Happy Saturday!
First, an exciting update. Our associate finance editor, Dan DeFrancesco, has started writing up a recap that you should be seeing in your inbox each weekday morning. We’re hoping you’ll enjoy the added personal touch on the daily newsletter. You’ll also still be getting this roundup every Saturday.
Now, onto this week’s big stories from the Business Insider finance team.
The savviest hedge funds need employees with specific skills to keep up — and keep ahead — in a rapidly changing world. That means data scientists, coders, engineers, and systems managers.
And while those skills might seem to make the most sense in Silicon Valley, Wall Street has been working for years to pry people away from Big Tech. And as Bradley Saacks reports, it looks like the efforts have been paying off for some:
Yuqing Liu/Business Insider
You can read the full story here:
There’s also plenty to talk about when it comes to the winners and losers on the performance front in 2020. After a tumultuous start to the year, many big-name hedge fund managers are back in the black.
For one, $34 billion Citadel is dominating 2020 —Bradley took a look at how it’s outperforming rivals, and the hedge fund’s plan for its latest Goldman hire. But plenty of players haven’t been so lucky, and Bradley also rounded up seven big names that are tanking as their credit and quant strategies flounder.
Keep reading for a look at who’s leading Goldman Sachs’ merchant-banking division; what Facebook’s mega NYC real-estate deal means for the future of the office; and why one JPMorgan-backed fintech is looking for ways to let kids play the stock market.
Enjoy the weekend,
Meredith
Who’s leading Goldman’s merchant-banking division
Goldman Sachs; Samantha Lee/Business Insider
Goldman Sachs’ merchant-banking division has been ground zero for CEO David Solomon’s push to build an alternatives investing powerhouse. Goldman is planning to raise at least $100 billion over the next five years from outside investors.
That strategy has required a combining of several disparate teams from across the firm, which prompted some turnover. But the management team has stabilized in recent months, and Dakin Campbell gives us a rundown of who’s running the show now.
Read the full story here:
A quick fix for private-share woes?
SAUL LOEB/AFP/Getty Images
As Bradley Saacks and Meghan Morris reported this week, some of the world’s most well-known private companies have lost value since the pandemic’s start.
And even before the coronavirus hit, a survey of venture capitalists found that a majority believed unicorns were “significantly” overvalued. But bankers and valuation experts see a potential quick fix to falling valuations: SPACs, which have taken Wall Street by storm over the last month.
Read the full story here:
Don’t write off the office just yet
Vornado Realty Trust.
Facebook told employees this week that they can work remote until 2021.
But the tech giant also went forward with a massive lease to take all of the office space in the Farley Building on Manhattan’s West Side. The deal marks a major vote of confidence in New York City’s office market at a moment when its future has been thrust into question by the coronavirus pandemic.
Read the full story here:
Cold storage is a red-hot real estate play
REUTERS/Jonathan Alcorn
Once an obscure corner of real estate, cold storage has seen an jump in demand thanks to surging online grocery orders and shifting consumer preferences for fresh foods.
And as Dan Geiger reported this week, cold-storage giant Lineage Logistics has expanded its dominance in the space by scooping up 24 warehouses across the US for more than $500 million.
Read the full story here:
Parental control for investing
wavebreakmedia/Shutterstock
Greenlight, the personal financial management app for kids and parents, has seen its user base double since the start of the year. Now it’s building an investing feature where kids can propose stock and ETF trades to their parents.
“To build true wealth, you really need to learn how to invest,” Tim Sheehan, cofounder and CEO of Greenlight, told Business Insider’s Shannen Balogh. “So we want the kids to try to learn that as early as they can, and to do it in a supervised environment.”
Read the full story here:
Careers
Real estate
Fintech and payments
Wealth and investing
Read the original article on Business Insider
