News on Jain Global?
Does anyone here have any news on Jain Global, since they have been trading for a few months now? There were some articles about performance having been negative in the first two months or so, but maybe that was due to ramp up costs etc.?
Would be curious about recent performance, whether systems are already in a decent state and if in general it may be a good place to work. I'm getting approached by recruiters about them, so might start talking to them at some point.
Usually no news equals bad news especially for new launches trying to raise money
You mind sharing the HH they use?
According to BI, Nov 0.1%, 2024 0.2%
i heard they're roughly flat
My understanding from having a friend there:
- Perf has been OK but not rocket ship. In-line with Tier 2 MM's. That is probably OK from an LP perspective but obviously everyone would prefer some home runs to start
- The middle eastern capital Bobby took is not cheap and he needs to scale the platform to grow more
- Apparently the culture is weird with investment professionals spread out over a lot of floors and Bobby having his office on a different floor than trading/investments. Not really sure why that is. This is a known problem and Bobby has hired a few team builders (I am aware of one personally) who are good at building teams/cultures and will smooth this out over time. Kind of makes sense as it's hard to build a cohesive hedge fund, but also weird they are a little disorganized.
Performance has been trash.. tier 2 MMs like Verition, walleye, exodus are all up 4-5% over the last 3 months. Jain is up .2% YTD
From what I have read, they have only deployed a fraction of their capital yet, so if this performance was based on deployed AUM, things may look slightly better,.but probably still not great. Also, not clear how much negative performance comes from passing through the ramp up costs
Not denying what you’ve heard but struggling to wrap my head around why investment professionals sitting spread out would matter & be a problem as you frame it here?
MLP have ppl in different office buildings. No one sees Izzy or Ken day-to-day. Presumably each member of a pod sits next to each other already, and as many of the teams are new their focus would be on launching and scaling their books and not waste time on listening to a coach about “teamwork”. As someone who’s been in a MM seat for half a decade, I haven’t witnessed any tangible “collaboration” between pods at large MMs.
Citadel / MLP doesn’t really have any “culture”, it’s pod specific culture, if even that at times… so your last point is a bit of a head scratcher.
Yes, I don’t know anyone there nor do I know anything about their performance specifically but it is very common for multi managers to have weaker performance initially, esp if returns are being quoted on a net basis given the initial upfront investment of building out infrastructure and team. The initial performance out of the gate is almost irrelevant so not sure why people are getting so hot and bothered
This was exoduspoints excuse for going on 5+ years now
How dumb do you have to be to launch to new firm/fund and not only spread ppl over multiple floors but give yourself the panty dropper suite a few floors above the riff raff and off the actual trading floor?
Honestly wasn't hard to see in advance the guy seems like he's in it more for the clout than investing.. him and his wife seem to be more focused on their socialite lifestyle than anything else
Reading up a bit now … this guy launched with 250 FTEs, offices in US, London, and Asia on a $5bn launch? Sure that’s a huge launch and I’m sure he’s levered to the balls so way more gross exposure / dollars at work, but almost as if he didn’t want to succeed.
On another note, these MMs are massively capital and people intensive endeavors. Completely at odds with why the HF model is so powerful.
I get that they’re levered multiple times over so the unit economics of the model are still bonkers, but I can’t help but think they will all blow up at some point. History is littered with the corpses of people who thought they could lever up to the balls without magnifying the risk because they financially engineered it away. At some point, it always comes out that there actually is no such thing as financial alchemy and the grim reaper always comes to collect his debt.
… even more so if you have your eye off the ball because you’re too busy with your fabulous and glitzy life.
Give your money to nerds with bad haircuts and common sense investment strategies.
Need to post anonymously obviously, but my friend works there and said it’s actually the opposite, Bobby is on a lower floor with a different team and most of the investment professionals are on a higher floor with the CIO.
Any insights on comp, wlb, experience at the junior level?
Some of their recent hires have been really bad. Obviously not surprising as they are just starting and trying to scale very fast. But wouldn’t feel that much of an ego boost if recruiters are approaching you about them…seems like they have a good amount of growing pains to still work through
any general thoughts on schonfeld?
The only person winning from this endeavor is going to be Bobby
I'm 100% certain
Haven’t they already laid off guys in some strats?
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