What you need to know on Wall Street today

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There’s a ton of investing news today, so let’s jump right in.

Brevan Howard’s flagship fund, run by billionaire Alan Howard, is down for the year as the firm continues to lose money. The Brevan Howard master fund fell 4.61% this year through September, according to a client update seen by Business Insider.

Elsewhere in hedge fund news, Carlson Capital’s Black Diamond Thematic fund has added to its losses this year, and is down 19% after fees this year through September 30, according to a client update seen by Business Insider.

In contrast, about 54% of large-cap mutual-fund managers are beating their benchmarks in 2017, the highest-ever success rate at this time of year, according to Bank of America Merrill Lynch data going back to 2009.

PIMCO is stressing caution to its clients. The $US1.6 trillion asset manager doesn’t see another economic recession happening just yet. But with low market volatility and many economies around the world growing steadily, there’s an open door for complacency to creep in.

We talked to Dennis Ruhl, chief investment officer of the US behavioural finance equity group at JPMorgan, about what keeps him up at night, and one trade that is overhyped. And Bill Schultz, who oversees $US1.2 billion as chief investment officer of McQueen, Ball & Associates, told Business Insider about how to play the ongoing stock market rotation, and how he sees Amazon affecting its competitors.

In Wall Street news, Bloomberg is fighting back against the startup that wants to steal its lucrative Wall Street business, and Deutsche Bank is pulling a Silicon Valley move and unleashing its code onto Wall Street.

The US Senate has confirmed Randall Quarles, a former Wall Street lawyer and Treasury official, to the position of Federal Reserve Vice Chair for Regulation, a post created after the financial crisis to address gaps in bank supervision.

Business Insider on Wednesday published its list of Rising Stars on Wall Street age 35 and under. Here are the rockstar Wall Streeters in trading.

Lastly, a hedge funder once paid nearly $US800,000 in rent to stay at this fashion mogul’s home in the Hamptons — and now you can buy it for $US45 million.

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