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Millennium taps JP Morgan quant leader for credit role

Millennium has recruited Jack Tang as a senior credit strategist based in New York, according to a report by eFinancialCareers. Tang joins from JPMorgan where he spent over a decade and was an MD and head of several quantitative research teams including credit trading and public finance…

Calpers Pledges $1 Billion to Aid Diverse Fund Managers

The largest U.S. public pension is putting $1 billion in the hands of two private-equity investors to help funds or firms managed by people from underrepresented backgrounds. The $450.67 billion California Public Employees’ Retirement System is pledging $500 million each to TPG Inc.’s NEXT fund and GCM Grosvenor Inc.’s Elevate strategy, according to a statement from Sacramento-based Calpers, as the system is known.

Coinbase Crypto Exchange to Cut Nearly 1,000 Jobs

Coinbase Global Inc. COIN 1.30%increase; green up pointing triangle said that it would eliminate around 20% of its staff and enact broad cost cuts, the latest sign of pain in the cryptocurrency industry. Chief Executive Brian Armstrong said in a blog post Tuesday that crypto exchange Coinbase will reduce operating expenses by 25% from the previous quarter, including laying off about 950 people. At the end of September, the company had around 4,700 employees…

BlueCrest’s 153% Surge Makes Platt a Bigger Billionaire

Even by his recent lofty standards, last year was extraordinary for billionaire Michael Platt. His private investment firm BlueCrest Capital Management surged 153%, becoming one of 2022’s most successful investors, according to a person with knowledge of the matter who asked not to be identified because the details are private. It’s Platt’s biggest gain by far since he returned outside capital in 2016 to focus on managing his own wealth and that of his partners…

Family Offices Bypass Private Equity Funds to Make Bets Directly

Money managers for the ultra-wealthy are eschewing traditional private equity funds and betting directly on upstart companies. That’s according to a new report by Dentons, which found that 63% of family offices use direct investments and an additional 22% are interested in doing so. The law firm surveyed 188 family office respondents from 32 countries for the report…

Alberta Investment hires ex-Goldman banker David Scudellari as foreign chief

Alberta Investment Management Corp. hired David Scudellari as head of international investment and to lead a credit partnership with another large Canadian pension fund. Scudellari will oversee foreign expansion, credit and private debt, and management of key external relationships, according to a statement Monday. He’ll also act as vice-chair of Aimco’s investment committee…

Ken Griffin’s Citadel plans 51-story office tower on Park Avenue

New details are emerging on hedge fund billionaire Ken Griffin’s planned office skyscraper in Midtown. Griffin’s Citadel is eyeing a 51-story, Norman Foster-designed tower at 350 Park Avenue, where it will redevelop properties leased from Steve Roth’s Vornado Realty Trust and Rudin Management, people familiar with the matter told Bloomberg. Citadel would occupy about 54 percent of the 1.7 million-square-foot building, which would rise to 1,350 feet…

Hedge fund firm Rokos posts loss after bond market turmoil

The hedge fund management firm of billionaire trader Chris Rokos plunged to a loss in its most recent financial results after its fund was hit by a sharp sell-off in government bonds, even though its traders have since been able to profit handsomely from a surge in inflation. Rokos Capital Management, one of the world’s biggest macro hedge fund firms with around $15.5bn in client assets, posted a loss…

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