Latest news with #Brummer
Business Insider
11-06-2025
- Business
- Business Insider
Hedge fund giants are backing more external fund managers. Here's why smaller rivals are doing the opposite.
The hedge fund talent war means profit-generating portfolio managers have more options than ever. In an industry run by savvy billionaires, rank-and-file traders have had the upper hand in recent years thanks to what Millennium founder Izzy Englander deemed a " talent bubble" in 2023. Multistrategy firms, which blend a variety of investment strategies within a single fund, are catering to top PMs' whims, opening offices in places like Dubai and Puerto Rico so employees can avoid the taxman, or letting top traders run capital externally in their own funds. A report from data provider With Intelligence found that multistrategy platforms have put $55 billion to work in external managers, with firms like Millennium, Qube, and Schonfeld leading the way. But as the industry's largest players partner with new launches and external money managers, smaller platforms are drawing in portfolio managers who want a semblance of autonomy in addition to the benefits of working within a broader organization. Smaller managers can offer a more boutique feel for traders who feel constrained by the biggest multistrategy funds, which one allocator previous described as " skill factories" that don't rely on a single star. Adrian Brummer, a partner at $12 billion Brummer & Partners, a Swedish alternative investment manager, told Business Insider that the firm has four internal portfolio managers and expects that to grow to "six or more during this year." Brummer has more investment strategies run via external partnerships than internal PMs, but traders working in-house can be more efficient and easier to aboard, Brummer said. "A pod structure also allows us to access more capacity-constrained strategies," Brummer wrote in an email. A focus on talent Brummer isn't the only platform known for investing in external firms and managers that is flipping its model. A person close to the $6 billion alternative manager New Holland said the firm is in the early stages of adding internal portfolio managers to its multi-strategy offering. The firm began as an investment advisor for Dutch pension plans and has since become independent. It just hired former Brevan Howard executive Stephan Brohme as chief risk officer to boost its "operational infrastructure," a press release said. "His extensive experience and expertise working alongside investment teams to effectively mitigate and strategically manage risk will be a tremendous asset across our firm," New Holland CEO Scott Radke said in the release. London-based Bainbridge Partners, which started its multistrategy offering as a fund-of-funds in 2002, has added 10 internal investing pods over the last decade and plans to add more, according to Antoine Haddad, the founder of the $1 billion firm. "The focus is to bring in more strategies that make sense to internalize," Haddad wrote in an email, with a bias toward more niche options. At former Eisler portfolio manager Sean Gambino's new fund, Baypointe Partners, onetime Crestline executive Mark Walker is recreating an "old-school partnership," he told BI. Walker was a part of the leadership team at Crestline that turned the alternative manager's fund-of-funds business into a more modern multistrategy fund with some internal PMs. He is now the CEO of Baypointe and said he is targeting pod shop investors tired of the siloed structure found at many of the biggest platforms. He aims to build a "Seal Team 6" of senior PMs trading specific sectors, with a "completely transparent center book," which sits atop traders' portfolios and pulls its positions from them. Gambino is already trading consumer stocks, and Richard Shapiro, a former Millennium and Wexford Capital PM, will run the center book. "PMs want a level of independence but don't want to run a business," he said. While the biggest funds in the booming multistrategy space, which now manage more than $900 billion, according to research from Nasdaq's eVestment, can offer PMs more guaranteed compensation, there are levers smaller firms can pull to attract talent. A differentiator Brummer and Walker both mentioned is tailoring risk management limits to a PM's strategy and preference. It's an advantage that can only be offered by smaller firms, as the biggest funds have too many moving parts and people to make customized risk frameworks for each of their traders. "It's all about what you need to do to secure the best talent," said Matthew Glasofer, a partner at Corbin Capital Partners, a $9.6 billion alternative asset manager with a multistrategy fund that only invests in external PMs. Corbin is not yet bringing traders in-house, but Glasofer said, "We haven't shut the door on anything."
BBC News
06-05-2025
- General
- BBC News
'Important' to care for Surrey hedgehogs, say conservation groups
Surrey wildlife groups are urging people to make sure their gardens are welcoming to Awareness Week, an annual campaign by the British Hedgehog Preservation Society, runs until 10 Brummer, founder of Harper Asprey Wildlife Rescue in Windlesham, said hedgehogs "get to know an area really well so it's really important that we look after the hedgehogs in our local area".Oliver Fry, of Surrey Wildlife Trust, told BBC Radio Surrey hedgehog numbers "are down substantially" in recent years. Hedgehogs can be supported by ensuring gardens are not "too tidy" as they like to hide in leaves, foliage, and under sheds, said Mr added that cutting small holes in the bottom of fences will "enable the prickly little characters to move around unimpeded, and they'll help you out by eating your slugs as they go about their business". 'What's not to love?' Ms Brummer said native flowers can attract food for hedgehogs as can places for them to drink, but that it was important to make sure hedgehogs have a means of escape from water if they fall uncovered drains, and gardening tools can all be hazards for hedgehogs, she added."It's important to look after them because they are really cool," she said."They only do good to our garden, they get rid of all the slugs and bugs and things that gardeners don't like in there, and they are just the most beautiful little things you can imagine. What's not to love about them?"Mr Fry added: "They are wonderful creatures and it is such a pleasure to see them in your garden."
Yahoo
15-04-2025
- Politics
- Yahoo
Republicans at Lewis County Lincoln Day Dinner urged to get involved
Apr. 14—The Lewis County Republican Party on Saturday, April 12, hosted its annual Lincoln Day Dinner fundraiser and auction at The Loft in downtown Chehalis. The event, which opened its doors at 5 p.m., featured keynote speaker state Rep. Jim Walsh, R-Aberdeen, who is also the chair of the Washington state GOP, preceded by shorter presentations from Lewis County Republican Party Chair Mitch Townsend and Lewis County Commissioner Scott Brummer. The theme of the night was the state of the union, with speakers presenting on the Lewis County Republican Party, Lewis County government and state government. Alive 85 radio personality and Elvis impersonator Steve Unger emceed the event, which also featured live music by Chris Guenther. Before the speakers took the stage, the event began with a prayer from Frank Corbin, the pledge of allegiance led by Ron Averill and the national anthem performed by Dawn Miles. Local elected officials such as Washington state Senate Minority Leader Sen. John Braun, R-Centralia, and Lewis County Commissioner Lindsey Pollock also attended the event, among many other local Republicans. Townsend was the first to speak and presented current priorities for the Lewis County Republican Party focused on four main points: modernization, accountability, transparency and leadership development. As part of his goal to develop leaders, Townsend suggested the party invest in young leaders and support fledgling politicians in local races. In the same breath, he emphasized the importance of upcoming local elections for city councils and school boards, urging attendees to get involved. "Our kids are our future. We need to get involved in their education," said Townsend, who also serves on the Mossyrock School Board. "In order to perfect that and to counteract the teachers union we need good conservatives on the school boards. That means you folks." Brummer, filling in for fellow Lewis County Commissioner Sean Swope, took the stage next presenting on the current state of the county. He focused on the county's commitment to conservative values and the recent budget season, which posed serious financial challenges for the county. Among those challenges, Brummer listed stagnant tax revenues and the financial burden of state mandates. The county faced a projected budget shortfall of roughly $5 million when planning for the 2025 budget at the end of last year. In order to balance the budget, the local government cut staffing and took a significant property tax revenue increase for the first time in recent years. "We have made tough decisions. We have (cut) our staff. Some services are not there to be provided, but we have done that so that we are not taking more than is what's absolutely necessary out of your pocket," Brummer said. During the event's keynote speech, Walsh took the stage to talk about the 2025 Washington legislative session, likening state Republicans in the Legislature to a hockey team playing defense while outnumbered. "It's a battle, and we measure most of our successes in defensive terms," Walsh said. "It's the bad tax we knocked down. It's the bad anti-parent bill we knocked down. It's the bad school break that we knocked down." He first presented concerns with the integrity of Washington state elections and parental rights, which has been a hot topic during this year's legislative session after a voter initiative, I-2081, deemed the "Parents Bill of Rights," was passed into law last year. At the same time, Walsh praised a recent executive order from President Donald Trump that would require documented proof of citizenship, such as a birth certificate or passport, in order to register to vote. "I believe that when we implement this executive order out of D.C., we will solve the biggest single part of our election troubles here," Walsh said. "Our long term goal is to get back to in-person, same-day voting." That executive order was signed by Trump in late March and faced immediate legal challenges. The Washington Attorney General's Office recently filed a lawsuit in tandem with the state of Oregon challenging the executive order as unconstitutional, claiming that it violates the rights of states to set their own rules on how to conduct elections. Walsh also took the chance to critique Washington Democrats for a bill making its way through the Legislature that would make changes to the Parents Bill of Rights. Democrats have pitched Senate Bill 5181 as a cleanup bill that will make tweaks to the recent vote initiative in order to put it in line with state and federal law, but state Republicans have firmly opposed it. The bill passed the state Senate along party lines in February. In his closing remarks, Walsh echoed a message from Townsend earlier in the night urging locals to get involved in local government and emphasizing the importance of running for local school board seats. "This year, it's a lot of city council races, it's a lot of mayor races, and Mitch said it, a lot of school board races," Walsh said. "Please know this, getting good people elected to school boards is the most important thing you can do right now." Learn more about the Lewis County Republican Party at
