Many über-rich people don't outsource their wealth — they hire their own chief investment officers. These money managers fly under the radar, but their investment decisions range from buying sports teams to picking hedge funds.
Insider's Hayley Cuccinello got to know 10 CIOs who control the vast personal fortunes of some of the $4.
And there's one more person I'd like you to get to know — our $4
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1. Some of the sharpest minds left Wall Street's biggest banks to manage billionaires' money. They leave the fame and notoriety for their big-name bosses, but their investment decisions $4.
Take Jordan Stein, a 39-year-old former Citi banker. He is in charge of investing Marian Ilitch and her late husband Mike's money, which swelled after they founded Little Caesars Pizza in 1959. The Detroit-headquartered pizza chain has helped the family build an estimated $4.3 billion empire that now includes the Detroit Tigers baseball team and the MotorCity Casino Hotel.
The stadium that hosts my beloved Detroit Pistons basketball team is also named Little Caesars Arena.
Stein did not even know Little Caesars still existed when he was first approached for the job. But six years later, Stein has helped build a family office from scratch for one of the most prosperous families in the US.
Chief investment officers like Stein are part of an $4 who have helped rich families build their treasure chests.
Many got their start on Wall Street, but some come from a hodge-podge of different industries.
Here are 10 investment officers at the $4.
In other news:
2. Wall Street just kicked off an annual Hunger Games-style recruiting ritual for junior talent. The process has bankers interviewing past midnight for jobs that $4.
3. Some hedge funds killed it off the back of a strong dollar and spike in commodity prices. Here is what Quest Partners, Rosetta Analytics, and Dunn Capital Management $4.
4. Lawyers said they rarely reach out for help for fear of professional repercussions. Seven therapists and lawyers offered some keys to navigating the stress of $4.
5. A fired Merrill Lynch financial advisor paid $7,500 to an employee at a smoothie store. The payment was made after a video showed the former Merrill employee throwing a drink at the woman and $4
6. Cash App has expanded to retailers outside of Square's network as the company pushes toward "superapp" status. Shoppers can now use their Cash App balance to make $4.
7. Jefferies has told its staff to come back to the office on a consistent basis, according to Bloomberg. The request comes as the bank looks to work through its $4.
8. Fort Wayne, Indiana, was named the city with the lowest cost of living for 2022. Here are the 25 cities with the lowest cost of $4.
9. It could be time to buy your vacation home in Italy. A strong US dollar is pushing Americans to snap up $4.
10. And here's our Friday Banker of the Week. Meet Joshua Pang, a managing director at Carlyle who leads the investment firm's digital-infrastructure business.
Pang just wrapped up a $1 billion partnership with Tillman to support investments in US towers for telecommunications infrastructure. It comes after Pang worked on Carlyle's acquisition of data-center operator Involta.
Private-equity firms have piled more than $40 billion into deals for data centers this year, a record annual amount, according to PitchBook data.
Check out the $4.
A deal and a hire:
- KKR has acquired industrial real-estate property 101 at Van Buren for approximately $90 million. The asset consists of two buildings in Phoenix, Arizona. KKR purchased the properties from a real-estate fund advised by Crow Holdings Capital and Seefried Industrial Properties.
- Andrea Serra has joined alternative asset manager ICG as its head of Europe for the firm's strategic-equity business, which focuses on GP-led secondary transactions. London-based Serra joins from Blackstone where he most recently worked as a managing director in its tactical opportunities group.
Curated by Aaron Weinman in New York. Tips? Email aweinman@insider.com or tweet @aaronw11>$4. Edited by Hallam Bullock (tweet @hallam_bullock>$4) in London.