$57 Billion Millennium Just Tapped a Goldman Sachs Alum to Build Out Its Miami Tech Hub as the Battle for Talent in the Sunshine State Heats Up (Business Insider)
Izzy Englander‘s $57 billion Millennium Management has tapped Olga Naumovich to lead its technology build-out in Miami, a source familiar with the hedge fund’s plans told Insider. In this newly created role as head of technology for Miami, Naumovich’s focus will be to build teams of engineers and developers that work closely with the multi-strategy hedge fund’s trading pods.
Citadel’s Griffin Brings Billions to Miami With Political Winds at His Back (Bloomberg)
In a few years and change, if everything goes to plan, Miami will look far different than it does today. There will still be nightclubs, Little Havana, perhaps even the crypto diehards. But alongside them: programmers and portfolio managers filling the streets of Brickell and driving breathtaking profits inside the state-of-the-art, built-from-scratch global headquarters of Citadel and Citadel Securities. Plus legions of lawyers, accountants and hedge-fund hopefuls following the money to an enduring Wall Street South that outlives the Covid-19 pandemic.
Averill Suffers a Setback (Institutional Investor)
One of the most successful new funds in recent memory has now posted losses for the past three months. One of the hottest hedge funds in recent years is experiencing perhaps the worst stretch in its short history. Averill Partners posted a 15 percent loss in August, sinking the firm into the red for the year. It is now down more than 9 percent through August.
Meet The Investor Willing To Put His Money Into Ponzi Schemes. His Fund Is Up 593% (Forbes)
Harris Kupperman’s Praetorian Capital seeks out hysteria in every corner of the market, from bitcoin to natural gas. Occasionally the best seed capital for a successful career in investing is lucky timing. In 1997, as a junior in high school, Harris Kupperman began obsessing over the stock market as the Asian financial crisis and then dot-com mania dominated the headlines. By the time he arrived at Tulane University two years later, tech stocks had soared nearly 200% since Netscape’s IPO in the summer of 1995 and would double again over the next few months. The future hedge fund manager noticed that many of these dot-coms ultimately crashed when VC lockups expired and early investors dumped their shares.
Asia’s Macro Hedge Funds Get Ready for End of Yen Weakness (Reuters)
HONG KONG, Sept 21 (Reuters) – Asia macro hedge fund managers, many of whom posted strong returns this year, are betting the Japanese yen’s unrelenting slide will end soon and some are even priming for a possible tumble in Japanese government bonds. Veteran Japan investor Soon Hock Chua’s Asia Genesis Macro Fund closed its short position on yen recently after the short trade contributed about 3 percentage points of the gross return this year. The Singapore-based fund had a net return of 9.3% at the end of August.