 250 top companies with Insider's Salary Database</a></strong></li></ul><p>Also read:</p><ul><li><a href="https://www.businessinsider.com/how-to-identify-red-flags-in-employers-in-a-job-interview-2021-7">Headed to a job interview? These are the red flags to look for that indicate a company's culture won't be right for you</a></li><li><a href="https://www.businessinsider.com/salesforce-salaries-2021-engineers-data-scientists-customer-support-hiring-spree-2021-7">Salesforce is on a hiring spree this year. Here's how much it pays for roles in engineering, data science, product management, and customer support</a></li></ul><h3><a href="https://www.businessinsider.com/uber-losing-employees-high-turnover-attrition-rate-hr-chief-problem-2021-7"><strong>Uber's trying to address their high turnover rate</strong></a><strong> </strong></h3><p><a href="https://www.businessinsider.com/uber-losing-employees-high-turnover-attrition-rate-hr-chief-problem-2021-7"><strong><div type="image" title="Uber CEO Dara Khosrowshahi is seen sitting on stage speaking during an event" height="2000" width="2666" msid="84730404" hostid="261"></div></strong></a></p><p>Employees are leaving Uber so fast that executives had to have an all-hands meeting about it. The pandemic has caused many workers to change jobs or careers, though <a href="https://www.businessinsider.com/uber-losing-employees-high-turnover-attrition-rate-hr-chief-problem-2021-7">some Uber staffers blame uninspiring leadership</a>:</p><p><em>The worry with a high attrition rate, said Uber employees and HR specialists, is that the company could lose key talent, causing leaders to spend more energy hiring replacements rather than focusing on the <keyword id="6355515" type="UNKNOWN" weightage="60" keywordseo="business">business</keyword>. </em></p><p><em>An internal email from June announcing new roles for two HR employees said they would be "hyper-focused on recruiting and attrition." Uber has hired more than 200 senior managers in the past six months, according to a person familiar with the matter.</em></p><p><em>Current and former Uber employees differ on why turnover is rising so much. Some chalk it up to longtime colleagues pursuing fresh opportunities. Others said it reflects Uber's current culture and the </em><a href="https://www.businessinsider.com/uber-ceo-dara-khosrowshahi-cleaned-uber-toxic-culture-travis-kalanick-2021-4"><em>leadership of CEO Dara Khosrowshahi</em></a><em>, which, though far less tumultuous than the Travis Kalanick days, can also be less inspiring. </em></p><p><strong>Read the full story here:</strong></p><ul><li><strong><a href="https://www.businessinsider.com/uber-losing-employees-high-turnover-attrition-rate-hr-chief-problem-2021-7">Uber is losing so many employees that executives had to address questions about the problem at recent all-hands meetings</a></strong></li></ul><p>Also read:</p><ul><li><a href="https://www.businessinsider.com/inside-wework-ipo-meltdown-bankers-adam-neumann-chaotic-partnership-2021-7">Inside WeWork's IPO meltdown: How Adam Neumann and Wall Street's chaotic partnership obliterated $40 billion in value</a></li><li><a href="https://www.businessinsider.com/lululemon-will-shutter-whitespace-innovation-team-leader-to-resign-2021-7">Lululemon CEO says in leaked email the company will no longer use 'Whitespace' name for its innovation wing after backlash from employees</a></li></ul><h3><a href="https://www.businessinsider.com/fintech-b2b-best-promising-startups-finance-wall-street-payments-crypto-2021-7"><strong>The most promising fintechs to watch in 2021</strong></a></h3><p><a href="https://www.businessinsider.com/fintech-b2b-best-promising-startups-finance-wall-street-payments-crypto-2021-7"><div type="image" title="5 vcs on a blue background lined up left to right talking about business fintech" height="1000" width="1333" msid="84730407" hostid="261"></div></a></p><p>Insider asked more than 40 top fintech investors - from Citi Ventures to Fin Venture Capital - to <a href="https://www.businessinsider.com/fintech-b2b-best-promising-startups-finance-wall-street-payments-crypto-2021-7">nominate the most promising fintechs to watch this year</a>. The list includes a number of top B2B startups - here's a preview:</p><p><em>Cardless</em></p><p><strong><em>Cited by: </em></strong><em>Activant Capital (investor) </em></p><p><strong><em>Total raised:</em></strong><em> $50 million</em></p><p><strong><em>What it does: </em></strong><em>Cardless enables brands to launch their own digital credit cards.</em></p><p><strong><em>Why it's promising: </em></strong><em>"Cardless enables modern brands and fintechs that have built strong communities to offer innovative and rewarding digital credit cards to their consumers, allowing these companies to launch programs in weeks versus six to nine months with best-in-class developer infrastructure," said Steve Sarracino, founder and partner at Activant Capital.</em></p><p><strong>Check out the full list here:</strong></p><ul><li><strong><a href="https://www.businessinsider.com/fintech-b2b-best-promising-startups-finance-wall-street-payments-crypto-2021-7">57 promising fintechs building the behind-the-scenes tech revolutionizing Wall Street</a></strong></li></ul><p>Also read:</p><ul><li><a href="https://www.businessinsider.com/fintech-b2c-best-promising-consumer-startups-investing-trading-banking-crypto-2021-7">13 promising consumer fintechs aiming to be the next household names like Robinhood, Chime, and Coinbase</a></li><li><a href="https://www.businessinsider.com/vc-recruiters-you-need-to-know-2020-10">Tech startups can't hire fast enough. Here are 25 important people to know if you want to land one of those jobs.</a></li></ul><h3><a href="https://www.businessinsider.com/ryan-tolkin-schonfeld-strategic-partners-rise-profile-ceo-bio-performance-2021-7"><strong>Ryan Tolkin made Schonfeld a heavyweight hedge fund</strong></a><strong> </strong></h3><p><a href="https://www.businessinsider.com/ryan-tolkin-schonfeld-strategic-partners-rise-profile-ceo-bio-performance-2021-7"><strong><div type="image" title="headshot of ryan tolkin against a green background with faded images of duke university, steven schonfeld, and the schonfeld logo" height="1200" width="1600" msid="84730410" hostid="261"></div></strong></a></p><p>What started as a family office evolved into an industry giant with over 600 employees - and 34-year-old Ryan Tolkin led the way. <a href="https://www.businessinsider.com/ryan-tolkin-schonfeld-strategic-partners-rise-profile-ceo-bio-performance-2021-7">Insider spoke to those who know him best</a> to better understand who he is and what drives him: </p><p><em>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. </em></p><p><em>Schonfeld has grown into one of the industry's more prominent multi-managers thanks to years of solid performance, fundraising, and aggressive hiring. </em></p><p><em>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.</em><strong><br /></strong></p><p><strong>Find out more about the ambitious CEO here:</strong></p><ul><li><strong><a href="https://www.businessinsider.com/ryan-tolkin-schonfeld-strategic-partners-rise-profile-ceo-bio-performance-2021-7">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></strong></li></ul><p>Also read:</p><ul><li><a href="https://www.businessinsider.com/millennium-management-public-cloud-tech-aws-war-talent-portfolio-managers-2021-7">Millennium is using its AWS-hosted cloud tech as a key weapon to attract and retain top portfolio managers</a></li><li><a href="https://www.businessinsider.com/wall-street-responds-with-cash-bonuses-as-banker-burnout-mounts-2021-3">A slew of Wall Street firms are raising pay - here's our running list</a></li></ul><p>Finally, here are some headlines you might have missed last week.</p><p><strong> </strong>- Olivia</p><ul><li><a href="https://www.businessinsider.com/us-olympic-fencers-object-alen-hadzic-tokyo-2021-7">The US Olympic fencing team is in uproar over the handling of sexual-assault claims against one of its members</a></li><li><a href="https://www.businessinsider.com/google-new-project-management-certification-2021-7">Project managers can command upward of $140,000 a year. A new Google certification can help you become one in 6 months.</a></li><li><a href="https://www.businessinsider.com/bitcoin-bull-run-crypto-data-signals-will-clemente-whiz-kid-2021-7">19-year-old crypto whiz kid Will Clemente breaks down 4 charts and on-chain data points that signal the bitcoin bull market is far from over</a></li><li><a href="https://www.businessinsider.com/how-trump-took-over-gop-2021-7">The definitive oral history of how Trump took over the GOP, as told to us by Cruz, Rubio and 20 more insiders</a></li><li><a href="https://www.businessinsider.com/cannabis-marijuana-stocks-to-buy-now-wall-street-analysts-2021-7">'A generational wealth opportunity': 4 top Wall Street analysts share the cannabis stocks to buy now</a></li><li><a href="https://www.businessinsider.com/google-employees-alphabet-union-petition-justice-for-jessica-misconduct-policies-2021-7">Hundreds of Google employees call on company to change sexual-misconduct policies that they say put the burden on survivors</a></li><li><a href="https://www.businessinsider.com/elon-musk-effect-boxabl-tiny-home-prefabricated-construction-startup-2021-7">This tiny-home startup has built only 3 houses, but one's for Elon Musk. Now its CEO is trying to crowdfund $50 million from eager Tesla fans.</a></li></ul>

Insider Weekly: Uber's mass exodus - We found Larry Page - Exclusive salary database

<p class="source"><span><a href="http://www.shutterstock.com/pic.mhtml?id=35025070">Shutterstock</a></span></p><ul class="summary-list"><li>There is growing demand for data-science talent across industries, and while Wall Street and other finance companies might be improving its reputation in these circles, it hasn't gotten any easier to find the right people.</li><li>Hedge funds are feeling pressure from Silicon Valley darlings, which are growing their presence on the East Coast, as well as other industries who are beginning to realize the value of crunching their own data.</li><li>At some funds, like Point72, data scientists are so in-demand that some even have longer non-compete periods than the portfolio managers making the investments. </li><li><p>"Data is just a huge piece of what everyone is doing now."</p></li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul><p>Uber and Lyft have struggled since going public, while Facebook has become a favorite punching bag for politicians thanks to its privacy scandals, but even those dings against Big Tech haven't helped finance's pitch much when trying to lure data-crunchers. </p><p>Data scientists and others that can harness and monetize the exploding number of data streams pouring into the investment management industry have been in high demand, from quant funds and fundamental stock-pickers alike.</p><p>The challenge for recruiting this type of talent historically has been the competition from Silicon Valley startups that can offer a more familiar consumer brand name as well as the lure of upside in the form of equity in a pre-IPO company.</p><p>Recruiters and hedge funds told Business Insider that this challenge still exists, despite Silicon Valley's high-profile setbacks, and new obstacles have emerged on top of that.</p><p>We aren't competing with just tech for this talent, said Hinesh Kalian, director of data science for Man Group. Other industries like logistics, retail, and advertising are beginning to crunch data as well.</p><p>"My expectation is that the role of data scientists has become commonplace across all industries," he said. </p><p>For some big hedge funds, data scientists have become just as valuable as the money managers; occasionally at Steve Cohen's Point72, for example, data scientists will have longer non-compete clauses than the portfolio manager they are working with, sources tell Business Insider. Point72 declined to comment.</p><p>Big tech companies' expansions on the East Coast, like Google's New York campus and Amazon's investment in northern Virginia, has also added to the difficulty of recruiting data scientists, said Ryan Tolkin, the chief investment officer of Schonfeld Strategic Advisors.</p><p>Previously, he said, finance was able to recruit students from top schools on the East Coast who didn't want to move out west. </p><p>"I think if anything is becoming more and more competitive," Tolkin said. </p><p>Finance has improved its standing in the data science world, several industry observers say. But hedge funds' performance lately doesn't exactly help them sell themselves. </p><p>Jason Schulman, a managing director for recruiting firm Long Ridge Partners, said people in tech "may be more receptive to moving over to finance now," but last year was not only tough for Silicon Valley - several of the most popular hedge funds for data crunchers had tough years. </p><p>AQR and WorldQuant both started 2020 with layoffs, and <a href="https://www.businessinsider.com/ackman-einhorn-among-the-winners-of-2019-hedge-fund-industry-2020-1">Bridgewater lost money for the year</a>. And while fundamental managers are coming around to the idea of bringing on data scientists, the "merging" has been hard, Schulman said. Balyasny <a href="https://www.businessinsider.com/balyasny-cut-a-10-person-team-many-who-joined-less-than-two-years-ago-2019-8">last year cut a team</a> that mixed quant and fundamental strategies, known as Synethesis, and was running a $2 billion book. </p><p>"Some of the funds are still trying to figure out how to intersect" the two disciplines, Schulman said. </p><p>For hedge funds to continue to compete for top tech talent, Tolkin believes the lines between hedge funds and private equity will have to continue to blur so capital is more permanent. A couple quarters of high costs due to a big tech build-out or a recruiting efforts can't scare off investors, he said. There are projects that his firm has undergone that haven't shown returns for more than a year, but were necessary. </p><p>"You also need to have scale, because the industry has gotten so expensive," he said. </p><p>At Man Group, the relationship the firm has with Oxford University has helped introduce some young talent to the firm early on, Kalian said. The ideal candidate for the firm, though, is not someone fresh out of undergrad - Man is looking for someone who is two years out of university, Kalian said, and has a master's or PhD in a field like statistics or machine-learning. </p><p>Kalian said Man Group's data scientists need to be able to communicate what they are finding in the data to a degree that isn't required in other industries, because they are often searching for the answer to a question within the data itself.</p><p>"It's not as narrow of a role as it might be in the tech world," he said.</p><p>Recruiting "hasn't gotten any easier," and isn't expected to, according to Schulman.</p><p>"Data is just a huge piece of what everyone is doing now."</p>            <h3>NOW WATCH: <a href="https://www.businessinsider.com/ian-bremmer-shares-the-most-important-takeaways-from-davos-2020-1">Ian Bremmer reveals what business and political leaders are discussing behind closed doors in Davos</a></h3>

Wall Street's battle for data-science talent is getting even more intense as Silicon Valley hires on the East Coast and other industries get hip to data - here's how firms are fighting back

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Michael Nagle/Getty</span></p><p class="caption">Steven Schonfeld and his senior management continue to grow their team.</p></div><p></p></div></div></p><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><p>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.</p><p>"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. </p><p>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. </p><p>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. </p><p><strong><em>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></em></strong></p><p>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. </p><p>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. </p><h2>The right moves at the right time</h2><p>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. </p><p>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. </p><p>"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. </p><p><em><strong>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></strong></em></p><p>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. </p><p>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. </p><p>"In some ways, we were able to get a jump-start on the talent scene," he said.  </p><p>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. </p><p>The goal of the collection of strategies is to cover every part of the stock on every time horizon, Tolkin said. </p><p>"Try to make as many different bets across stocks as possible," he said. "You make an overall portfolio that combines different market environments."</p><p>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. </p><p>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. </p><h2>A patient short-term trader</h2><p>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. </p><p>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. </p><p>"It's one of the things that has really separated us then and now," Fishman said. </p><p><span>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. </span></p><p><span>"Some of our most successful PMs would have been fired by our competitors because they initially struggled," Tolkin said. <br /></span></p><p><em><strong>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></strong></em></p><p><span>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. </span></p><p><span>"It's a differentiator, this history and this culture," Fishman said. </span></p><p>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><span><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. </span></p><p><span>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.</span></p><p>Schonfeld and ExodusPoint declined to comment on the lawsuit. </p><h2>A focus abroad</h2><p>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.</p><p>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.</p><p>"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. </p><p>"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."</p><p><em><strong>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></strong></em></p><p>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. </p><p>"We want people that understand our business, " he said of potential investors.</p><p>"You can be consistent with your objectives." </p>     <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

<p>Ryan Tolkin, the CIO of a $16B hedge fund Schonfeld group, helped us understand what quantitative trading actually is. Following is a transcript of the video.</p><p><em>Quantitative investing is an implementation methodology more than a strategy itself and so, I would consider the two different implementation methodologies, discretionary investing or quantitative investing. And within quantitative investing, there are multiple different strategies that people can actually deploy. One of them being risk parity, one of them being CTA and another being statistical arbitrage but when we talk about quantitative investing, we are using systematic processes to ultimately take the decision-making or emotion out of the process. And so, rather than relying on human decision-making or human emotions that dictate the process, we are allowing the science to actually make decisions for us. And so, often times, we hear about people who are running discretionary strategies who make not necessarily always the best decisions because they've allowed their emotion to get to them so by deploying quantitative strategies, we've taken that element out of the equation.</em></p>

A $16B hedge fund CIO gives an easy explanation of quantitative trading

<p><a href="http://www.schonfeld.com/">Schonfeld Strategic Advisors'</a><span> chief investment officer, Ryan Tolkin, used to work at Goldman Sachs and explains how the bank is different from working at a hedge fund. Following is a transcript of the video.</span></p><p><em>The biggest thing is obviously the size of the firm and at Goldman you are, sort of, a cog in a much bigger wheel. And so, while you can make some very important decisions, ultimately, each of those decisions has less of an impact on the success of the overall firm. </em></p><p><span><em>When you're working at a smaller place each decision contributes to the bottom line in a much greater fashion. And so I would say the importance of each decision is much more at a smaller firm than at Goldman. Generally speaking, there's more politics involved at working at a bigger place and you need to think about some of those politics as you maneuver your career through a bigger bank like Goldman where as at a smaller firm, we've tried to create a culture that lacks politics.</em><br /><em> </em><br /> </span></p><p> </p><p> </p><p> </p><p><span> </span></p><p> </p><p> </p><p> </p><p> </p><p class="tagline">Get the latest Goldman Sachs stock price<a href="http://markets.businessinsider.com/stock/GS-Quote"> here.</a></p>

How working at Goldman Sachs is different from a hedge fund job

<p><span style="font-weight: 400;"><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>REUTERS/NASA/Carla Cioffi/Handout</span></p></div><p></p></div></div></span>Schonfeld Strategic Advisors, a multi-billion family office and hedge fund, is expanding its reach in quant trading.</p><p>The New York-based firm is backing a new quant fund from Eric Tavel, who previously worked at Goldman Sachs Asset Management and Canadian bank RBC.</p><p>Schonfeld is seeding its new quant investment with $100 million. The new firm, Masa Capital, plans to launch in the first half of next year with as much as $150 million total under management, including Tavel's own cash.</p><p><span>Tavel headed RBC's quant proprietary trading group, GAT, from 2010 through last year, according to a LinkedIn page. At Goldman, he oversaw the firm's quantitative investment strategies group and co-managed the Global Alpha Fund, from 1996 through 2010, according to a Schonfeld press statement.</span></p><p><span style="font-weight: 400;">The new fund will focus on quant trading in futures and currencies, among other strategies, Tavel told Business Insider.</span></p><p><span style="font-weight: 400;">While Schonfeld already runs quant strategies in its book, the new addition will help the firm diversify, said Schonfeld's chief investment officer, Ryan Tolkin.</span></p><p><span style="font-weight: 400;">"Many of our strategies are statistical arbitrage strategies," Tolkin said. "That basically means relying or using historical pricing information to help predict future price movement of stocks. Many of them are equity based, and what Eric is doing differently is trading different asset classes from a quantitative perspective."</span></p><p><span style="font-weight: 400;"><div class="KonaFilter image-container display-table float_left"><div><div class="image on-image"><p class="source"><span>REUTERS/Tyrone Siu</span></p></div><p></p></div></div></span><span style="font-weight: 400;">Schonfeld managed about $4 billion at the start of the year excluding leverage, according to a regulatory filing. That means Masa will make up a tiny bit of the firm's overall portfolio when it launches, but the move to back Masa coincides with Schonfeld's backing and acquisition of more talent, Tolkin said.  </span></p><p><span style="font-weight: 400;">The launch comes as more asset managers push into quant investing.</span></p><p><span style="font-weight: 400;">Steve Cohen, for instance, is investing </span><a href="http://www.businessinsider.com/r-steve-cohen-bets-250-million-on-firm-that-uses-algorithms-2016-7"><span style="font-weight: 400;">$250 million in a Boston-based quant firm, Quantopian,</span></a><span style="font-weight: 400;"> which makes trades based on algorithms sent by thousands of traders. Cohen's family office, Point72 Asset Management, which manages his billions, already has a separate quant arm called Cubist Systematic Strategies.</span></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/malcolm-gladwell-revisionist-history-donate-princeton-vassar-bowdoin-tipping-point-outliers-blink-2016-7">MALCOLM GLADWELL: 'Anyone who gives a single dollar to Princeton has completely lost their mind'</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="tlNzV5NDE68LblejgkI-6sByYCuoiDZ7" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

A star quant trader is launching his own firm with the backing of a $4 billion hedge fund

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span><a href="http://pictures.reuters.com/C.aspx?VP3=SearchResult&amp;VBID=2C04WN534HCW8&amp;SMLS=1&amp;RW=1675&amp;RH=887">Ralph Orlowski/Reuters</a></span></p><p class="caption">George Soros.</p></div><p></p></div></div>The UK has voted to leave the European Union, <a href="http://www.businessinsider.com/closing-bell-june-24-2016-6">a shock decision that sent markets crashing</a> on Friday.</p><p>For a small band of hedge funds, the decision, and its impact on the market, led to outsized returns. </p><p>The gains are especially noteworthy, as many funds went in to the vote having reduced risk. </p><p><span>"An unusually low number of client incoming calls and modest trading volumes away from the Russell rebalancing may speak to the already light positioning ahead of the UK referendum," Credit Suisse said in a note Friday.</span></p><p><span>In addition, betting on a binary outcome such as Leave-Remain is a brave bet. <a href="https://www.preqin.com/docs/press/Hedge-Funds-Brexit.pdf">Four out of five European hedge funds polled</a><span> expected Britain to stay in the EU, according to a Preqin poll earlier this month, and most polling immediately before the vote suggested Remain would carry the day. </span></span></p><p><span><span>Still, several funds posted impressive returns. </span></span>The NuWave Matrix Fund was up 12% on Friday, putting it up around 10% for the year, according to chief operating officer Craig Weynand.</p><p>The fund, which manages about $60 million, runs a CTA/systematic macro strategy, meaning it makes trading decisions based on historical patterns rather than gut decisions.</p><p>"It's true that Brexit was a binary outcome, but by the same token, history has a number examples of binary outcomes," Weynand said, citing the Federal Reserve decisions and shock events like tsunamis. "History doesn't repeat itself, but it usually rhymes."</p><p><div class="KonaFilter image-container float_left"><div class="image on-image"><p class="source"><span>Nancy Davis</span></p></div><p></p></div>Another macro manager, Quadratic Capital Management, posted its best ever returns since it launched in May 2015, according to a person with knowledge of the matter. Quadratic didn't make money betting on a leave vote, but rather by deploying options strategies that make money during risk-off events like the one Friday, the person said. </p><p>Quadratic manages about $428 million and is run by one of the industry's few female hedge fund managers, Nancy Davis.  </p><p>Schonfeld Strategic Advisors, which manages two funds alongside billionaire Steve Schonfeld's money, also did well. The firm is performing in the low double digits this year and was in positive territory early Friday, according to CIO Ryan Tolkin.</p><p>He declined to share exact performance figures or assets under management, but said Schonfeld manages about $12.5 billion, including leverage. </p><p>Schonfeld, like many hedge funds, didn't take a concentrated bet on the outcome of the Brexit vote.</p><p>"We try not to take binary views on things like this," Tolkin told Business Insider.</p><p>Rather, the firm, which uses market neutral equity and quant strategies, reduced its overall market exposure in hopes of capitalizing on post-vote volatility, Tolkin said.<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span><a href="https://www.youtube.com/watch?v=m_zEdl-cx-I">YouTube/ Simon Fielder</a></span></p><p class="caption">Crispin Odey.</p></div><p></p></div></div></p><p>"Now we're in a good position to try to take advantage of some price points that we've now got," he added.</p><p>Other managers seem to have taken advantage, too. Winton Capital's systematic trading strategy gained 3.1% Friday, according to <a href="http://www.reuters.com/article/us-britain-eu-winton-idUSKCN0ZA2VO">Reuters</a>.</p><p>And ISAM Systematic Master fund, launched by ex-Man Group manager Stanley Fink, gained 4% early Friday, according to a person who had seen the figures. ISAM didn't immediately respond to a request for comment.</p><p>Crispin Odey, who manages about $10.2 billion at his macro-focused firm, <a href="http://uk.reuters.com/article/hedgefunds-odey-idUKL8N19G3AV">told Reuters</a> Friday that his fund would gain 15% from the Brexit outcome, regaining some of its losses this year.  </p><p>George Soros and Stanley Druckenmiller, both legendary investors, also<a href="http://www.cnbc.com/2016/06/24/george-soros-stanley-druckenmiller-among-hedge-funds-profiting-in-market-brexit-plunge.html"> profited from the market drop</a>, according to CNBC. Spokespeople for Soros and Druckenmiller declined to comment.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/goldman-sachs-flags-emails-with-these-phrases-2016-6">These are the phrases that will get your email flagged at Goldman Sachs</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="JmMWw3NDE67SsX7jdg192zCLe6Blqs_t" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

A select group of hedge funds made some serious money on Brexit

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Thomson Reuters</span></p><p class="caption">U.S. President-elect Donald Trump speaks at his election night rally in Manhattan</p></div><p></p></div></div>Lots of people were surprised by Donald Trump's victory in the US presidential election.</p><p>But some hedge funds positioned themselves for this outcome <span>-</span> and might end up performing better than they did after Brexit.</p><p><span>"It's a surprising outcome, but I suspect that our [profit and loss] will be even better than 'Brexit day after," <span>Nancy Davis, founder of macro hedge fund Quadratic Capital, wrote Business Insider early Wednesday just as the voter tallies started to favor Trump.</span></span></p><p>"We do well with any sort of unexpected move," Davis told Business Insider. "<a href="http://www.businessinsider.com/hedge-funds-trading-on-brexit-2016-6">We did very well following the Brexit vote</a>, and we did so today following the US election."</p><p>Quadratic's strategy doesn't place binary bets on outcomes, but rather uses options that "perform well during times of uncertainty," she said.</p><p>Other funds expect to make money, even if the political implications are hard to swallow.</p><p><span>"</span>I expect to make money today - though it will be one of the most bittersweet up days in my memory," said <span>Josh Packwood of New York-based Lucus Advisors.</span></p><p><div class="KonaFilter image-container display-table float_left"><div><div class="image on-image"><p class="source"><span>Thomson Reuters</span></p><p class="caption">Former U.S. Secretary of State Hillary Clinton reacts while speaking at the Council on Foreign Relations with CFR President Richard Haass in Manhattan, New York</p></div><p></p></div></div>And in some cases, the surprise election result could provide investors with opportunities. </p><p>"<span>The truth is that emotional markets can create great investment opportunities for those of us who have a process in place which allows us to be disciplined, unemotional, and consistent in focusing on the long-term drivers of return," Valerie Malter, CEO of Matarin Capital Management, wrote to Business Insider.</span> </p><p><span><span>Malter said that Matarin, which invests in equity markets, has "</span></span>benefitted from staying neutral to political risk."</p><p>The strategy involves "buying great businesses, at inexpensive valuations, with shareholder friendly leadership, and with catalysts in place for short-term outperformance, and hedging out the rest."</p><p>Markets, for their part, expected Hillary Clinton to win, and the world's biggest hedge fund, <a href="http://www.businessinsider.com/bridgewater-on-market-reaction-to-us-election-result-2016-11">Bridgewater Associates, predicted before election results came in Tuesday that a Trump win would sink markets</a>.</p><p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Heidi Gutman / CNBC</span></p><p class="caption">Ray Dalio, founder of Bridgewater Associates.</p></div><p></p></div></div>Andrew Beer, managing partner at Beachhead Capital Management, said before markets opened Wednesday that "most people are on the wrong side of this ... given the moves in the dollar, equities and bonds."</p><p><span><span>Schonfeld Group Holdings</span>, meanwhile, reduced its leverage - or borrowed money - that it was using coming into the vote on Tuesday, said CIO Ryan Tolkin.</span></p><p>"We had some distrust for the polls, especially in the wake of Brexit," Tolkin said. "We definitely came into the event with less exposure."</p><p>Packwood at Lucus Advisors said he expected a swift and volatile decline in the market, and that there are two possible scenarios under which that decline doesn't become a long-term bear market. He said:</p><ul><li>"People wake up <span data-term="goog_340537094">next Monday</span> and realize America is still here. We are still here. That the President of the United States is only so influential and that Trump has made a lot of enemies in the House and Senate that might make it difficult for him to implement the few number of fantastical initiatives that he has actually discussed in any coherent detail.</li><li>"Trump removes the orange face paint and reveals to the world that the past 30 years have been an enormous production. He completely changes his tone and surrounds himself with respected advisors." </li></ul><p><span style="color: #222222;">"I view #1 as decently probable," he said. "I view #2 as nearly impossible."</span></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/twitter-earnings-layoffs-nfl-salesforce-disney-jack-dorsey-300-employees-2016-10">Twitter will lay off more than 300 employees to cut costs</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="d2ZGIyNzE61-BB8HlQ8F0puugfKJfzoA" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

Some hedge funds are poised to make serious money off of Trump's shocking win

<p></p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div><p></p></div></div>Donald Trump's shocking election win&#xa0;is also shocking some hedge funders - even those who are set to make major money off the news.<p>"I expect to make money today&#xa0;- though it will be one of the most bittersweet up days in my memory," said Josh Packwood of New York-based Lucus Advisors.</p><p>Many hedge funders that Business Insider spoke with prior to the Tuesday vote expected Hillary Clinton to take the presidency. Many had priced that victory into their models.&#xa0;</p><p>In the early morning as a Trump win became nearly certain, several people reached by Business Insider expressed their shock and dismay.</p><p><span style="font-weight: 400;">"</span><span>The American people have spoken and they voted for the devolution of democracy into the farcical tragicomedy of reality television," said Milind Sharma, CEO&#xa0;of QuantZ Capital.</span></p><p><span>Other hedge funders struggled to put into words what the polls were showing. Joe Mauro, head of markets at hedge fund launch <a href="http://www.businessinsider.com/ben-melkman-light-sky-macro-hedge-fund-hires-barry-schachter-joe-mauro-2016-9">Light Sky Macro</a>, tweeted:</span></p><p><span><div></div></span></p><p><span><div></div></span></p><p><span>"I am in shock and disbelief and don't have anything to opine on,"&#xa0;another hedge funder told Business Insider.</span></p><p><span>A Facebook exchange between Whitney Tilson&#xa0;of Kase Capital, and former Fortress hedge fund manager Mike Novogratz, highlights the disbelief. Tilson asked Facebook followers to "pray like you've never prayed before" as the election results came in favoring Trump. </span></p><p><span><div class="KonaFilter image-container display-table float_left"><div><div class="image on-image"></div><p></p></div></div>"This really is so disturbing," Novogratz responded. "Not even sure what to do."</span></p><p>Not everyone was shocked.</p><p><span>"After Brexit, nothing surprises me," said Ryan Schonfeld, CIO at Schonfeld Group Holdings. "It would be easy sitting here in New York to say you don't understand how this could happen, but <div class="KonaFilter image-container display-table float_left"><div><div class="image on-image"></div><p></p></div></div>ultimately our country is made up of a lot of different people, and a lot of people have different beliefs."</span></p><p><span>"This was clearly a vote for change," Tolkin added,&#xa0;"and there were enough people that believed in that message."</span></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/ex-wells-fargo-employee-bankers-abused-customers-2016-10">Ex-Wells Fargo employees reveal how some bankers abused customers</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="lyNTR3NjE6eeFw_BqaT6rpuP-DCPt7nU" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

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