Steven Schonfeld Biography & Net Worth
|Popular Name:||Steven Schonfeld|
|Profession:||Businessman, Investor, Hedge Fund Manager|
|Net Worth:||$2 Billion|
Steven Schonfeld is an American businessman and investor who has found remarkable success as the founder and owner of managing the trading firm Schonfeld Strategic Advisors which mainly invests his own proprietary capital. This elite Businessman has amassed a billion-dollar fortune by focusing on short-term market moves. His Schonfield Group, today, enjoys an international presence. He achieved celebrity status for purchasing very costly properties across the United States. Here’s Steven Schonfeld’s biography and details of his finances and several successful businesses which has now set him up and enables him enjoy a place on the list of world’s billionaires.
Steven Schonfeld’s Biography & Career
The native of America was born on 30 November 1957 in New York, United States. He was also raised by his parents in the city of new York. To date, he has never uncovered information about his parents and siblings (if any).
He enrolled in Local High School and proceeded to Emory University where he graduated from with a bachelor’s degree.
He has made a huge fortune as Hedge Fund Manager. He currently controls Schonfeld Strategic Advisors. This is a trading firm which he founded, and mostly invests his proprietary capital. However, he has also managed client funds in recent years. The multi manager company trades across fundamental equity, tactical, and quantitative trading strategies. In 2018, his trading strategies generated a return of almost 16%. In the same year, global media company Forbes listed his firm on 18th positions in its list of the top proprietory capital investment companies in the world.
Steven is a unique hedge fund billionaire. He is almost always in a hoodie, and has a closet full of them. He does not like to make public appearances and therefore stays at home mostly, and away from the Wall Street crowd. He has built a booming hedge fund business that is unique in almost every aspect. After graduating from Emory University, he worked for a few years doing several minor jobs before starting his own company. He picked a close friend who happens to be a former schoolmate and former staff of Goldman Sachs Group to run it his new business.
The culture at Schonfeld Strategic is something unusual. He let his quant traders maintain what they cherish most, which is intellectual property, as long as they manage the firm’s capital exclusively. Advisors, where traders struggle for consistency instead of big wins and seldom get fired, has produced a desirable record in an industry that has been struggling to surpass the broader market for decades.
Steven’s multi-manager firm has returned a yearly average of approximately 20% over the last six years,
Schonfeld is highly applauded for his gift for numbers and employees wonder at his mental math, especially his ability to calculate probabilities of outcomes and apply them to nearly everything. His obsession with numbers started when he was a child growing up on Long Island, supplying pizzas and delivering newspapers, and emulating his father, who managed his own clothe business in New York. At age 9, Steven memorized all the stats on baseball cards for San Francisco Giants and later recalculated the averages in his mind to make sure they were right.
Steven Schonfeld started out with $440,000 in 1988 from working as a stockbroker. He built a short-term trading venture with more than 1,000 employees. His firm was among the first to use the business strategy, taking advantage of unpredictability with bets that spanned anything from a few hours to a few days. AT the peak of the dot-com bubble in the year 2000, he made over $200 million but the market crash in the following year produced the first of two downhill years for his firm. Although he made many mistakes in the beginning, the successes he achieved down the line have far outweighed the failures. During the 2008 financial crisis, Schonfeld made another $200 million from instability focused on further expanding his business and maximizing profits. His hedge fund raises money despite industry outflows. He credits his good run in the business to old-school values of exercising patience and paying attention to every detail of the business.
Personal Life & Family
Steve was in a relationship with Sidra Saucedo for a couple of years. When things started to get unpleasant between them, he broke up with her and moved on to find himself another lover. He met Brooke Kaplan a while later and eventually married her. The couple have three daughters, namely Hadley, Taylor, and Sadie.
Steven Schonfeld Net Worth
The investor mainly fuels his fortune from various sources as his stream of income is spread across various businesses. This businessman is best known for owning and managing the trading firm Schonfeld Strategic Advisors which mainly invests his own proprietary capital, and manages client funds as well. The multi manager company trades across fundamental equity, tactical, and quantitative trading strategies. In 2018, his trading strategies generated a return of almost 16%.
Steven Schonfeld net worth is pegged at $2 billion. He made tongues wag when he spent almost $200 million for a mega mansion in Palm Beach that was owned by Sydell Miller of Matrix Essentials. He is well known for being the owner of the most expensive home in Florida. In December 2019, he broke state records when he lavished $111 million on a chunk of Florida real estate. The mansion, the costliest ever to be sold in the state, sprawls more than 6 acres, occupying over 70,000 square feet of living space and contains 11 bedrooms, 22 bathrooms, an ice cream stand, a bowling alley, a salon, a spa, and even its own candy parlor. Steven may not be the wealthiest man around, but this billionaire does not shy away from spending huge sums on property. Most recently, he forked out $20 million for a golf course to add to his Old Westbury estate. Along with that costly 9-hole golf course, the 25,000 square foot mansion features a guest house, several basketball and tennis courts, and an Olympic sized swimming pool.