It wasn't easy to be an investor in 2019, competing with both a steady market always creeping up and countless other funds that are investing in the top talent, tech, and data.
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| | | | It wasn't easy to be an investor in 2019, competing with both a steady market always creeping up and countless other funds that are investing in the top talent, tech, and data. The biggest funds like Citadel and Elliott made serious splashes, quick to make necessary cuts and go after the biggest companies. In the mutual fund space, the pressure to outperform has led managers like Fidelity and T. Rowe Price to dive deeper into the private markets, under the watchful eye of the SEC. There were still success stories though — alternative data players found their once-niche industry become mainstream, and up-and-coming funds like Schonfeld found a receptive investor audience.
- Elliott Management is one of the most feared investors in history, thanks to aggressive tactics in the media and in court when it takes a big stake in a company or country. The man leading the charge for billionaire founder Paul Singer's massive activism business is Jesse Cohn, a 39-year-old triathlon buff who has been shaking up boardrooms for more than a decade now. As he prepared to take on his biggest challenge yet, telecoms behemoth AT&T, Business Insider talked with two dozen people that knew him — and we laid out why At&T should be terrified.
- Citadel liquidated a $1 billion portfolio in September because two people in the group — an analyst and a data scientist — violated internal trading rules at Ken Griffin's hedge fund. The firm said in a statement that the firm expects "all employees to act with the highest levels of integrity."
- From being labeled as "Wall Street's B-List" by Wall Street Journal to running more than $2.6 billion in outside capital, Schonfeld Strategic Advisors has grown its footprint in the ultra-competitive hedge fund world by embracing the original ethos founder Steven Schonfeld put in when he started the firm. Now, the firm has set its sights on a loftier target: top equities manager in the world.
- Actively run mutual funds have been bleeding assets for years, forcing managers to search for ways to boost performance for the products that generate the most revenue for them. Unicorns, with their high-flying valuations and seemingly limitless growth potential, have enticed big-name managers like Fidelity and T. Rowe Price to invest hundreds of millions into the murky private space. Now, the SEC is paying closer attention to how these funds are valuing their stakes.
- Alternative data is becoming more mainstream, with institutions like Bloomberg and Nasdaq diving into it. At the crowded Battlefin conference, where hundreds of alternative data vendors were vying for attention, Business Insider took you behind the scenes of how a hedge fund data-buyer navigates the craziness, decides which vendors are worth his time, and how much he should pay for information ranging from geolocation data scraped from cell phones to earnings reports that have been filtered by natural-language-processing technology.
- Citadel and Balyasny, two multi-billion Chicago-based hedge funds, have been poaching employees from each other for years, and the turf war between the two came to a head this year, when billionaire Citadel founder Ken Griffin projected an internal email Dmitry Balyasny sent his staff at Citadel's annual meeting. The email lamented Balyasny's poor performance, saying "we are getting our butts kicked."
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