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Up slightly YTD
The big Bloomberg article said up a bit over 1%
Laying off 15% of workforce, including 10 investment professionals
Could imagine they now may have a tougher time poaching good PMs…
Headlines aren’t great but to be fair to them they also raised $3bn of locked up capital relatively quickly and only very few PMs are affected.
Depends on what terms. Discussions with your bigger competitor didn’t look like coming out of a position of strength, adding to that having underperformed the bigger peers.
The PMs who purposely chose to work there over MLP I assume are very happy this week.
Not to name names - but you could sorta see this coming with the people they hired - like the one big macro guy they hired swings it by all accounts - I scratched my head a little bit on that one and seams like it didn’t work out
I’ll name him for you: ben melkman
is he actually good? I thought he was more of a storyteller?
Hearing same from people. Their hiring in equities allegedly not the best.
As far as I know their bigger issue has been the equities business and its relative size. Macro and FI generated 30% on capital last year but they were scaling and too small to have a major impact. They are up this year as well but don’t know how much. Equity was and still is the largest allocation and has been underperforming though. Can’t opine on the quality of people they have there, but one of the equity co-heads is among the PMs leaving. Don’t know how the quant business is doing. They are continuing to scale macro and have been hiring people, especially on the RV side of things. Think they are also pushing into credit.
Which equity co-head is leaving
Russell Hartley. That’s what Bloomberg says at least.
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I see recent hires at Schonfeld, what does it mean?
I thought they fired 15% of their headcount.
They fired back office and technology. They didn’t go after the investment professionals except those that were under performing and were in their way out anyways. They are currently hiring D1 quite aggressively because it can use up a lot of capital quickly. Seems like they are preaching a lot of people from Flow Traders.
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