Magnetar Capital CEO and founder Alec Litowitz received the outstanding industry contribution award at last night’s HFM US Hedge Fund Performance Awards 2018.
Held at Cipriani 42nd Street in New York with nearly 500 guests in attendance, the awards, hosted by Saturday Night Live’s Alex Moffat, recognised the top achieving US hedge funds.
Over the past 13 years Magnetar has grown to nearly $14bn in assets, investing across credit and equity, and has made a significant push into quant strategies in recent years alongside its fixed income and energy franchises.
The firm’s flagship fund has reported only two down years since inception. These are also the only two down years Litowitz has had in a nearly 25-year career of managing money, including as one of the early partners at Ken Griffin’s Citadel, where was its global head of equities.
Receiving his award from HFMWeek editor Matt Smith, Litowitz recounted his upbringing in an academic family, his lifelong passion for learning and a curiosity about how things works.
He spoke of his firm’s cultivation of certain key qualities as part its success: a beginners’ mind, self-awareness, intuition, and an acceptance of failure.
Litowitz also highlighted his firm’s strong commitment to improving the quality of life of communities around the Chicago area where it based, through the various initiative of its foundation, including an innovative programme to expand financial literacy in high schools, which has now helped more than 17,000 students.
Litowitz focuses his efforts on levelling the playing field – working across a number of charities that seek to create equal opportunity regardless of race, religion, gender or physical disability.
“Unfortunately, a lot of people in the world don’t have the same privilege of opportunity and knowledge as we have in this room,” he said. “Talent may be widely dispersed, but opportunity and knowledge are not.”
Among the other big winners last night, New York-based quant pioneer DE Shaw was named management firm of the year.
Citadel picked up three gongs, for best global equity fund over $1bn, best macro fund over $1bn and best macro long-term performance.
Quest Partner’s AlphaQuest Original Program won two awards in the managed futures categories.
The HFM US Performance Awards were for the first time held in conjunction with the HFM InvestHedge Awards, which celebrate the best performing FoHFs globally.
Congratulations to all the winners, and thank you to our sponsors.