The multi-strategy firms, over time, have more and more employee money and less and less

available to investors. People have been giving back capital on that. And I said, this is an opportunity

to create from first principles, a multi-strategy from scratch, which even the market leaders

not necessarily did. They evolved to that over time. They did a great job. But create one from

scratch. The second big trend in the world is the financialization of everything. Everything's becoming a tradable asset. The amount of people that are in the middle of that, whether it's the prop shops, the multi-strategy firms, the banks, there's not that many intermediaries for this thing. So I said, here's an opportunity I have to start one from scratch. I'm still young enough. Obviously,

there's gigantic barriers to entry in this business, but I felt like Millennium was in a great

place, extremely talented people. And so I said, this is a time when I can get off and do it

on my own.

I'm Ted Sides, and this is Capital Allocators.

My guest on today's show is Bobby Jane, the CEO and CIO of Jane Global, a global multi-strategie hedge fund he launched last year that manages about $6 billion with over 350

employees. Bobby's storied Wall Street career includes spending seven years as the co-CIO of

Millennium and 20 at Credit Suisse in a range of leadership roles spanning proprietary trading,

derivatives, and asset management.

Our conversation traces Bobby's path from growing up as the son of immigrants in Queens

to the trading floors of O'Connor and Credit Suisse, all of which shaped his thoughtful,

framework-driven perspectives on markets. We explore the evolution of prop trading and the migration

of risk-taking from banks to hedge funds, proprietary trading firms, and private credit.

We then discussed Bobby's ambitious launch, including the principles guiding its design,

scale and diversification out of the gate, talent strategy, risk management, portfolio

construction, and the many trade-offs that create the different cultures and complexions of

multi-manager hedge funds. We close with Bobby's application of financial innovation to helping

others. Before we get going, capital allocators seems to reach a sufficiently large audience

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