This post originally appeared in the Insider Today newsletter. You can sign up for Business Insider's daily newsletter here . Hello! Vice President Kamala Harris has secured the support of enough Democratic delegates to become the party's nominee for president .
Harris said she was looking forward to formally accepting the nomination at the Democratic Party Convention next month. But for now, we're examining how the hedge fund superstar has gone extinct . What's on deck: Markets: What Wall Street is expecting ahead of Tesla's earnings .
Tech: Google u-turns on its plans to kill the third-party cookie . Business: Duolingo's trick for teaching you a language? Being mean . But first, the stars aren't shining as bright anymore.
If this was forwarded to you, sign up here. So long, superstar Where have all the hedge fund superstars gone? An industry built on big names drawing even bigger money has faced a marked shift. The days of investors trusting a star hedge-fund manager with their cash are in the rearview mirror, writes Business Insider's Linette Lopez.
In years past, even rubbing shoulders with a legendary hedge fund manager was enough for aspiring fund managers to raise capital. The late Julian Robertson and his empire of so-called "Tiger Cubs" prove that. But, unlike years ago, hedge funds are no longer the only game in town for institutions or the ultra-wealthy looking to park their cash somewhere.
Venture capital, private credit, and private equity have grown considerably over the past decade. Meanwhile, the hedge fund industry has also evolved. The number of quantitative funds, where the stars are the models rather than an individual's mind, has grown.
And the big names that remain in the industry are starting to resemble Wall Street banks in their size and complexity. Ken Griffin's Citadel and Izzy Englander's Millennium Management have filled their ranks with Goldman Sachs alumni to help oversee their ever-growing operations . Megafunds like Citadel and Millennium sucking up all the oxygen are also making it harder for new funds to raise money.
Bobby Jain had two decades of experience at Credit Suisse and was the co-chief investment officer of Millennium when he decided to set up his own shop. His fund, Jain Global, went live this month with a reported $5.3 billion in assets.
As eye-popping as that number is, it's well short of his initial target of $8 billion to $10 billion. Jain's high hopes were motivated by being the largest hedge fund launch in history, a title held by ExodusPoint, which launched with more than $8 billion in capital. But ExodusPoint, which also counts two Millennium alums as its cofounders, has had its own struggles in recent years .
But as the old saying goes, it's always darkest before dawn. All Wall Street needs is a couple of breakout stars to flip the script, and the potential is out there. Aaron Weiner, a 31-year-old from Coatue, got a multibillion-dollar check from Millennium for his to-be-launched hedge fund .
And Jonathan Xiong's Arrowpoint Investment Partners launched with $1 billion thanks to backing from Blackstone and Canada's largest pension fund. 3 things in markets 3 things in tech 3 things in business In other news Joe Biden's bombshell revives Elon Musk's ambitions to make X the world's digital town square . Secret Service director admits Trump shooting was agency's 'most significant failure' in decades .
The appeal of being an influencer is so strong that half of US adults would quit their jobs if they could make a living from social media . 'Botshit' is an example of how AI is making customer service worse . The race is already on to be Kamala Harris' VP .
Mark Zuckerberg posted this pic in February. Someone just spotted an interesting object in the background . The cofounder of MoviePass is raising $20 million from Amazon and Alphabet for a longevity-focused venture studio .
I'm a tech startup founder. We weed out job applications written with ChatGPT by hiding a prompt just for AI in our listings . The one thing Kamala Harris must not do is embrace the memes .
Twitter's not back. But it's not going anywhere, either. Ask Ezra Klein .
What's happening today Tesla, Alphabet, Capital One, Visa, Coca-Cola, General Motors, and other companies are reporting. The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Jordan Parker Erb, editor, in New York.
Hallam Bullock, senior editor, in London. Annie Smith, associate producer, in London. Amanda Yen, fellow, in New York.
.
