Connecticut Hedge Fund Hub

Connecticut Hedge Fund Hub

How Connecticut Has Become a Hub For Hedge Fund Execs

Connecticut has developed a huge concentration of wealth as more and more hedge fund and investment managers have moved to the state. For example, eleven nutmeggers were included in the Forbes list of the 400 wealthiest magazine--all of these Connecticut residents are billionaires. I recently talked about this trend for a recent article in Connecticut Magazine titled "The Billionaire's Club".
“Greenwich has taken on this image of being a hedge-fund hot spot, and that alone has fueled the growth and interest in being located there—for networking and for prestige,” explains Richard Wilson, who heads the Hedge Fund Group and the Certified Hedge Fund Professional (CHP) Designation, an industry certification program.

In a town like this, being named to the Forbes 400—the financial equivalent, perhaps, of receiving an invitation to Truman Capote’s 1966 Black & White Ball or a locker at the Augusta National Golf Club—separates the big-money men from the small-change (read “multimillionaire”) boys.

At the head of the billionaires’ table in Connecticut is Steven A. Cohen, 54, founder of the hedge fund SAC Capital Advisors, and a very serious art collector. Cohen credits playing poker in high school with teaching him the art of risk taking—a skill that’s paid off rather well for him as a hedge-fund manager. His 2010 net worth, according to Forbes, is $7.3 billion, enough to place him No. 32 on the national list (three spots ahead of Facebook founder—or co-co-founder, according to lawsuits and the film Social Network—Mark Zuckerberg, who, at 26 and at last count, is worth an estimated $6.9 billion).  Source

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