Family office recruiters reveal big hiring push — Fund launch from a Coatue rising star — Visa-Plaid

Happy Saturday,

What a week!

Looking to catch up on the latest US election news? Click here to get the full rundown.

Visa-Plaid deal under fire

The Department of Justice sued Visa this week to block its planned $US5.3 billion acquisition of Plaid — and the fintech world is trying to unpack what this means for the M&A landscape. Here’s everything you need to know:

  • Plaid has been quietly building a new payments tool and Visa wants to buy it to squash competition, antitrust regulators say
  • The DOJ’s antitrust lawsuit could put fintech M&A through a ‘cold shower,’ according to lawyers and fintech execs
  • Execs from Plaid and Yodlee explain how new data-sharing rules will dictate the future of how banks and fintechs work together

Keep reading for a look at a new hedge fund launch from a Coatue rising star; a roundup of big trends in family-office recruiting; and the latest news on how flex-space firms are evaluating options as office demand tanks.

If you’re not yet a newsletter subscriber, you can sign up here to get your daily dose of the stories dominating banking, business, and big deals.

Family offices are snapping up talent from private-equity firms and elite wealth managers

Rich family office

Many banks and asset managers are slowing hiring or laying off employees during the pandemic. Or both. But family offices are outliers.

After pausing searches for brief periods earlier this year, many family offices have resumed hiring for investment roles in recent months, six recruiters said in interviews with Business Insider’s Rebecca Ungarino.

They’re looking to draw in talent from private-equity firms and elite wealth managers — and continuing to form operations that resemble established institutions with sophisticated capabilities.


You can read the full story here.

Consolidation pressure hits the flex-office space — and M&A chatter is heating up

Video conference work from home woman working meeting

Flex-workspace brand Breather has hired bankers at Moelis to help it explore options including a potential sale, Dan Geiger reported. The flexible-workspace industry has struggled as the pandemic made work from home the norm.

“We have been approached by probably five different workspace companies already that are looking to either buy or sell or merge,” Shlomo Silber, co-founder and CEO of flex-workspace provider Bond Collective, told Business Insider.

Read the full story here:


Flex-workspace firm Breather has hired bankers to explore options including a sale, and it’s a sign of a bigger consolidation push as office demand tanks

A Coatue rising star is starting his own hedge fund

Philippe Laffont coatue

As Bradley Saacks reported this week, a rising star from billionaire Philippe Laffont’s Coatue is set to become the latest addition to the extensive Tiger Management family tree.

Peter Zhou, a former senior managing director at Coatue, is launching his own fund, according to several sources with knowledge of the situation. He has at least $US300 million in commitments already, sources say.

Read the full story:


A rising star from billionaire Philippe Laffont’s Coatue is starting his own hedge fund and has at least $US300 million
lined up from investors

Billionaire Ken Griffin’s Citadel just turned 30

Ken Griffin


Billionaire Ken Griffin is celebrating the 30-year anniversary of the launch of Citadel, which he started with two others in 1990 with $US5 million in capital. It now manages $US35 billion, and Griffin also has a separate market-making business, Citadel Securities.

The firm’s 30-year-old flagship Wellington is up 20.1% for the year through October after gaining 1.1% last month. Several segments of the firm had their best-ever starts to the year, including the quantitative strategies unit.

Here’s the full story:


Read the anniversary note Griffin sent staff on going from a 22-year-old ‘entrepreneur’ to running a $US35 billion hedge-fund firm.

Real estate

  • Uber is looking to dump a big chunk of a huge new NYC office it recently signed. It’s an abrupt turnaround for the ride-hailing giant.
  • Salesforce and other companies are making a record number of investments in construction-tech startups. Here’s a rundown of big bets in the red-hot contech space.
  • A construction-tech startup that’s developed a faster way to model a building’s energy efficiency used this 13-page pitch deck to nab $US5.7 million
  • With $US1 billion in recent funding, REEF Technology is poised to transform distressed parking lots into ghost kitchens and logistics hubs

Hedge funds

  • Nick Maounis’ $US2 billion Verition Fund Management is up more than 22% — outperforming other multi-strategy hedge funds like Citadel and Millennium

Fintech

  • A startup that’s embedding digital banking for small businesses into services like Shopify and Fundera used this pitch deck to nab $US12 million