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

Happy Saturday,

What a week! 

Still trying to catch up on US election news? Click here to get the full rundown. We also rounded up internal messaging that top execs sent out to staff over recent days about the election, including notes and voice memos from PwC Chairman Tim Ryan, Goldman Sachs CEO David Solomon, and JPMorgan CEO Jamie Dimon.

Visa-Plaid deal under fire

The Department of Justice sued Visa this week to block its $5.3 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, US 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 including sales and capital raises as office demand tanks. 

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

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

After pausing searches for brief periods earlier this year, many 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, recruiters said, 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

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

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 $300 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 $300 million lined up from investors

Billionaire Ken Griffin's Citadel just turned 30

Ken Griffin, Founder and CEO, Citadel, speaks during the Milken Institute's 22nd annual Global Conference in Beverly Hills, California, U.S., April 30, 2019.Mike Blake/Reuters

Billionaire Ken Griffin is celebrating the 30-year anniversary of the launch of Citadel, which he started with two others in 1990 with $5 million in capital. It now manages $35 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 $35 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 $5.7 million
  • With $1 billion in recent funding, REEF Technology is poised to transform distressed parking lots into ghost kitchens and logistics hubs

Hedge funds

  • Nick Maounis' $2 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 $12 million

Learn more about the financial services industry.

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