3 ms·
> became aware of Wu’s changes because they resulted in higher than expected correlations between some of the firm’s trading models. So you net close to $300m
by anonu 3y ago
> became aware of Wu’s changes because they resulted in higher than expected correlations between some of the firm’s trading models.
So you net close to $300m more for investor funds. But you get dinged because you're effectively siphoning off alpha from the prop trading bucket.
So even though this was better for clients - it was worse for the owners.