Jump to content

User:Imcdc/sandbox: Difference between revisions

From Wikipedia, the free encyclopedia
Browse history interactively
← Previous editNext edit →
Content deleted Content added
VisualWikitext
No edit summary
Tag: Reverted
Citation bot (talk | contribs)
Bots
5,019,599 edits
Altered title. Add: authors 1-1. Removed parameters. Some additions/deletions were parameter name changes. | Use this bot. Report bugs. | Suggested by Imcdc | #UCB_toolbar
Tag: Reverted
Line 40: Line 40:
== Background ==
== Background ==


Bobby Jain was the co-chief investment officer of [[Millennium Management, LLC|Millennium Management]] and was speculated to be [[Israel Englander]]'s successor. However this was not the case and in June 2023, Jain left Millennium Management to found his own firm, Jain Global. Jain had an agreement with Millennium Management not to solicit any of its clients until the next year. <ref name=":0">{{Cite web |last=Agnew |first=Harriet |date=November 16, 2023 |title=Hedge fund Millennium prepares for life after founder Izzy Englander |url=https://www.ft.com/content/9609e9de-a7b5-4918-a534-4b85786f2749 |access-date=2024-07-06 |website=www.ft.com}}</ref><ref name=":1">{{Cite news |last=Agnew |first=Harriet |last2=Aliaj |first2=Ortenca |last3=Mourselas |first3=Costas |date=2024-01-18 |title=Bobby Jain’s hedge fund launch falls short of $8bn-$10bn target |url=https://www.ft.com/content/6762785a-202f-4e2e-acae-1a5e44a6fd06 |access-date=2024-07-06 |work=Financial Times}}</ref><ref name=":3">{{Cite web |last=Morrell |first=Alex |date=June 30, 2024 |title=Bobby Jain's monster hedge fund is live. Here's everyone Jain Global has hired. |url=https://www.businessinsider.com/who-bobby-jain-has-hired-jain-capital-hedge-fund-launch-2023-12 |access-date=2024-07-06 |website=Business Insider |language=en-US}}</ref>
Bobby Jain was the co-chief investment officer of [[Millennium Management, LLC|Millennium Management]] and was speculated to be [[Israel Englander]]'s successor. However this was not the case and in June 2023, Jain left Millennium Management to found his own firm, Jain Global. Jain had an agreement with Millennium Management not to solicit any of its clients until the next year. <ref name=":0">{{Cite web |last=Agnew |first=Harriet |date=November 16, 2023 |title=Hedge fund Millennium prepares for life after founder Izzy Englander |url=https://www.ft.com/content/9609e9de-a7b5-4918-a534-4b85786f2749 |access-date=2024-07-06 |website=www.ft.com}}</ref><ref name=":1">{{Cite news |=Agnew |=Harriet |last2=Aliaj |first2=Ortenca |last3=Mourselas |first3=Costas |date=2024-01-18 |title=Bobby hedge fund launch falls short of $8bn-$10bn target |url=https://www.ft.com/content/6762785a-202f-4e2e-acae-1a5e44a6fd06 |access-date=2024-07-06 |work=Financial Times}}</ref><ref name=":3">{{Cite web |last=Morrell |first=Alex |date=June 30, 2024 |title=Bobby Jain's monster hedge fund is live. Here's everyone Jain Global has hired. |url=https://www.businessinsider.com/who-bobby-jain-has-hired-jain-capital-hedge-fund-launch-2023-12 |access-date=2024-07-06 |website=Business Insider |language=en-US}}</ref>


Jain Global drew comparisons to [[ExodusPoint Capital Management]], another hedge fund that was also set up by former Millennium Management senior employees which was speculated due to similar circumstances. ExodusPoint Capital Management had largest launch in history for hedge funds and Jain Global was speculated to have a launch of $10 billion that would surpass it. <ref name=":0" /><ref name=":1" /><ref name=":3" /><ref name=":2">{{Cite web |last=Kumar |first=Nishant |date=January 6, 2024 |title=Bobby Jain Slashes Fees to Draw Clients Before Hedge Fund Debut |url=https://www.bloomberg.com/news/articles/2024-01-05/bobby-jain-slashes-fees-to-draw-clients-before-hedge-fund-debut |website=Bloomberg News}}</ref>
Jain Global drew comparisons to [[ExodusPoint Capital Management]], another hedge fund that was also set up by former Millennium Management senior employees which was speculated due to similar circumstances. ExodusPoint Capital Management had largest launch in history for hedge funds and Jain Global was speculated to have a launch of $10 billion that would surpass it. <ref name=":0" /><ref name=":1" /><ref name=":3" /><ref name=":2">{{Cite web |last=Kumar |first=Nishant |date=January 6, 2024 |title=Bobby Jain Slashes Fees to Draw Clients Before Hedge Fund Debut |url=https://www.bloomberg.com/news/articles/2024-01-05/bobby-jain-slashes-fees-to-draw-clients-before-hedge-fund-debut |website=Bloomberg News}}</ref>
Line 48: Line 48:
However despite incentives, Jain Global fell short of its original $8-10 billion fundraising target. In January 2024 Jain told clients that the firm would be aiming to raise $5-6 billion and would launch in July that year. It was speculated that [[Multi-manager investment|Multi-manager]] funds had to spend of a lot money hiring employees which would eat into its returns and reduce attractiveness amongst investors who felt they were paying for all of the costs.<ref name=":1" />
However despite incentives, Jain Global fell short of its original $8-10 billion fundraising target. In January 2024 Jain told clients that the firm would be aiming to raise $5-6 billion and would launch in July that year. It was speculated that [[Multi-manager investment|Multi-manager]] funds had to spend of a lot money hiring employees which would eat into its returns and reduce attractiveness amongst investors who felt they were paying for all of the costs.<ref name=":1" />


To prepare for its launch, Jain Global went on a hiring spree acquiring staff from peers such as [[Citadel LLC]], [[Balyasny Asset Management]] and [[Brevan Howard]] as well as large [[investment banks]]. While the firm had multiple strategies, its main strategy would be in fundamental equities. Jain Global also set up offices in Europe and Asia–Pacific. Its Asia–Pacific operations would operate as separate business unit and would pursue different strategies compared to the other offices. <ref name=":3" /><ref>{{Cite web |last=Jafar |first=Bilal |date=May 27, 2024 |title=Inside Bobby Jain’s $5bn hedge fund launch: Poaching from rivals, global offices and seven key strategies |url=https://www.fnlondon.com/articles/inside-bobby-jains-5bn-hedge-fund-launch-poaching-from-rivals-global-offices-and-seven-key-strategies-85051865 |website=Financial News London}}</ref>
To prepare for its launch, Jain Global went on a hiring spree acquiring staff from peers such as [[Citadel LLC]], [[Balyasny Asset Management]] and [[Brevan Howard]] as well as large [[investment banks]]. While the firm had multiple strategies, its main strategy would be in fundamental equities. Jain Global also set up offices in Europe and Asia–Pacific. Its Asia–Pacific operations would operate as separate business unit and would pursue different strategies compared to the other offices. <ref name=":3" /><ref>{{Cite web |last=Jafar |first=Bilal |date=May 27, 2024 |title=Inside Bobby $5bn hedge fund launch: Poaching from rivals, global offices and seven key strategies |url=https://www.fnlondon.com/articles/inside-bobby-jains-5bn-hedge-fund-launch-poaching-from-rivals-global-offices-and-seven-key-strategies-85051865 |website=Financial News London}}</ref>


On July 1, 2024, Jain Global officially launched and started trading. It launched with $5.3 billion making it the biggest launch since ExodusPoint Capital Management in 2018. It raised funds via a drawdown fund with investors including [[Abu Dhabi Investment Authority]], [[Goldman Sachs]], [[HSBC]], [[Morgan Stanley]] and [[UBS]]. At launch, the firm had 215 employees of which 42 were [[Portfolio manager|portfolio managers]] and would trade in six strategies. <ref>{{Cite web |last=Parmar |first=Hema |date=June 24, 2024 |title=Jain Global Raises $5.3 Billion, Secures Cash From Abu Dhabi |url=https://www.bloomberg.com/news/articles/2024-06-24/jain-raises-5-3-billion-in-biggest-hedge-fund-debut-since-2018 |website=Bloomberg News}}</ref>
On July 1, 2024, Jain Global officially launched and started trading. It launched with $5.3 billion making it the biggest launch since ExodusPoint Capital Management in 2018. It raised funds via a drawdown fund with investors including [[Abu Dhabi Investment Authority]], [[Goldman Sachs]], [[HSBC]], [[Morgan Stanley]] and [[UBS]]. At launch, the firm had 215 employees of which 42 were [[Portfolio manager|portfolio managers]] and would trade in six strategies. <ref>{{Cite web |last=Parmar |first=Hema |date=June 24, 2024 |title=Jain Global Raises $5.3 Billion, Secures Cash From Abu Dhabi |url=https://www.bloomberg.com/news/articles/2024-06-24/jain-raises-5-3-billion-in-biggest-hedge-fund-debut-since-2018 |website=Bloomberg News}}</ref>

Revision as of 04:01, 6 July 2024

Jain Global LLC
Company typePrivate
IndustryInvestment management
FoundedJuly 2023; 1 year ago (2023-07)
Founder
  • Bobby Jain
HeadquartersNew York City, New York, U.S.
Key people
  • Bobby Jain (CEO & CIO)
ProductsHedge funds
Alternative investments
Quantitative finance
AUMUS$5.3 billion (July 1, 2024)
Number of employees
215 (July 1, 2024)
Websitewww.jainglobal.com
Footnotes / references
[1]

Jain Global is an American investment management firm headquartered in New York City with additional offices in Europe and Asia–Pacific.

Background

Bobby Jain was the co-chief investment officer of Millennium Management and was speculated to be Israel Englander's successor. However this was not the case and in June 2023, Jain left Millennium Management to found his own firm, Jain Global. Jain had an agreement with Millennium Management not to solicit any of its clients until the next year. [2][3][4]

Jain Global drew comparisons to ExodusPoint Capital Management, another hedge fund that was also set up by former Millennium Management senior employees which was speculated due to similar circumstances. ExodusPoint Capital Management had largest launch in history for hedge funds and Jain Global was speculated to have a launch of $10 billion that would surpass it. [2][3][4][5]

To attract clients for fundraising, Jain Global offered discounts in fees. In January 2024, Jain Global stated that investors that those who commit at least $250 million that month will pay performance fees of just 10% which was down from 18% in 2023. Investors hat invested between $100 million to $250 million would pay performance fees of 13% and those who invested less than $100 million would pay performance fees of 15%. It also offered an annual redemption right for every investor where after the 18 months the firm starts trading, investors would be able to get their their cash back within a year. However the'll pay performance fee increase of 3% and a 5% redemption fee on the capital they’re withdrawing.[3][4][5]

However despite incentives, Jain Global fell short of its original $8-10 billion fundraising target. In January 2024 Jain told clients that the firm would be aiming to raise $5-6 billion and would launch in July that year. It was speculated that Multi-manager funds had to spend of a lot money hiring employees which would eat into its returns and reduce attractiveness amongst investors who felt they were paying for all of the costs.[3]

To prepare for its launch, Jain Global went on a hiring spree acquiring staff from peers such as Citadel LLC, Balyasny Asset Management and Brevan Howard as well as large investment banks. While the firm had multiple strategies, its main strategy would be in fundamental equities. Jain Global also set up offices in Europe and Asia–Pacific. Its Asia–Pacific operations would operate as separate business unit and would pursue different strategies compared to the other offices. [4][6]

On July 1, 2024, Jain Global officially launched and started trading. It launched with $5.3 billion making it the biggest launch since ExodusPoint Capital Management in 2018. It raised funds via a drawdown fund with investors including Abu Dhabi Investment Authority, Goldman Sachs, HSBC, Morgan Stanley and UBS. At launch, the firm had 215 employees of which 42 were portfolio managers and would trade in six strategies. [7]

See also

References

  1. ^ "Form ADV" (PDF). SEC.
  2. ^ a b Agnew, Harriet (November 16, 2023). "Hedge fund Millennium prepares for life after founder Izzy Englander". www.ft.com. Retrieved July 6, 2024.
  3. ^ a b c d Agnew, Harriet; Aliaj, Ortenca; Mourselas, Costas (January 18, 2024). "Bobby Jain's hedge fund launch falls short of $8bn-$10bn target". Financial Times. Retrieved July 6, 2024.
  4. ^ a b c d Morrell, Alex (June 30, 2024). "Bobby Jain's monster hedge fund is live. Here's everyone Jain Global has hired". Business Insider. Retrieved July 6, 2024.
  5. ^ a b Kumar, Nishant (January 6, 2024). "Bobby Jain Slashes Fees to Draw Clients Before Hedge Fund Debut". Bloomberg News.
  6. ^ Jafar, Bilal (May 27, 2024). "Inside Bobby Jain's $5bn hedge fund launch: Poaching from rivals, global offices and seven key strategies". Financial News London.
  7. ^ Parmar, Hema (June 24, 2024). "Jain Global Raises $5.3 Billion, Secures Cash From Abu Dhabi". Bloomberg News.

External links

Retrieved from "https://en.wikipedia.org/w/index.php?title=User:Imcdc/sandbox&oldid=1232885660"