Miami Hedge Fund
A Miami hedge fund, as its name suggests, is a fund that invests in South Florida. In recent years, the city has emerged as a hotspot for high-profile fund managers. Among the names that have made their mark here are ESL Investments and Citadel, which relocated their global headquarters to the area from Chicago. Another major player is Scout Ventures, which has opened a new office here, bringing its total number of offices to five.
Citadel, a billion-dollar hedge fund, is moving its global headquarters from Chicago to Miami, Florida. This will put the $51 billion investment firm in one of the world's hottest financial hubs.
Ken Griffin, the founder and owner of Citadel, plans to relocate his family and company to South Florida by the end of the year. According to Forbes, he is the richest person in Illinois with a net worth of at least $25 billion. While the plan is far from a done deal, there are signs that the move is nearing fruition. Citadel has already leased 90,000 square feet in a building called 830 Brickell. It is expected that a few hundred employees will move to Florida by next year.
The move is said to be inspired by rising crime in the Chicago area. Griffin has been a leading philanthropist in the Windy City. He has given at least $500 million to local charities and regional organizations.
A report from WBEZ says that in February, Citadel announced a major expansion of its firearms holdings. The company also has a trading floor inside the Four Seasons hotel in Palm Beach.
According to an executive at the Beacon Council, a Miami-Dade economic development agency, the move is significant. It's the largest relocation of its kind in
Miami-Dade County history.
Citadel is the latest investment firm to make a big move to the Sunshine State.
Other major firms, such as Blackstone, Point72 Asset Management, Melvin Capital
Management, and Apollo Global Management have all opened offices in Miami over
the past two years.
Scout Venture
Scout Ventures is an early stage venture capital firm. The company invests in promising startups and cultivates standout frontier technologies. It is led by Brad Harrison, who is a West Point graduate.
The firm typically invests between $50,000 and $500k in emerging companies. It specializes in investing in startups with a military background. Its recent investment in Rokk3r Labs, a Miami-based startup co-builder, is a sign of its desire to help South Florida entrepreneurs get off the ground. In two years, the firm has worked with about 20 companies from the region.
Another company it invested in is Clearmix, a company that creates authentic video content. Its flagship product is Resonant Link, which provides wireless power that is five times more efficient.
The firm's partners are also involved in New Age Capital, a Miami-based tech fund that invests in Black and Latino entrepreneurs. They have also invested in Simplebet, a global sports betting technology company.
One of the biggest gains in the South Florida tech ecosystem has been at the angel level of financing. Many entrepreneurs were previously required to look elsewhere for institutional money. Boland believes that the South Florida entrepreneurial community is working to build a robust technology hub.
Besides investing in startups, the firm also helps with funding rounds. Scout Ventures recently invested in Rokk3r Labs as its second South Florida investment.
Universa
One of the world's largest hedge funds, Universa, has made the move to Miami. This is the first major hedge fund to relocate since the city launched a campaign to lure financial firms. Several leading professional services firms have already set up large operations in Florida.
Universa's new location will be in the Coconut Grove district. It plans to hire at least 25 people over the next three years, and invest an estimated $800,000. The relocation was possible thanks to close partnerships between Universa and the state of Florida's economic development agency, Enterprise Florida.
Universa Investments, which has been around for over a decade, is a registered investment adviser with the Securities and Exchange Commission. Aside from its advisory duties, the firm also manages $4.12 billion in regulatory assets and advises 18 hedge funds. In the first quarter of 2020, the firm posted a record hefty profit. Universa's main claim to fame is its risk mitigation strategies. These techniques use derivatives and options markets to trade against systematic order flow imbalances. They are also designed to be non-linear to common risk factors.
The Universa fund has returned 20% this year through earlier last week. Among the fund's top performers are a series of options trades that delivered a 3,612% return in March of this year.
Universa's chief executive officer, Mark Spitznagel, was one of the youngest people to work in the bond pit at Morgan Stanley. He has a 20-year investment career
Eddie Lampert's $3.7 billion ESL Investment
Edward Lampert is a man of extraordinary talent and ambition. He is the chief executive officer and chairman of Sears Holdings Corp. He also serves on the boards of companies in which ESL Investments holds an equity stake. Eddie Lampert's hedge fund, ESL Investments, has invested in the debt and equity of Sears Holdings and Kmart. However, despite a substantial stake in the companies, Lampert's ESL has lost money over the past few years. The loss includes dividends, interest income and gains on major spinoffs.
But Lampert has also added back $2 billion in fees from his hedge fund. His portfolio includes assets such as AutoZone, Footstar Inc., Land's End, Seritage Growth Properties and other businesses. As of December 31, 2015, ESL had about $2.8 billion in assets under management.
When Lampert took over Sears in 2013, he expected to remain in charge for only a few months. In the short term, he was able to stabilize the company's financial results. But over time, the financial performance of Sears has deteriorated. And, as a result, a number of investors have left ESL.
The former CEO of Sears Canada, Mark Cohen, has joined the chorus of critics. He claims that the company's downfall was due to catastrophic decision-making by CEO Alan Lacey.
Lampert was a savvy investor, who had taken risks against the advice of naysayers. For example, Lampert was a student at Yale University when he started his hedge fund.
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