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FIRM Changes/Developments

First New York Building Hedge Fund Business

Proprietary-trading shop First New York is taking another stab at launching a hedge fund.

The firm, whose 125 internal and external portfolio managers run a little more than $3 billion of gross assets, envisions a multi-strategy vehicle that largely would mirror its prop-trading portfolio. Since the 1980s, First New York has earned mostly double-digit returns, with low net exposure and little volatility...

Ex-Goldman Star Trader Pivots From Hedge Funds to the Red-Hot ETF Industry

Nancy Davis rode the boom in prop trading at Goldman Sachs Group Inc. until the financial crisis hit. A decade later, she’s pivoting from hedge funds to the red-hot ETF industry, as shifting investor appetite changes the game for fast-money traders.

The founder of Quadratic Capital Management LLC, which specializes in options-based macro strategies, is listing her first ETF on Tuesday -- as active managers battle pressures on fees and costs and struggle to outperform passive peers...

BlueMountain’s Future Is Dimmer After the Hedge Fund Shuttered Its Equity Book

A once rising-star hedge fund seems to have hit a snag. It might be another chapter in the age-old book Bond Managers Struggle When They Try To Do Stocks.

The back story. Last week, Affiliated Managers Group (ticker: AMG) detailed its stake in hedge fund BlueMountain Capital in a filing—a stake it recently wrote down by hundreds of millions of dollars.


Harvard Endowment CEO Reaps $9.3 Million Payday in Overhaul

N.P. “Narv” Narvekar, head of Harvard Management Co., scored a pay package of $9.25 million in his first full year spearheading an overhaul of the university’s ailing $39 billion endowment.

The compensation for 2017 included $2.75 million that the school agreed to give Narvekar to reimburse him for pay he forfeited when he left his job overseeing Columbia University’s investment office in 2016, Harvard Management said in a release Friday...

Investors Pull Billions from Quant King AQR as Performance Slumps

AQR Capital Management, one of the biggest quantitative fund managers, is undergoing a prolonged performance downturn that has led to investors withdrawing increasing amounts in 2019.

The Connecticut-based firm, which manages both hedge funds and mainstream long-only funds, had a difficult 2018; fewer than half of its 41 mutual funds delivered positive returns in what was a challenging year for most quant managers...

Princeton Looks to Break Up the White Male Money Monopoly

One morning in May 2018, two venture capitalists rented a Zipcar in Midtown Manhattan. They picked a 300-Class Mercedes on special for $15 an hour, perfect for the occasion and their tight budget. On a pilgrimage to suburban New Jersey, Aaron Holiday and Nnamdi Okike were heading to the audience of a lifetime..