$14 Billion Investment Company Schonfeld Opens New Office In Summit

SUMMIT, NJ — Schonfeld Strategic Advisors, a New York City-based hedge fund, recently opened a new office in downtown Summit.

The $14 billion family office-turned-hedge fund opened its Summit office this past September, arguing that the new location provides "further access to the Tri-State area's exceptional talent" and provides more flexibility for its employees.

Harriet Hartman, the director of ASC Advisors —a strategic communications firm representing Schonfeld — told Patch that Schonfeld created a Summit office in order to allow employees to work closer to their families.

"We often heard that our people missed the collaboration and connections of the office, but wanted to also be closer to their families and reduce their daily commute times," Hartman said. "We now are in the office about 60% of the time for most of our people and we allow most of our roles to either be based in any of our NYC area offices or make frequent use at their discretion."

Hartman said many of the people based in Schonfeld's New York City offices are New Jersey, Long Island and Connecticut residents.

"Our Summit office provides us further access to a strong local talent pipeline as we continue to grow our investment and infrastructure teams," Hartman said.

The new office, a 9,000 square-foot facility, is located at 25 Deforest Avenue, and can hold over 50 investment and infrastructure professionals.

When asked if Schonfeld intends to hire Summit residents specifically, Hartman said the company expects that its headcount at the office will "grow meaningfully as the firm continues to grow."

Hartman said the firm actively hiring on the investment and non-investment (infrastructure) sides of the business in the Tri-state area.

She added that there will be a trading floor in the new office, as many investment professionals and traders are based in Summit. Hartman said Schonfeld’s Global Head of Trading and Execution heads the office.

According to its website, Schonfeld is a global multi-manager platform investing capital with Internal and Partner portfolio managers, primarily on an exclusive or semi-exclusive basis, across quantitative, fundamental equity, tactical and discretionary macro and fixed income trading strategies.

Schonfeld is also expanding around the globe and has a total of 19 offices across the U.S., EMEA and Asia Pacific. Most recently, Schonfeld relocated its London office to St. James Street, doubling its size and allowing for greater access to local talent.

In the last year, the firm has added approximately 250 employees, including 20 new investment teams across its strategies, which includes portfolio managers and their supporting investment talent.

Insider recently reported that Schonfeld is building out a new credit unit within its macro trading business. The group will be run by former Anchorage Capital Group trader Andrew Silverman, and its part of the Schonfeld's bigger plans to grow into a multi-manager hedge fund powerhouse, according to Insider.

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