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The next wave of restructuring —  Quant power players — Meet Carlyle’s Kewsong Lee


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The next wave of restructuring —  Quant power players — Meet Carlyle’s Kewsong Lee

Welcome to Wall Street Insider, where we take you behind the scenes of the finance team’s biggest scoops and deep dives from the past week.  If you aren’t yet a subscriber to Wall Street Insider, you can sign up here.With coronavirus cases still spiking in areas throughout the country and the US this week reporting…

The next wave of restructuring —  Quant power players — Meet Carlyle’s Kewsong Lee

Welcome to Wall Side road Insider, where we expend you within the assist of the scenes of the finance team’s ideal scoops and deep dives from the past week. 

Within the occasion you are likely to be not yet a subscriber to Wall Side road Insider, you would check in here.

With coronavirus cases mute spiking in areas all around the country and the US this week reporting a document second-quarter GDP trip, there is a rising place amongst borrowers and private-fairness firms that money raised within the spring may perchance well not be adequate to scuttle out the industrial fallout.

And Houlihan Lokey, Wall Side road’s top adviser to distressed firms, has modified up its outlook: In preference to the though-provoking but speedily downturn the firm at the foundation anticipated, or not it is now predicting a deeper, prolonged crisis that pushes many extra firms to financial trouble.

“This pandemic just will not be a non permanent blip, and or not it could perchance per chance well well be something grand longer and perchance extra negative to the economy,” Houlihan CEO Scott Beiser acknowledged on an earnings call this week. And as Alex Morrell writes, firms that piled on debt within the early stages of the pandemic can maintain site themselves up to battle because the crisis drags on. 

Read the fat yarn here: 

A ancient restructuring banker warns that a corporate debt binge can lead to a years-long financial nightmare

Protect reading for a inspect at 24 quant vitality avid gamers; WeWork’s new way to possess place; need to-know monetary adviser recruiters; and an interview with Betterment’s president of retail that sheds gentle on how the robo is worked up about the Robinhood carry out. 

Pick up a immense weekend,

Meredith 


What’s next for Carlyle

Kewsong Lee Conversations with professionals who maintain worked with Lee paint a portrait of a dealmaker who’s decisive, energetic, and doesn’t endure fools gladly.

Getty Photos


Kewsong Lee grew to turn into sole CEO of The Carlyle Group final week after two-and-a-half years running the $221 billion private-fairness firm alongside Glenn Youngkin.

Casey Sullivan and Meghan Morris spoke with 20 folks that maintain worked with him, and they painted a image of a switch agent who’s unafraid to danger former thinking. One day of his seven years at Carlyle, he’s already wretchedness down underperforming strategies, revamped pay for some professionals, and constructed up new firms.

Read the fat yarn here:

Meet Kewsong Lee, the non-public-fairness exec who’s now running the designate solo at Carlyle. 20 insiders lay out why the pass indicators a sizable transformation at the firm.


Must-know monetary adviser recruiters

2x1 Recruiters Louis and Mindy Diamond, Jodie Papike, and Jeff Feldman are on our list.

Diamond Consultants; Irascible-Search; Financial Recruitment Partners; Yuqing Liu/Industry Insider


Financial adviser moves within the wealth-administration alternate haven’t slowed at some stage within the pandemic — recruiters and consultants teach or not it is correct the reverse.

“Whenever you stare at the numbers, or not it is if fact be told at some stage in more difficult times that we in discovering basically the most scuttle,” one San Diego, California-based recruiter acknowledged. Rebecca Ungarino rounded up 9 US-based recruiters who’re at the heart of the full action. 

Read the fat yarn here:

These are 9 top recruiters monetary advisors may perchance well mute know lawful now within the occasion that they are taking a inspect to get a pass


Quant vitality avid gamers

most powerful quants in the hedge fund industry list_most powerful quants in hedge fund industry 2x1 From left to lawful: Level72’s Matthew Granade, Two Sigma’s David Siegel, AQR’s Cliff Asness, and DE Shaw’s Eric Wepsic.

Level72; Misha Friedman/Getty Photos; Neilson Barnard/Getty Photos; DE Shaw; Yuqing Liu/Industry Insider


Quants maintain gone from a jam command to a dominant participant: the ideal and most critical hedge funds within the sphere are heavily influenced by, or entirely committed to, pc-stride strategies. 

But a rising neighborhood of consultants had been calling for extra machine-discovering out strategies to be integrated in a pass away from the items that made so many folks winning. And 2020 has not been form to quants, because the volatility precipitated by the pandemic earlier within the one year slammed many systematic funds that may perchance well well not withhold.

Bradley Saacks took a inspect at long-time avid gamers, beneath-the-radar heavy-hitters, and entrepreneurial founders with critical pedigrees who will likely be guiding quant investing into its next section.

Read the fat yarn here:

The 24 quant vitality avid gamers riding the system forward for hedge funds, from nicely-identified billionaire founders to beneath-the-radar files chiefs


Betterment eyes ways to faucet the retail-trading frenzy

Robinhood 4 E-Exchange, TD Ameritrade, Charles Schwab, and Interactive Brokers all reported document ranges of each day trades at some stage within the second quarter.

Hollis Johnson/Industry Insider


In an interview with Rebecca Ungarino and Dan DeFrancesco, Betterment president of retail Mike Reust offered a window into how the robo-adviser is worked up about the sizzling self-directed trading mania.

Betterment just will not be seeking to begin a “Robinhood clone,” Reust acknowledged. But it no doubt is taking a inspect for ways to faucet into the retail trading surge with extra tailored alternatives and examining the “psychology and the human facet of it,” he acknowledged. 

Read the fat yarn here:

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Roboadviser Betterment is taking a inspect for ways into the maintain-it-your self trading voice dominated by Robinhood, like including extra customization for customers


WeWork hires sizable brokers to possess place

FILE PHOTO: A WeWork logo is seen at a WeWork office in San Francisco, California, U.S. September 30, 2019.  REUTERS/Kate Munsch WeWork has employed JLL and CBRE to market pleasing availabilities it has in Recent York City and Los Angeles, respectively.

Reuters


Confronted with pleasing vacancies in its sprawling portfolio of site of enterprise spaces, WeWork has grew to turn into to predominant commercial genuine-estate brokerage firms to assist it possess millions of sq. toes.

As Dan Geiger stories, the pass to rent outdoor firms is a turnabout for the flexible-workspace firm that comes because the pandemic has battered the country’s site of enterprise market and stalled leasing process.

Read the fat yarn here:

WeWork is embracing sizable brokerage firms to assist it possess place it devoured up in NYC and Los Angeles. It be a key pivot for the coworking giant as leasing quiz slows.


On the pass

Cubist, the quant unit of Steve Cohen’s Level72, has employed Denis Dancanet as its new head. Dancanet spent a blended two decades at Morgan Stanley and the quant fund PDT, which he left in 2016. Since then, he based a startup called Jetoptera that hopes to get flying vehicles and turned into once the head of learn at Theorem, a Y Combinator-backed files-science startup infected about the mortgage market


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