His office is situated in an expensive part of town, Park Avenue and his usual business attire is a hoodie and white sneakers.
His father was a fabric manufacturer.
Steve Schonfeld founded a proprietary trading firm on New York’s Long Island, Schonfeld Group, in 1988. He fronted cash to teams that rapidly traded stocks and futures.
By 2001 Steve Schonfeld employed 1,100 traders. But in recent years his firm morphed into a family office that resembled a classic multi-manager investment operation.
Schonfeld’s returns were strong in 2015 and the firm is now taking outside client money for the first time ever.
Steve Schonfeld is an elite trader. He has amassed a billion-dollar fortune by seizing on short-term market moves.
Steve Schonfeld has developed trading strategies and mentored traders . See billionaire interview wealth trading finance.
When Schonfeld was asked what would be his dream job he replied, “this is my dream job”
This is my dream job – Steve Schonfeld
(when asked what his dream job would be)
Steve Schonfeld pursues different strategies ranging from quantitative to fundamental analysis.
Schonfeld’s main long-short strategies — quantitative and fundamental equity — have raced ahead. The strategies gained an annual average of 31 percent in the three years through 2016, according to an investor document seen by Bloomberg.
The hedge fund is guarded about its assets under management. The firm only reports long and short positions including leverage, which it says comes to $17.5 billion in gross market exposure. That’s more than double the $7 billion the hedge fund had when it first opened to outside money in January 2016. Managers use eight times leverage.
It allows me to spend more time with my daughter, more time playing golf and cards with the guys and, more importantly, affords me the ability to never stress about money – Steve Schonfeld (on being a Billionaire)
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Dan Loeb targets Sony. Dan Loeb is an activist investor and founder of Third Point, which oversees about $14.5 billion in assets.
Last year the activist investor viewed Campbell soup as a bargain when Third point reported that the soup maker could fetch a takeover value of $52 to $58 per share.
A year later and the activist investor Dan Loeb targets Sony
Dan Loeb's activist hedge fund Third Point is raising an investment vehicle to generate between $500 million and $1 billion so it can continue to buy Sony shares, according to a recent report in Reuters.