Millennium / Schonfeld
Anybody have much insight into the dynamics and what is actually going on at Schonfeld? Do they have their backs against the wall or is this a good way for them to get a lot of longer term capital at once? Performance is lagging, while not terrible if the are flat / up LSD. On the other hand odd to take money from a direct competitor.
Interested as well.
Think space will consolidate. Clearly owners of underperforming platforms have probably seen peak assets and that the space has become too crowded. But then again, the big platforms really don’t need a couple yards of AuM and could simply let the small guys bleed out.
What's happening here it's what happens in every industry on earth once its mature. The market leaders buy into the laggards.
Add to this the fact the MMHF have no operating leverage at all and you have your answer.
ignore title, is the mm industry shrinking so its more so survival of the fittest?
and the top portfolio managers getting over 50million paydays to stay in their current seat and not leave to another mm
MMs are not shrinking, literally the opposite for the past year what are you saying… control more AUM than any other time in history.
not quite at the inflection point but the strategy is becoming more crowded
The industry is growing, but the number of consistently value-creating PMs is not. Supply and demand imbalance for talent, a key ingredient for firm success, particularly multi-managers.
Would there only be a handful of top portfolio managers that pull 9 fig paydays consistently ?
And would they always been consistent or would that be dependent on the asset they’re in?
E.g macro and commodities killed it last year with fixed income but this year not so much
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Interns don't get to ask these questions. How about getting a fking seat first? And stop pleasuring yourself with numbers you might never ever earn in your career.
$30M carry per year is typical for PE partners, denominated in Monopoly money
hahaha
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