Billionaire seeks elite groups of traders

X Men

The (F)X men ?

Steven Schonfeld amassed a billion-dollar fortune by seizing on short-term market moves. Sitting in a Park Avenue office dressed in a black hoodie and white sneakers, the 55-year-old former stockbroker described a plan to compound his wealth by finding and funding a new crop of star traders.

Bloomberg News reports that Schonfeld Group Holdings already has 34 teams managing $7.5bn of positions and is seeking to get bigger. His family office offers a home for top Wall Street portfolio managers as banks are constrained by new rules limiting trading for their own books. One of the biggest teams, Quantbot Technologies, which has been working for him for six years, is run by a nuclear physicist who helped establish electronic-trading platforms at Morgan Stanley and Merrill Lynch & Co.

Schonfeld is trying to lure trading teams through an unusual structure. He helps pay startup costs, gives access to the family office’s technology and vendors, and provides capital. The new company, which agrees to manage only Schonfeld’s money for the first few years, doesn’t have to give up a stake in the firm or in its intellectual property.

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