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'Business development' has become a coveted role at hedge funds amid the war to recruit top PMs. Citadel BD ace Matthew Giannini joining Walleye was one of the most noteworthy moves of 2024. Hedge funds hired dozens in BD in 2024 — BI tracked the names of more than 40 who joined top firms. One of the most intriguing hedge-fund personnel moves in 2024 came late in the year. It wasn't a superstar portfolio manager nor another big bank executive migrating to the buy side. Advertisement It was someone with barely any media profile at all: Matthew Giannini, a senior leader in Citadel's business development unit, whom Walleye Capital hired in October as COO of its long-short equities business. The move, from the industry's $66 billion killer whale to a comparatively much smaller fish, surprised several industry insiders BI spoke with at the time, underscoring the continued demand for the niche role of vetting and wooing investment professionals. Advertisement Business Insider wrote in May about the evolution of the "business development" role , which has grown into a coveted specialty amid the boom in multimanager hedge funds. These firms, prized by investors for robust returns uncorrelated with the stock market, have added $200 billion in assets since 2019. Hiring has followed suit — headcount since then soared 90% at multimanagers compared with just 6% at other hedge funds — provoking a talent war that has been one of the industry's defining themes and challenges over the past few years. Even though total assets managed by these firms declined in 2024 for the first time in seven years (some investors pulled money amid growing costs paired with lackluster returns in 2023), "the war for talent appears to be continuing unabated," Goldman Sachs' prime services team observed in a September report on multimanager hedge funds. These roughly 50 firms added 2,400 new employees in the previous 12 months, Goldman found, a 15% increase. Hiring at multimanager hedge funds has far outpaced the rest of the industry. Goldman Sachs Prime Services Business development was no exception, with dozens of hires by top hedge funds 2024, according to industry sources, LinkedIn bios, and publicly reported moves. Advertisement Millennium, the largest multimanager with $72.1 billion in assets under management and more than 6,000 employees, hired at least 10 people in BD in 2024, BI's analysis shows. Balyasny, which has spent hundreds of millions hiring PMs this year, added at least six new BD executives to facilitate hiring this year, including three managing directors — most recently commodities specialist David O'Connor, who joined in November from external search firm Maven. Citadel has been hiring as well, adding a handful of people to one of the most revered BD units in the industry. The hedge fund last year became the most profitable of all time, something founder and CEO Ken Griffin attributes in part to an "unparalleled" ability to "recruit experienced professionals to Citadel" and "tremendous success attracting gifted graduates from the premier colleges and universities." Unsurprisingly, Griffin's talent whisperers are highly sought after. Perhaps none has more gravitas than Giannini. Several industry professionals who know him say he's tall, charismatic, intelligent, and deft at winning over PMs — someone who provides an actual edge in an industry desperate for it. When Giannini left Balyasny in 2018 to rejoin Citadel, it contributed to a turf war between the funds . Advertisement "Matt is, if not the best, one of the best closers I've ever met," a BD professional told BI earlier this year. Leaving Citadel for Walleye may raise some eyebrows, but joining Walleye offers a potentially lucrative upside for Giannini compared with a typical BD role. Business group heads at these funds usually take home a cut of their unit's profits, and while Walleye struggled in 2023 it has been executing an overhaul the past year that's bearing fruit. The fund is up 15.4% through November, putting it near the top of its peer group for 2024. He also joins some familiar faces at Walleye, including Thomas DeAngelis, company president and another ex-Citadel BD leader, and Anil Gondi , a long-time PM who joined from Balyasny this summer and will oversee the long-short equities division with Giannini. The pair overlapped at Balyasny in the 2010s. Advertisement Giannini's hiring and the dozens of others at top funds in 2024 signals that the burning demand for investment talent, and those gifted in recruiting it, won't likely dim any time soon. "One clear theme from our conversations with multimanagers was that the 'war for talent' synonymous with this segment has not seen any material de-escalation in the last year," Goldman Sachs said in its report. Business Insider has tracked business development professionals who joined top funds in 2024, according to industry sources, LinkedIn bios, and publicly reported moves. This list isn't exhaustive, and we may update it as we learn more. Firm Name of hire Previous firm Balyasny Nicole Amen DRW Balyasny Daniel Anzalone BlueCrest Balyasny Harry Case Verition Balyasny David Matz Smith Hanley Balyasny David O'Connor Maven Search Balyasny Kelly Suter IMC BlueCrest Josh Beals Chi-Rho Financial Capstone Investment Advisors Grace Guo Goldman Sachs Capstone Investment Advisors Brian Hopkins Hudson Bay Citadel Trystan Davies-Tommason The Omerta Group Citadel Donata Leonova Millennium Citadel Olivia Rees Goldsmith & Co Citadel Hannah Rosenthal Google Citadel Michelle Tsang Two Sigma Eisler Ruvhen Chinaire The Omerta Group Eisler Chris Harnett Citadel Freestone Grove Christopher Aldaco D.E. Shaw Freestone Grove Brittany Lynch Schonfeld Graham Capital Danielle Greenburg Maven Investment Partners Hudson Bay Chris Padfield Citadel LMR Partners Melissa Bosem Millennium Millennium Maureen Chang Point72 Millennium Derek Chiang Selby Jennings Millennium Sarka Dilingerova Execuzen Millennium Katie Gordon Cybernetic Search Millennium Brian Kimmel Citadel Millennium Lauren Kraus Garda Capital Millennium Terence Lee Blackstone Millennium Steven Rosen Morgan Stanley Investment Management Millennium Natalia Skrzeczkowska Dartmouth Partners Millennium Stella Xuan Tenere Capital Paloma Kristin Cohen Walleye Point72 Joe Beach Aksia Point72 Lauren Croucher Dartmouth Partners Point72 Nicole Deng UBS Qube Research & Technologies Caroline Kadhim Brevan Howard Taula Capital Robert Featherstone Citadel Verition Adam Donaldson Marble Bar Asset Management Verition Stephanie Melendez Schonfeld Walleye Capital Carling DiGiacomo Citadel Walleye Capital Matthew Giannini Citadel Walleye Capital Jen Pascal Neuberger Berman Walleye Capital Maureen Reed Goldman SachsALBANY, N.Y. (AP) — Jojo Uga's 2-yard touchdown run capped a 24-point fourth quarter and Albany beat Hampton 41-34 on Saturday in a season finale. Jack Iuliano recovered a fumble by Malcom May at the Hampton 24, and though it took 10 plays, Uga went in for the touchdown and the game's final lead. Malcolm Mays scored on a 25-yard run for Hampton (5-7, 2-6 Coastal Athletic Association) but the PAT was blocked and Kevon Angry ran it back for Albany (4-8, 2-6), leaving Hampton with a 34-27 lead with 10 minutes remaining. Alex Jreige's 53-yard run then tied the game. Hampton led 28-0 before Van Weber threw a 12-yard touchdown pass to Carter Moses with a couple minutes left in the first half. Albany added 10 points in the third quarter, including Jackson Parker's 38-yard touchdown catch. Nick Totten's pick-6 early in the fourth quarter got the Great Danes within 28-25. Weber threw for 184 yards with two scores and an interception. Jreige rushed for 110 yards. Robinson rushed for 80 yards and 21 carries and scored four times for Hampton, all in the first half. AP college football: https://apnews.com/hub/ap-top-25-college-football-poll and https://apnews.com/hub/college-football . Sign up for the AP’s college football newsletter: https://apnews.com/cfbtop25What does the Israel-Hezbollah ceasefire include?
US stock indices pushed to fresh records Tuesday, shrugging off tariff threats from President-elect Donald Trump while European equities retreated. Trump, who doesn't take office until January 20, made his threat in social media posts Monday night, announcing huge import tariffs against neighbors Canada and Mexico and also rival China if they do not stop illegal immigration and drug smuggling. Both the Dow and S&P 500 notched all-time highs, with investors regarding the incoming president's words as a bargaining chip. "In theory, higher tariffs should not be good news for stocks. But, you know, I think the market's chosen to think of (it) as a negotiating tactic," said Steve Sosnick of Interactive Brokers. "You have bullish sentiment," said LBBW's Karl Haeling. "People are tending to look at things as positively as possible." But General Motors, which imports autos from Mexico to the United States, slumped 9.0 percent, while rival Ford dropped 2.6 percent. Overseas bourses were also buffeted by the news. European stocks followed losses in Asia, despite Trump excluding Europe as an immediate target for tariffs. "These are his first direct comments on tariffs and tariff levels since becoming president-elect, and they have roiled markets," said Kathleen Brooks, research director at XTB trading group, ahead of the Wall Street open. "It is early days, and there are plenty of opportunities for Trump to direct his attention to Europe down the line," Brooks added. The US dollar rallied against its Canadian equivalent, China's yuan and Mexico's peso, which hit its lowest level since August 2022. In other economic news, the Conference Board's consumer confidence index rose to 111.7 this month, up from 109.6 in October, boosted by greater optimism surrounding the labor market. "November's increase was mainly driven by more positive consumer assessments of the present situation, particularly regarding the labor market," said Dana Peterson, chief economist at The Conference Board. Pantheon Macroeconomics chief US economist Samuel Tombs added in a note that the increase in consumer confidence overall "likely was driven by euphoria among Republicans." "The index also jumped in late 2016, when Mr. Trump was elected for the first time," he said. Federal Reserve meeting minutes showed policy makers expect inflation to keep cooling, signaling a gradual approach to interest rate cuts if price increases ease further and the job market remains strong. New York - Dow: UP 0.3 percent at 44,860.31 (close) New York - S&P 500: UP 0.6 percent at 6,021.63 (close) New York - Nasdaq: UP 0.6 percent at 19,174.30 (close) London - FTSE 100: DOWN 0.4 percent at 8,258.61 (close) Paris - CAC 40: DOWN 0.9 percent at 7,194.51 (close) Frankfurt - DAX: DOWN 0.6 percent at 19,295.98 (close) Tokyo - Nikkei 225: DOWN 0.9 percent at 38,442.00 (close) Hong Kong - Hang Seng Index: FLAT at 19,159.20 (close) Shanghai - Composite: DOWN 0.1 percent at 3,259.76 (close) Euro/dollar: DOWN at $1.0482 from $1.0495 on Monday Pound/dollar: DOWN at $1.2567 from $1.2568 Dollar/yen: DOWN at 153.06 yen from 154.23 yen Euro/pound: DOWN at 83.41 pence from 83.51 pence Brent North Sea Crude: DOWN 0.3 percent at $72.81 per barrel West Texas Intermediate: DOWN 0.3 percent at $68.77 per barrel bur-jmb/st
The Bank of Scotland’s business barometer poll showed 73% of Scottish businesses expect to see turnover increase in 2025, up from 60% polled in 2023. Almost a quarter (23%) of businesses expect to see their revenue rise by between six and 10% over the next 12 months, with just over a fifth (21%) expecting it to grow by even more. The poll found that 70% of businesses were confident they would become more profitable in 2025, a two per cent increase when compared with the previous year. Revenue and profitability growth was firms’ top priority at 52%, though 40% said they will be targeting improved productivity, and the same proportion said they will be aiming to enhance their technology – such as automation or AI – or upskill their staff (both 29%). More than one in five (22%) want to improve their environmental sustainability. Other areas businesses are hoping to build upon AI-assisted technology (19%), and 24% will be investing in expanding into new UK markets and 23% plan to invest in staff training. The business barometer has surveyed 1,200 businesses every month since 2002, providing early signals about UK economic trends. Martyn Kendrick, Scotland director at Bank of Scotland commercial banking, said: “Scottish businesses are looking ahead to 2025 with stronger growth expectations, and setting out clear plans to drive this expansion through investments in new technology, new markets and their own teams. “As we enter the new year, we’ll continue to by their side to help them pursue their ambitions and seize all opportunities that lie ahead.”LANDOVER, Md. (AP) — Austin Seibert missed his second extra point of the game with 21 seconds left after Jayden Daniels and Terry McLaurin connected on an 86-yard touchdown, Juanyeh Thomas returned the ensuing onside kick attempt for a touchdown and the Dallas Cowboys pulled out a 34-26 victory Sunday that extended the Washington Commanders’ skid to three games. Seibert, who missed the previous two games with a right hip injury, was wide left on the point-after attempt following a low snap. Thomas then took the kick back 43 yards as the Cowboys (4-7) ended their losing streak at five in improbable fashion. Part of that was the play of backup Cooper Rush, who threw for 247 yards and two TDs in his third start in place of starter Dak Prescott. Part was also the defense forcing two turnovers, as Chauncey Golston ripped the ball out of Brian Robinson Jr.’s hands for what was called an interception of Daniels in the second quarter, and Donovan Wilson stripped John Bates midway through the fourth. KaVonte Turpin provided the fireworks with a spinning, 99-yard kickoff return TD seconds after Daniels found Zach Ertz in the end zone and scored on a 2-point conversion to cut the deficit to three with 3:02 left. In the final three minutes alone, the Commanders (7-5) scored 10 points and allowed Thomas’ TD. All that after the score was 10-9 through three quarters before madness ensued. CHIEFS 30, PANTHERS 27 CHARLOTTE, N.C. (AP) — Patrick Mahomes threw for 269 yards and three touchdowns , Spencer Shrader kicked a 31-yard field goal as time expired and Kansas City beat Carolina to reach double-digit wins for the 10th straight season. Noah Gray caught two TD passes as the Chiefs (10-1) bounced back from last week’s 30-21 loss at Buffalo and won at the buzzer yet again in a season of narrow escapes. DeAndre Hopkins also had a touchdown catch for the two-time defending Super Bowl champions, who scored on their first five possessions. Bryce Young finished 21 of 35 for 262 yards and a touchdown for the Panthers (3-8), who had their two-game winning streak snapped. David Moore had six receptions for 80 yards and a touchdown. Trailing 27-19, Young completed a fourth-down pass to Adam Thielen to move the chains, then went deep for the veteran receiver, who drew a pass-interference penalty on Chamarri Conner. That set up a 1-yard touchdown run by Chuba Hubbard. LIONS 24, COLTS 6 INDIANAPOLIS (AP) — Jahmyr Gibbs rushed for two scores and David Montgomery added a third touchdown run, leading Detroit to a victory over Indianapolis. Gibbs finished with 21 carries for 90 yards as the Lions (10-1) extended their league-high winning streak to nine straight. Detroit has its been 11-game record since the franchise’s inaugural season in 1934. Jared Goff continued his sensational season, too, completing 26 of 36 throws for 269 yards. The Colts (5-7) lost their second straight home game and for the fourth time in their past five games. Anthony Richardson was 11 of 28 with 172 yards while rushing 10 times for 61 yards. While Indy managed to hold the NFL’s highest-scoring offense largely in check Sunday, it was doomed by its inability to finish drives with touchdowns. BUCCANEERS 30, GIANTS 7 EAST RUTHERFORD, N.J. (AP) — Baker Mayfield catapulted into the end zone on a spectacular 10-yard scramble for one of Tampa Bay’s four rushing touchdowns, and the Buccaneers beat the Giants and new starting quarterback Tommy DeVito, snapping a four-game losing streak and extending New York’s skid to six. The Giants’ decisions this week to bench and then release quarterback Daniel Jones did nothing to help the NFL’s lowest-scoring offense. DeVito threw for 189 yards, mostly in the second half with New York well on its way to its sixth straight loss at home, where it is winless. Meanwhile, the Buccaneers dominated in every phase in a near-perfect perfect performance that featured TD runs of 1 yard by Sean Tucker, 6 yards by Bucky Irving and 1 yard by Rachaad White. After recent losses to the Ravens, 49ers and Chiefs, Tampa Bay (5-6) moved within one game of idle Atlanta in the NFC South. Tampa Bay scored on five of its on first six possessions to open a 30-0 lead, and none was more exciting than Mayfield’s TD run with 12 seconds left in the first half. On a second-and-goal from the 10, he avoided pressure and went for the end zone. He was hit by Cor’Dale Flott low and Dru Phillips high around the 2-yard line, and he was airborne when he crossed the goal line. The ball came loose when he hit the turf but he jumped up and flexed — seemingly mocking DeVito’s go-to celebration — as the Bucs took a 23-0 lead. DOLPHINS 34, PATRIOTS 15 MIAMI GARDENS, Fla. (AP) — Tua Tagovailoa threw for 317 yards and four touchdowns, including two scores to running back De’Von Achane, and Miami routed New England. The Dolphins (5-6) have a thin margin for error the rest of the season but have kept themselves afloat with a three-game winning streak. With their win at New England (3-9) in Week 5, the Dolphins have swept their division rivals in consecutive seasons for the first time since 1999-2000. Tagovailoa, who moved to 7-0 in his career against New England, entered the game with a league-high 73.4% completion rate and went 29 for 40. Backup Skylar Thompson replaced Tagovailoa with about 11 minutes left in what was already a blowout, but a bad handoff on his first play resulted in a fumble that was recovered by cornerback Christian Gonzalez and returned 63 yards for a touchdown. It cut New England’s deficit to 31-15, and Tagovailoa returned the next drive. TITANS 32, TEXANS 27 HOUSTON (AP) — Will Levis threw for 278 yards and his 70-yard touchdown pass to Chig Okonkwo put Tennessee on top in the fourth quarter and the Titans held on for a win over the Texans. Okonkwo grabbed a short pass and rumbled for the touchdown to put the Titans (3-8) up 30-27 with 91⁄2 minutes remaining. Safety Eric Murray missed a tackle that would have stopped him near midfield. The Texans (7-5) had a chance to tie it with less than two minutes remaining, but Ka’imi Fairbairn’s 28-yard field-goal attempt sailed wide left. He fell to the ground after the miss before getting up and slamming his helmet on the field. Titans coach Brian Callahan held both hands in the air and smiled after watching the miss that allowed his team to win on a day it had three turnovers. The Texans forced a three-and-out, but couldn’t move the ball after that and Harold Landry sacked C.J. Stroud in the end zone for a safety to make it 32-27 and allow Tennessee to snap a two-game skid. VIKINGS 30, BEARS 27, OT CHICAGO (AP) — Sam Darnold threw for 90 of his 330 yards in overtime to set up Parker Romo’s game-ending 29-yard field goal , and Minnesota outlasted Chicago after giving up 11 points in the final 22 seconds of regulation. Darnold threw two touchdown passes, Jordan Addison caught eight passes for a career-high 162 yards and a touchdown, and T.J. Hockenson had 114 yards receiving for the Vikings (9-2), who remained one game behind Detroit in the rugged NFC North. Caleb Williams threw for 340 yards and two touchdowns for the Bears (4-7), who lost their fifth straight. Minnesota appeared to have the game in hand, leading 27-16 with 1:56 left after Romo kicked a 26-yard field goal. But the Bears weren’t finished. Deandre Carter made up for a muffed punt that led to a touchdown in the third quarter with a 55-yard kickoff return to the 40. Williams took it from there, capping an eight-play drive with a 1-yard touchdown pass to Keenan Allen. A 2-point conversion pass to DJ Moore made it 27-24 with 22 seconds remaining. The Bears recovered the onside kick and Williams hit Moore over the middle for a 27-yard gain to the 30 before spiking the ball. Cairo Santos made a 48-yard field goal as time expired.
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