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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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Video: First Batch of Epstein Files Provides Few Revelations

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Video: First Batch of Epstein Files Provides Few Revelations

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First Batch of Epstein Files Provides Few Revelations

The Justice Department, under pressure from Congress to comply with a law signed by President Trump, released more than 13,000 files on Friday arising from investigations into Jeffrey Epstein.

Put out the files and stop redacting names that don’t need to be redacted. It’s just — who are we trying to protect? Are we protecting the survivors? Or are we protecting these elite men that need to be put out there?

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The Justice Department, under pressure from Congress to comply with a law signed by President Trump, released more than 13,000 files on Friday arising from investigations into Jeffrey Epstein.

By McKinnon de Kuyper

December 20, 2025

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Apple, Google tell workers on visas to avoid leaving the U.S. amid Trump immigration crackdown

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Apple, Google tell workers on visas to avoid leaving the U.S. amid Trump immigration crackdown

With reported months-long consulate and embassy delays, Google and Apple say employees on H-1B visas should stay put in the U.S. right now to avoid the risk of getting stranded abroad. The latter tech company’s headquarters campus is seen in Mountain View, Calif.

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Apple and Google are warning some U.S-based employees on visas against traveling outside of the country to avoid the risk of getting stuck coming back, as the Trump administration toughens vetting of visa applicants, according to recent internal memos from the tech companies that were reviewed by NPR.

U.S. consulates and embassies have been reporting lengthy, sometimes months-long delays, for visa appointments following new rules from the Department of Homeland Security requiring travelers to undergo a screening of up to five years’ of their social media history — a move criticized by free speech advocates as a privacy invasion.

For Apple and Google, which together employ more than 300,000 employees and rely heavily on highly-skilled foreign workers, the increased vetting and reports of extended delays were enough for the companies to tell some of their staff to stay in the U.S. if they are able to avoid foreign travel.

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“We recommend avoiding international travel at this time as you risk an extended stay outside of the U.S.,” Berry Appleman & Leiden, a law firm that works with Google, wrote to employees.

The law firm Fragomen, which works with Apple, wrote a similar message: “Given the recent updates and the possibility of unpredictable, extended delays when returning to the U.S., we strongly recommend that employees without a valid H-1B visa stamp avoid international travel for now,” the memo read. “If travel cannot be postponed, employees should connect with Apple Immigration and Fragomen in advance to discuss the risks.”

Apple and Google declined to comment on the advisories, which were first reported by Business Insider.

It’s the latest sign of how the Trump administration’s aggressive immigration policies are affecting the foreign-born workforce in the U.S.

Earlier this year, the White House announced that companies will be subjected to a $100,000 fee for all new H-1B visas, a type of visa popular among tech companies eager to hire highly skilled workers from abroad.

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H-1Bs typically last three years, and applicants have to return to an embassy or consulate in their home country for a renewal, but reports suggest such a routine trip could lead to people being stranded for months as a result of the Trump administration’s new policies.

On Friday, The Washington Post reported that hundreds of visa holders who traveled to India to renew their H-1Bs had their appointments postponed with the State Department explaining that officials needed more time to ensure that no applicants “pose a threat to U.S. national security or public safety.”

At Google, the Alphabet Workers’ Union has been campaigning for additional protections for workers on H-1B visas. Those workers would be particularly vulnerable in the event Google carried out layoffs, since losing employer sponsorship could jeopardize their legal status, said Google software engineer Parul Koul, who leads the union.

The need to support H-1B holders at Google, she said, has “only become more urgent with all the scrutiny and heightened vetting by the Trump administration around the H1B program, and how the administration is coming for all other types of immigrant workers.”

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U.S. launches strikes in Syria targeting Islamic State fighters after American deaths

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U.S. launches strikes in Syria targeting Islamic State fighters after American deaths

President Donald Trump and Defense Secretary Pete Hegseth salute as carry teams move the transfer cases with the remains of Iowa National Guard soldiers Sgt. William Nathaniel Howard, 29, of Marshalltown, Iowa, and Sgt. Edgar Brian Torres-Tovar, 25, of Des Moines, Iowa, and civilian interpreter Ayad Mansoor Sakat, who were killed in an attack in Syria, during a casualty return, Wednesday, Dec. 17, 2025 at Dover Air Force Base, Del.

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WASHINGTON — The Trump administration launched military strikes Friday in Syria to “eliminate” Islamic State group fighters and weapons sites in retaliation for an ambush attack that killed two U.S. troops and an American civilian interpreter almost a week ago.

A U.S. official described it as “a large-scale” strike that hit 70 targets in areas across central Syria that had IS infrastructure and weapons. Another U.S. official, who also spoke on condition of anonymity to discuss sensitive operations, said more strikes should be expected.

“This is not the beginning of a war — it is a declaration of vengeance. The United States of America, under President Trump’s leadership, will never hesitate and never relent to defend our people,” Defense Secretary Pete Hegseth said on social media.

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The new military operation in Syria comes even as the Trump administration has said it’s looking to focus closer to home in the Western Hemisphere, building up an armada in the Caribbean Sea as it targets alleged drug-smuggling boats and vowing to keep seizing sanctioned oil tankers as part of a pressure campaign on Venezuela’s leader. The U.S. has shifted significant resources away from the Middle East to further those goals: Its most advanced aircraft carrier arrived in South American waters last month from the Mediterranean Sea.

Trump vowed retaliation

President Donald Trump pledged “very serious retaliation” after the shooting in the Syrian desert, for which he blamed IS. Those killed were among hundreds of U.S. troops deployed in eastern Syria as part of a coalition fighting the militant group.

During a speech in North Carolina on Friday evening, the president hailed the operation as a “massive strike” that took out the “ISIS thugs in Syria who were trying to regroup.”

Earlier, in his social media post, he reiterated his backing for Syrian President Ahmad al-Sharaa, who Trump said was “fully in support” of the U.S. effort.

Trump also offered an all-caps threat, warning IS against attacking American personnel again.

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“All terrorists who are evil enough to attack Americans are hereby warned — YOU WILL BE HIT HARDER THAN YOU HAVE EVER BEEN HIT BEFORE IF YOU, IN ANY WAY, ATTACK OR THREATEN THE U.S.A.,” the president added.

The attack was conducted using F-15 Eagle jets, A-10 Thunderbolt ground attack aircraft and AH-64 Apache helicopters, the U.S. officials said. F-16 fighter jets from Jordan and HIMARS rocket artillery also were used, one official added.

U.S. Central Command, which oversees the region, said in a social media post that American jets, helicopters and artillery employed more than 100 precision munitions on Syrian targets.

How Syria has responded

The attack was a major test for the warming ties between the United States and Syria since the ouster of autocratic leader Bashar Assad a year ago. Trump has stressed that Syria was fighting alongside U.S. troops and said al-Sharaa was “extremely angry and disturbed by this attack,” which came as the U.S. military is expanding its cooperation with Syrian security forces.

Syria’s foreign ministry in a statement on X following the launch of U.S. strikes said that last week’s attack “underscores the urgent necessity of strengthening international cooperation to combat terrorism in all its forms” and that Syria is committed “to fighting ISIS and ensuring that it has no safe havens on Syrian territory and will continue to intensify military operations against it wherever it poses a threat.”

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Syrian state television reported that the U.S. strikes hit targets in rural areas of Deir ez-Zor and Raqqa provinces and in the Jabal al-Amour area near the historic city of Palmyra. It said they targeted “weapons storage sites and headquarters used by ISIS as launching points for its operations in the region.”

IS has not said it carried out the attack on the U.S. service members, but the group has claimed responsibility for two attacks on Syrian security forces since, one of which killed four Syrian soldiers in Idlib province. The group in its statements described al-Sharaa’s government and army as “apostates.” While al-Sharaa once led a group affiliated with al-Qaida, he has had a long-running enmity with IS.

The Americans who were killed

Trump this week met privately with the families of the slain Americans at Dover Air Force Base in Delaware before he joined top military officials and other dignitaries on the tarmac for the dignified transfer, a solemn and largely silent ritual honoring U.S. service members killed in action.

The guardsmen killed in Syria last Saturday were Sgt. Edgar Brian Torres-Tovar, 25, of Des Moines, and Sgt. William Nathaniel Howard, 29, of Marshalltown. Ayad Mansoor Sakat, of Macomb, Michigan, a U.S. civilian working as an interpreter, also was killed.

The shooting near Palmyra also wounded three other U.S. troops as well as members of Syria’s security forces, and the gunman was killed. The assailant had joined Syria’s internal security forces as a base security guard two months ago and recently was reassigned because of suspicions that he might be affiliated with IS, Interior Ministry spokesperson Nour al-Din al-Baba has said.

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The man stormed a meeting between U.S. and Syrian security officials who were having lunch together and opened fire after clashing with Syrian guards.

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