The fate of Millennium’s index-rebalance king Glen Scheinberg, and his profitable team, has the hedge-fund industry abuzz
Hi. Aaron Weinman here. A corner of the hedge-fund world can''t stop talking about one of Millenium Partners'' most prominent trading teams. Glen Scheinberg, the portfolio manager whose team has minted billions of dollars for Millenium, became a hot topic on Wall Street. Let''s unpack why. And don''t forget, there''s our Banker of the Week! If this was forwarded to you, sign up here . Download Insider''s app here . 1. Hedge funders seemingly can''t stop chatting about the fate of Millennium''s index-rebalance king. Searches on the Bloomberg terminal for Glen Scheinberg — the portfolio manager whose team has met with much success at Millenium — spiked to 1,300 one afternoon in June. The source of the intrigue? It probably stemmed from the carnage that was enveloping the index-rebalance trading complex, a strategy that has surged in popularity in recent years. Scheinberg''s team — known as SRBL, for the initials of its founders — are considered Goliaths in this space. The team''s success spawned copycat efforts, and the strategy of betting on which stocks will be added and removed from indexes has grown.
The fate of Millennium’s index-rebalance king Glen Scheinberg, and his profitable team, has the hedge-fund industry abuzz
Hi. Aaron Weinman here. A corner of the hedge-fund world can''t stop talking about one of Millenium Partners'' most prominent trading teams. Glen Scheinberg, the portfolio manager whose team has minted billions of dollars for Millenium, became a hot topic on Wall Street. Let''s unpack why. And don''t forget, there''s our Banker of the Week! If this was forwarded to you, sign up here . Download Insider''s app here . 1. Hedge funders seemingly can''t stop chatting about the fate of Millennium''s index-rebalance king. Searches on the Bloomberg terminal for Glen Scheinberg — the portfolio manager whose team has met with much success at Millenium — spiked to 1,300 one afternoon in June. The source of the intrigue? It probably stemmed from the carnage that was enveloping the index-rebalance trading complex, a strategy that has surged in popularity in recent years. Scheinberg''s team — known as SRBL, for the initials of its founders — are considered Goliaths in this space. The team''s success spawned copycat efforts, and the strategy of betting on which stocks will be added and removed from indexes has grown.