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I agree with this except I would say “big multi strats” instead of “big quant funds”. If you are doing equity l/s, fixed income rv, vol arb, convert arb etc as well as quant you have a much more diversified revenue stream and better opportunities to pivot when one stops working.
To first approximation there are only two funds doing this at the top level (citadel and millennium) and half a dozen below that (eg Point72, balyasny)
Ok. It’s a nice Sunday morning & I’m not going off on the stupidity of the bigger is best multi strat fund. No. You’ve done that for us, thank you. It is Citidel. That’s it. Millennium is a loose confederation of independent contractors as bookrunners. That’s not the same thing.
That’s not to say I’m critical of Izzy’s strategy. I think it is brilliant. The highest returns are inside prop arcades & other firms that won’t take LP capital. Millennium’s model brought that to the institutional investors who were shut out from all of that & executed it well.
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