Hedge fund Jain Global hired a new portfolio manager who sounds really perfect for it
Jain Global, the hedge fund founded by Bobby Jain, the former co-chief investment officer at Millennium, has a type. Speaking earlier this month, Jain said he likes to hire "35-year-old killers" who are unappreciated at their current employers and who just need someone in their corner to start performing very well.
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With this possibly in mind, Jain Global's latest portfolio manager hire is someone of circa this age who's been cast adrift by Eisler Capital, the multistrategy hedge fund that reportedly lost 14.3% last year and is winding down.
Writing on LinkedIn, Zhichao Cai, a former quantitative researcher at SquarePoint who joined Eisler in January 2024, said Jain Global has hired him as a portfolio manager, presumably in London.
Jain Global didn't respond to a request to comment.
Cai is a graduate in applied mathematics from the elite French school Ecole Polytechnique in 2016, making him in his early to mid-30s.
Last week Jain Global hired Matt Wolcott, a Houston commodities trader. Wolcot graduated in 2002. He was therefore a child prodigy or is older than Cai. Speaking on the Capital Allocators podcast, Jain said he wants 35-year-old killers plus steady producers, so Wolcott may be in the latter category.
Jain Global returned only 3.7% last year after costs. 2005 was the fund's first full year of trading. Bobby Jain told the podcast he has an ethos of taking the pain upfront and that as the fund scales, profitability is poised to improve.
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