Hedge fund pioneers face signs of a reckoning

对冲基金先驱们面临清算的迹象

Behind the Money

2024-02-21

16 分钟
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Billionaire financiers such as Ken Griffin pioneered what’s known as the multi-manager model for hedge funds, where big spending begets big returns. In 2022, Griffin’s Citadel became the best-performing hedge fund of all time. But now, cracks in the sector are beginning to form. The FT’s Harriet Agnew and Ortenca Aliaj examine what a downturn could mean for investors and the broader financial sector.  Plus, do you have a question about markets, finance or economics? Get in touch with Michela, and we may use it in an upcoming joint show with Unhedged.  Email Michela at michela.tindera@ft.com, or message her on X at @mtindera07. - - - - - - - - - - - - - - - - - - - - - - - - - -  For further reading: Are hedge fund pioneers facing the end of a golden era?  Bobby Jain’s hedge fund launch falls short of $8bn-$10bn target How Ken Griffin rebuilt Citadel’s ramparts  - - - - - - - - - - - - - - - - - - - - - - - - - -  On X, follow Harriet Agnew (@HarrietAgnew), Ortenca Aliaj (@OrtencaAl) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.  Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.
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  • A little over a year ago, a hedge fund executive named Bobby Jane was feeling stuck.

  • For years, Jane had climbed his way up through finance.

  • The FT's Hortensa Alliei tells me that he worked at Credit Suisse.

  • then spent a while at one of the world's most successful hedge funds, Millennium Management.

  • Jane is a very well-known person in the hedge fund industry.

  • From all of the accounts we've heard of him, he's well-liked.

  • A lot of people talk about the fact that he's quite charismatic.

  • But by the end of 2022, the FT's Harriet Agnew tells me that he needed a change.