Schonfeld is including extra firepower to its senior ranks because the agency eyes additional growth within the extremely aggressive multi-strategy hedge fund area.
The NY-based hedge fund, which manages about $17 billion, has employed Andrew Philipp, the chief monetary officer of hedge fund big Citadel and its sister buying and selling agency Citadel Securities, as co-president, in line with an inner memo from CEO Ryan Tolkin that was seen by Enterprise Insider.
“Andrew, at present the Chief Monetary Officer of Citadel and Citadel Securities, will play an important management position on the agency as we proceed to scale strategically, partnering carefully with me, our present President Andrew Fishman and different senior leaders, whereas additionally appearing as an envoy to shoppers, main counterparties and expertise,” the memo, despatched to workers Sunday night, reads.
Philipp, 43, is leaving Citadel after 4 years and can begin the brand new position in September 2026. He’ll share duties with Fishman, 66, who’s staying on as co-president, in line with the memo. Fishman joined Schonfeld in 2000 and has been president since 2004.
Representatives for Schonfeld and Citadel declined to remark.
Philipp’s group at Citadel will report back to COO Gerald Beeson within the interim till the agency hires a substitute, in line with an individual aware of the matter. Beeson beforehand served as CFO for 18 years, previous to Philipp’s arrival.
Touchdown one of many hedge fund business’s prime younger executives is a win for Schonfeld and marks the most recent main C-suite rent as Tolkin goals to fortify the agency’s place and higher compete with business heavyweights corresponding to Millennium and Citadel.
This summer time, Schonfeld hired Michael Grad, former head of enterprise improvement at BlueCrest, as its chief funding initiatives officer, and Tracy Backofen, a longtime chief at Goldman Sachs, as international head of human capital administration.
Philipp started his profession as a dealer at Goldman Sachs, the place he spent 16 years, rising to the place of companion and holding titles corresponding to international chief market danger officer and chief danger officer for EMEA. He joined Citadel in 2021.
“His rent is a continuation of our multi-year efforts to boost the depth and breadth of our senior management group, to help the expansion and rising complexity of our enterprise,” Tolkin stated within the memo.
Schonfeld’s speedy ascent earlier within the decade stalled in 2023, when a string of losses and investor outflows pushed the agency to cut back and briefly weigh a possible tie-up with Izzy Englander’s Millennium. Tolkin has lengthy envisioned Schonfeld working in the identical league as Millennium and Ken Griffin’s Citadel.
The agency regained its footing in 2024, delivering a 19.7% acquire in its flagship Companions fund — outpacing many rivals. The fund was up 1.4% for November and 10% year-to-date, whereas its Basic Fairness fund returned 1.7% and 13.6%, respectively, over the identical time durations, in line with an individual aware of the figures.
