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Citadel and Millennium outpace smaller hedge fund rivals

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Citadel and Millennium outpace smaller hedge fund rivals

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Big-name managers such as Citadel and Millennium outpaced rivals in the world’s hottest hedge fund strategy last year, illustrating how an arms race for talent and technology is taking a toll on smaller players in the sector.

Ken Griffin’s Citadel gained 15.3 per cent in its flagship Wellington fund in 2023, according to people familiar with the numbers. It told clients in December that it planned to return $7bn in profits to investors and said it would start 2024 with $58bn in assets.

Izzy Englander’s New York-based Millennium, which runs $61.4bn, gained 10 per cent last year, while Steve Cohen’s Point72 Asset Management, which has $31.4bn in assets, was up 10.6 per cent, investors said.

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The three firms are among the oldest and best-resourced players in the fast-growing multi-manager sector. All three groups declined to comment.

The gains came as money managers had to contend with a regional banking crisis in the US and a large sell-off in the bond market for much of last year as global interest rates moved higher. The S&P 500 index rose 24.2 per cent in 2023 in comparison.

Citadel’s and Millennium’s gains were lower than in 2022, when Citadel’s main fund gained 38.1 per cent and the firm made a record $16bn in profits, establishing it as the most successful hedge fund manager of all time. Millennium was up 12 per cent while the S&P 500 fell 19.4 per cent.

Multi-manager hedge funds typically allocate capital across tens or hundreds of trading teams that operate a variety of different strategies, and are overseen by a centralised risk management system designed to help prevent big losses. They seek to make money regardless of overall market performance and have been popular with investors in recent years due to their strong risk-adjusted returns.

Rather than the traditional “2 and 20” fees — where managers charge a 2 per cent management fee and 20 per cent of gains — multi-manager platforms are distinctive for their pass-through expenses model.

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Instead of an annual management fee, the manager passes all costs to its end investors, covering costs such as office rents, technology and data, salaries, bonuses and client entertainment. These costs should, in theory, be offset by the resulting performance improvements.

But performance last year by some of the smaller players illustrates how some firms are struggling to deliver as spending on technology and talent has eaten into returns.

Schonfeld Strategic Advisors’ main fund gained 3 per cent last year, according to investors, while Dmitry Balyasny’s hedge fund Balyasny Asset Management ended the year up 2.7 per cent in its Atlas Enhanced fund, according to people familiar with the firms. Balyasny runs $21bn in assets and Schonfeld has $10bn.

The pair were among the main beneficiaries of billions of dollars of inflows in recent years when investors clamoured to get into multi-manager hedge funds and the likes of Citadel and Millennium were closed to new money. Fuelled by the pass-through model, Balyasny and Schonfeld hired aggressively, increasing their cost base.

However, with rate rises having lifted the risk-free return available to investors, funds are facing greater pressure to perform. Within the multi-manager sector, investors anticipate that some players with disappointing numbers could be forced to lay off traders, cut costs or potentially team up.

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The Financial Times reported in October that Schonfeld was in partnership talks with Millennium that would have seen Englander’s hedge fund put billions of dollars to work with its smaller rival.

But the plan fell through after investors said they would give Schonfeld another $3bn, shoring up its position. The firm said in November that it would cut 15 per cent of its workforce in a cost-cutting drive.

Among other multi-manager funds, Eisler Capital, which has $4bn in assets, gained 9.8 per cent last year, according to a person familiar with the matter. Another newer entrant to the multi-manager space, ExodusPoint, was up 7.3 per cent, according to people who had seen the numbers.

Bloomberg first reported Citadel’s and Millennium’s performance.

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U.S. and Iran agree to 2-week ceasefire

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U.S. and Iran agree to 2-week ceasefire

Iranians react after a ceasefire announcement at the Enqelab square, in Tehran, on April 8 2026.

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The U.S. and Iran reached a ceasefire deal on Tuesday, less than two hours before the deadline President Trump imposed for Iran to meet his demands or else face wide-scale destruction.

As part of the agreement, set to take effect immediately, Trump said the U.S. and Israel would suspend bombing Iran for two weeks, subject to Iran following through on its commitment to reopen the Strait of Hormuz for safe passage during the ceasefire period, a strategic waterway through which about 20% of the world’s oil supplies passes.

Oil prices plunged and stocks surged at the announcement of a pause in fighting, with Brent crude oil dropping to $94.74, or by over 13 %.

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In the early hours of the ceasefire, Israel disputed that the deal included a pause of its attacks on Iran-backed Hezbollah in Lebanon.

The negotiations — facilitated by Pakistan — mark a breathtaking comedown from Trump’s pledge made early Tuesday that a “whole civilization will die tonight, never to be brought back again” if a deal could not be reached by 8 p.m. ET to open the strait.

In announcing the deal, Trump wrote on his social media platform: “This will be a double sided CEASEFIRE! The reason for doing so is that we have already met and exceeded all Military objectives, and are very far along with a definitive Agreement concerning Longterm PEACE with Iran, and PEACE in the Middle East.”

Trump added that Iran has proposed a “workable” 10-point peace plan that includes what he described as “points of past contention,” which “have been agreed to between the United States and Iran.” The extra time, he said, will allow the agreement to be finalized.

Protesters in opposition to the war with Iran gather outside of Lafayette Park across from the White House on April 7, 2026 in Washington, DC.

Protesters in opposition to the war with Iran gather outside of Lafayette Park across from the White House on April 7, 2026 in Washington, DC.

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Iran’s plan, as published by the Iranian Mehr news agency, consists of a set of conditions that Iran claims the U.S. administration has accepted. They include Iran’s control over the Strait of Hormuz, acceptance of its nuclear enrichment, the withdrawal of all U.S. combat forces from the region, the lifting of all sanctions and U.N. resolutions against Iran, compensation of damages to Iran as well as cessation of war in all fronts, including in Lebanon.

NPR is working to independently verify if the plan provided to the U.S. administration is the same as the one published by Iranian state-controlled media.

The Iranian proposal was delivered to the United States via Pakistan.

Pakistan Prime Minister Shehbaz Sharif, who has been acting as an intermediary between Tehran and Washington, said the ceasefire will take effect immediately, and includes “Lebanon and elsewhere.” The prime minister will remain at the forefront of negotiations in the coming week. He has invited delegations from the U.S. and Iran to “settle all disputes” in continued diplomatic talks in Islamabad on Friday.

A vendor displays morning newspapers at his roadside stall in Islamabad on April 8, 2026. Pakistan's Prime Minister Shehbaz Sharif said on April 8 that the United States, Iran and their allies had agreed to a ceasefire "everywhere", including Lebanon, following mediation by his government to stop weeks of fighting.

A vendor displays morning newspapers at his roadside stall in Islamabad on April 8, 2026. Pakistan’s Prime Minister Shehbaz Sharif said on April 8 that the United States, Iran and their allies had agreed to a ceasefire “everywhere”, including Lebanon, following mediation by his government to stop weeks of fighting.

Aamir Qureshi/AFP via Getty Images

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Here are more updates from the region today:

Iran reaction | Dispute over Hezbollah | Shelly Kittleson freed

Iranian leaders hail ceasefire as victory

Iranian leaders are also touting the ceasefire as a victory, noting that the “criminal U.S.” has agreed to “the general framework” of Iran’s 10-point proposal.

“Good news to the dear nation of Iran! Nearly all the objectives of the war have been achieved,” the Supreme National Security Council said in a statement.

Iran officials warned that any deviation from the agreement could lead to future violence.

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“Our hands are on the trigger, and the moment the enemy makes the slightest mistake, it will be met with full force,” the Supreme National Security Council said.

Iran’s foreign minister, Seyed Abbas Araghchi, thanked Pakistan Prime Minister Sharif for his role in the negotiations.

“If attacks against Iran are halted our Powerful Armed Forces will cease their defensive operations,” Araghchi said in a statement. He added: “For a period of two weeks, safe passage through the Strait of Hormuz will be possible via coordination with Iran’s Armed Forces and with due consideration of technical limitations.”

Israel disputes ceasefire over Hezbollah in Lebanon

Just hours after the pause in violence was announced there appeared to be disagreement over who would be granted a reprieve from the strikes.

Israeli Prime Minister Benjamin Netanyahu’s office said in a statement Wednesday morning that it supports Trump’s decision to suspend strikes against Iran for two weeks, but that the ceasefire doesn’t include Lebanon, despite Pakistan’s prime minister saying otherwise.

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It’s unclear where negotiations stand regarding Iran’s position that it can continue its enrichment of uranium. In his statement, Netanyahu said Israel “supports U.S. efforts to ensure Iran no longer poses a nuclear or missile threat.

“Both parties have displayed remarkable wisdom and understanding and have remained constructively engaged in furthering the cause of peace and stability,” Sharif wrote in a post on X, and expressed optimism that the Islamabad talks would result in sustainable peace.

A man flashes the V-sign while driving a vehicle loaded with belongings through the al-Qassimyah area en route to southern Lebanon early on April 8, 2026, after the United States and Iran agreed to a two-week ceasefire. Israel renewed its strikes on southern Lebanon on April 8, state media reported, as the Israeli prime minister insisted the Iran war truce does not include Lebanon.

A man flashes the V-sign while driving a vehicle loaded with belongings through the al-Qassimyah area en route to southern Lebanon early on April 8, 2026, after the United States and Iran agreed to a two-week ceasefire. Israel renewed its strikes on southern Lebanon on April 8, state media reported, as the Israeli prime minister insisted the Iran war truce does not include Lebanon.

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Prior to the ceasefire agreement, Trump had threatened to destroy bridges, power plants and water treatment facilities; moves that would have imperiled the entire population of Iran.

His comments drew a rebuke from Pope Leo XIV, who called Trump’s threat to destroy Iran “truly unacceptable.”

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He called on people to contact their political leaders and congressional representatives to press for dialogue.

“We have a worldwide economic crisis, an energy crisis, situation in the Middle East of great instability, which is only provoking more hatred throughout the world,” he said.

“Come back to the table – let’s talk, let’s look for solutions in a peaceful way,” he added.

Wide-scale destruction of infrastructure, without any distinction between civilian and military targets, would be considered a war crime under international and U.S. law, legal experts tell NPR.

American journalist Kittleson is freed

Freelance journalist Shelly Kittleson has been released a week after she was kidnapped by Kataib Hezbollah, the Iranian-backed Iraqi militant group.

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“We are relieved that this American is now free and are working to support her safe departure from Iraq,” Secretary of State Marco Rubio wrote in a statement on X on Tuesday evening.

Kittleson, 49, has spent over a decade covering the Middle East, according to Columbia Journalism Review. She was captured by the militia group on March 31, in broad daylight on a Baghdad street corner. Her release was a multi-agency effort, according to Rubio.

U.S. journalist Shelly Kittleson poses for a cellphone photo in a cafe in Baghdad, Iraq, March 30.

U.S. journalist Shelly Kittleson poses for a cellphone photo in a cafe in Baghdad, Iraq, March 30.

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“The U.S. Department of State extends its appreciation to the Federal Bureau of Investigation, the Department of War, U.S. personnel across multiple agencies, and the Iraqi Supreme Judicial Council and our Iraqi partners, for their assistance in securing her release,” Rubio said.

He added: “Under President Trump, the wrongful detention or kidnapping of U.S. nationals will not be tolerated. We will continue to use every tool to bring Americans home and to hold accountable those responsible.”

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Kataib Hezbollah, one of Iraq’s most powerful Shia paramilitaries, announced earlier on Tuesday that it was releasing Kittleson in appreciation of “the patriotic positions” of Iraq’s prime minister, who helped negotiate her release. It said she had to leave the country immediately.

The group in Iraq is not related to the Lebanese militant group Hezbollah. It’s part of a coalition of Iran-backed militias that have been attacking U.S. military and government targets in Iraq. The U.S. and Israel have launched airstrikes in response.

When Kittleson was kidnapped last week, the U.S. State Department said it had warned her of threats against her beforehand, and that it was working with the FBI to secure her release. The U.S. Embassy in Baghdad has said all American citizens should leave Iraq because of attacks.

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Acting AG says ‘Nobody has any idea why’ Pam Bondi was fired except for Trump | CNN Politics

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Acting AG says ‘Nobody has any idea why’ Pam Bondi was fired except for Trump | CNN Politics


Washington, DC — 

During his first news conference Tuesday, acting Attorney General Todd Blanche showcased his loyalty to President Donald Trump while declining to answer specific questions about the war with Iran, why Attorney General Pam Bondi was fired or other investigations into the president’s enemies.

“I love working for President Trump. It’s the greatest honor of a lifetime,” Blanche said when asked whether he wanted to be nominated as the full-time attorney general. “If he chooses to nominate somebody else and asks me to go do something else, I will say: ‘Thank you very much, I love you, sir.’”

When asked why Bondi was fired and how the DOJ will change, Blanche was dismissive.

“I’m going to lead the way that I’ve been leading as the deputy attorney general,” said Blanche, a former Trump defense attorney.

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“Nobody has any idea why the attorney general is no longer the attorney general and I’m the acting attorney general except for President Trump,” Blanche added.

Beyond her failure to successfully bring cases against Trump’s personal and political enemies, Bondi’s standing was harmed her drastic and self-inflicted stumbles in handling the investigation into Jeffrey Epstein.

When asked about Bondi’s outstanding House Oversight Committee subpoena over the botched handling of the Epstein investigation, Blanche said he would said he would leave the matter “to Chairman (James) Comer and others to figure out.”

Blanche said he didn’t know whether the Justice Department would assert privilege in the matter in an effort to stop the subpoena.

“I’m not committing to anything,” he said. “I’m just saying I don’t know.”

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Backs the White House and Pentagon on Iran

Blanche, in a news conference meant to focus on efforts to investigate and prosecute fraud in the US, decline to answer a question on the Justice Department’s position on preemptivearguments that Trump might be committing war crimes if he follows through with, as he said Tuesday, killing “a whole civilization” Tuesday night in Iran, barring a deal.

The interim DOJ head said the Justice Department supports the White House and Department of Defense and provides “counsel to them, and we have been doing that, as you would expect.”

CNN also pressed Blanche on what, if any, investigative steps have been taken after Trump threatened to jail an unspecified reporter as part of a hunt for the “leaker” behind initial reports Friday of the missing Air Force officers in Iran.

Two officers went missing after their US fighter jet was downed in Iran. Both have since been rescued.

While first saying he wouldn’t comment on ongoing investigations, Blanche noted that “we will always investigate” leaks involving classified information, especially those that put US soldiers at risk.

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“And we will investigate if it means sending a subpoena to the reporter,” Blanche said. “That’s exactly what we should do, and that’s exactly what we will be doing.”

CNN’s Devan Cole contributed to this report.

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Michigan muscles its way to program’s 2nd NCAA basketball title, beating UConn

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Michigan muscles its way to program’s 2nd NCAA basketball title, beating UConn

Michigan celebrates after defeating UConn in the NCAA college basketball tournament national championship game at the Final Four, Monday, April 6, 2026, in Indianapolis.

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INDIANAPOLIS — High-scoring Michigan had to get down and dirty to dig out the national title Monday, making only two 3-pointers all night but still muscling its way to a 69-63 victory over stingy, stubborn UConn.

Elliot Cadeau led the Wolverines with 19 points, including the team’s first 3, which came 7:04 into the second half. The second, from freshman Trey McKenney, came with 1:50 left and felt like a dagger, giving the coach Dusty May’s team full of transfers a nine-point lead.

To no one’s surprise, UConn fought to the finish. Solo Ball banked in a 3 to cut it to four with 37 seconds left — and after two missed free throws, UConn’s Alex Karaban (17 points) barely grazed the rim on a 3 that would’ve cut the deficit to one with 17 seconds left.

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Michigan also got outrebounded 22-12 on the offensive glass by a UConn team that would not go away. Not until McKenney sank two free throws to bring Michigan’s shooting from the line to 25 for 28 for the night could the Wolverines (37-3) kick off the celebration for the program’s second title — the other coming in 1989.

But this game had a 1950s feel to it.

“If you’d told me we would shoot it this poorly and (be) dominated on the glass and still find a way to win, I don’t know if I would have believed you,” May said. “This team just found a way all season.”

Michigan's Trey McKenney, left, and Elliot Cadeau celebrate during the second half of the NCAA college basketball tournament national championship game against UConn at the Final Four, Monday, April 6, 2026, in Indianapolis.

Michigan’s Trey McKenney, left, and Elliot Cadeau celebrate during the second half of the NCAA college basketball tournament national championship game against UConn at the Final Four, Monday, April 6, 2026, in Indianapolis.

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Michigan had to fight for everything. The Wolverines missed their first 11 shots from 3, finished 2 for 15 from there and won despite the struggles of their best player, Yaxel Lendeborg. Ailing with a hurt knee and foot that kept him from elevating, the graduate transfer from UAB finished with 13 points on 4-of-13 shooting.

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Truth be told, it wasn’t anyone’s prettiest night.

UConn’s hopes at becoming the first team since John Wooden’s UCLA dynasty to win three titles in four seasons came up short, done in by massive foul trouble and its own terrible shooting.

Coach Dan Hurley’s team shot 30.9% from the floor and missed its first 11 shots from 3 in the second half.

Braylon Mullins, the hero of the Duke win that put UConn in the Final Four, finished 4 of 17, though he made a pair of late 3s that kept the game in reach.

UConn (35-5) covered the 6 1/2-point spread, and Hurley kept his players out on the court to watch the podium get set up for the presentation of a trophy heading not to Storrs, but Ann Arbor.

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Members of Michigan celebrate after defeating UConn in the NCAA college basketball tournament national championship game at the Final Four, Monday, April 6, 2026, in Indianapolis.

Members of Michigan celebrate after defeating UConn in the NCAA college basketball tournament national championship game at the Final Four, Monday, April 6, 2026, in Indianapolis.

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About the only consolation: The Huskies clogged things up, slowed things down and made Michigan beat them at their game.

The Wolverines came in as the first team to crack 90 points in five straight high-flying tournament blowouts. They didn’t hit 70 in this one but, in almost every way, it was the prettiest of them all — the one that gives them what even Michigan’s most famous teams, the Fab Five, couldn’t manage — namely, a natty.

Style points aside, this was a championship built from outside — the best team money could buy.

All five Wolverines starters played college ball elsewhere, and all but Nimari Burnett came to Ann Arbor this season. That’s the product of the transfer portal that May has shown no reluctance to use. His ability to form a makeshift group into a winner is still the value of a coach and a culture.

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“They might be still calling us mercenaries but we’re the hardest-working team,” Lendenborg said. “We’re the best in college basketball and we’ll be one of the greatest ever.”

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